Philenews

SODAP: 66-Year Deal for Prime Paphos Land - Millions in Rental Income (Images)

Published January 18, 2026, 13:12
SODAP: 66-Year Deal for Prime Paphos Land - Millions in Rental Income (Images)

A multi-million euro agreement was signed today at the SODAP winery for the lease of the organization's prime land on the Paphos coastline to Kanika for a period of 66 years. The deal is considered particularly beneficial for the sustainability of the Organization. The rent will start at €800,000 per year for the first 15 years, with an annual increase of 2.5%, and will increase to €1.6 million per year from the 16th year onwards, also with an annual increase of 2.5%. In addition, Kanika has already paid a bonus of half a million euros. The agreement stipulates that Kanika will build a five-star hotel with at least 285 beds, with an investment of €53 million. The agreement was approved by SODAP shareholders, with only seven voting against. SODAP Director Yagos Tsivikos described the agreement as historic and important for the future of the Organization, emphasizing its economic benefits.