Philenews

SODAP: Limassol is a Cautionary Tale for Paphos

Published January 23, 2026, 15:18
SODAP: Limassol is a Cautionary Tale for Paphos

SODAP considers the sale of its property in Limassol as a negative example, avoiding repeating the same mistakes in Paphos. Instead of selling, the organization insisted on leasing the coastal area in Paphos for 66 years, securing a significant income. The lease agreement, signed with Kanika, provides for an annual rent starting at €800,000 and increasing to €1.6 million after 15 years, with an annual increase of 2.5%. In addition, SODAP received a one-time bonus of €500,000. Kanika is committed to building a five-star hotel with at least 285 beds, with an investment of €53 million. The agreement was approved by the majority of SODAP shareholders, with only seven voting against. SODAP's leadership describes the agreement as historic and extremely beneficial for the organization's financial viability.