Greece 's Hellenic Republic Asset Development Fund has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid, reported Bloomberg. The fund reviewed 562 of the estimated 6 thousand islands and islets under Greek sovereignty. Finally the shortlist includes islands ranging in size from 500 thousand square meters to 3 million square meters, and which can be developed into high-end integrated tourist resorts under leases lasting 30 years to 50 years. As stated Andreas Taprantzis, the fund's executive director for real estate, they identified locations that have good terrain, are close to the mainland and have a well-developed infrastructure and, at the same time, pose no threat to national security. He also added that current legislation doesn't allow them to sell outright and they don't want too. The fund is charged with raising 50 billion euros (US$ 64 billion) from state assets by 2020 to meet conditions tied to pledges of 240 billion euros in foreign aid. As international inspectors in Athens scrutinize the country's fitness to receive the latest aid payment, Prime Minister Antonis Samaras has said commercial exploitation of some islands could generate the revenue lenders need to see to continue funding the country. At the beginning of this year, Greece Government also announced, that they put the ancient sites for rent. Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, will be available as backdrops for filming and photographic shoots. But Greece isn't the only struggling European country looking for profit from historic sites, and island. A Few months ago Italy's government has unveiled a fire sale of some real gems of the country's heritage due to difficult economic situation in country.

Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, will be available as backdrops for filming and photographic shoots for as little as US 2.1 thousand (1.6 thousand euro) a day, reported The Guardian. Crisis-hit Athens has turned to the glory that was Greece to help its ruined economy. The debt-choked nation has taken the dramatic step of deciding to rent out the Acropolis and other antiquities, cultural gems until now considered too sacred to besmirch with commerce. Under a scheme revealed this week, foreign film crews, advertising agencies and other commercial enterprises will be allowed to photograph 5th century BC Periclean masterpieces, such as the Parthenon, in the hope that it will help boost the country's coffers and image abroad. Previously the country's Central Council of Archaeology, one of the nation's most powerful bodies, had steadfastly refused to grant access to the treasures for anything other than scientific research. Filming requests were either rebuffed or granted only in return for an astronomical fee. With professional photographers unable to access sites, international book publishers had stopped printing contemporary pictures. In its 2,500-year history the Acropolis has only ever been rented out for filming to Francis Ford Coppola and to Nia Vardalos, the Greek-American star of "My Big Fat Greek Wedding", for her sequel "My Life in Ruins". At the time Vardalos complained that she had spent "an awful lot of energy and time" trying to convince Greece that the move would be to its benefit. Forced to survive on a mere 0.7 percent of the national budget, the culture ministry hopes the fees will help boost its ability to look after monuments that have been badly hit by Greece's economic crisis. Lack of maintenance funds have meant that workers could only start building a new staircase in Delphi this week. But the culture ministry cautioned that the opening of sites would still be strictly controlled. All the revenues will be used by the ministry, whose funds have been cut by more than 30 percent since 2010.

The leading property developer of Cyprus and the Greek Islands Leptos Group launched the construction of Neapolis Smart EcoCity. The Eco City will be located on a 1.1 million sq.m. site in Pafos in the mythical "Aphrodite Gardens". The Neapolis Smart EcoCity is the first project of its kind in the Mediterranean and one of the largest in Europe and anticipated to generate gross development value (GDV) in excess of 2.5 billion euros offering sustainable annual returns to its investors during the 13 year development period. The Leptos Group has 50 years of experience in property development business and success of the project ensured almost 100 per cent. The philosophy of Michael Leptos, founder and executive chairman of the Group, is to execute projects with sophistication, quality and excellence in design whilst remaining conscious of the environment it shares. The Neapolis Smart EcoCity is founded on the concept that superior lifestyle combining healthcare, education, research, residential, retail and business services are inextricably linked with the environment. The project will generate 8000 new jobs by the close of 2018, contributing significantly to the local economy. The first phase of this project, consisting of the innovative smart eco-city infrastructure, the Neapolis Hospital and the Assisted Living Residences is already underway and will cost about 171mln euros.