€1 billion marina project set to boost Cyprus property market

Discussion in 'Cyprus Property' started by Nicholas Wallwork, Sep 23, 2009.

  1. Nicholas Wallwork

    Nicholas Wallwork Editor-in-Chief Staff Member Premium Member

    [​IMG]A €1 billion private/state consortium is to undertake the*biggest infrastructure project ever in Cyprus that will boost*the building industry, inject millions of euros into the*economy and boost the real estate industry.

    The Larnaca marina and port project will involve the*building of a 1,000 berth marina, hotels and luxury villas,*giving a much needed boost to the Mediterranean island's*depressed real estate and construction markets, according to*the government's communication Minister Nicos Nicolaides.



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  2. Lysos

    Lysos New Member

    What happened to the similar sounding project 'promised' for Banana Bay near Coral Bay in the east ?.

    Just more meaningless, desperate words (like the 'Disney' style project) to try and motivate a dead property sector.
     
  3. nightmare

    nightmare New Member

    Ive heard that both of these projects are still on. Work on the marina in paphos has already started, although it is likely to take many years.
    Although once finished, that coupled with new golf courses, new airport and improved infrastructure, could well turn the island around. But who knows!
     
  4. Lysos

    Lysos New Member

    nightmare,

    Don't hold your breath. I was over in June and there was certainly no evidence of any work being done on a new marina. As far as I'm aware there is still a major dispute over the tendering process and award of contract. Very little construction work is going on anywhere. Tourism figures are way down, business closures are up, and more hotels than usual will be closed this winter.

    As for golf courses, once the new course near Paphos airport is opened (supposedly anytime soon) that will be it for a very long time. Water supplies are a major problem; current planning applications are dependent on new courses providing their own water (not from boreholes, either).

    Also, as courses in Spain & Portugal are finding, the slump in the value of the £ has seriously reduced the number of British & Irish 'golf tourists', who were a large slice of the market.. Increasingly, for value & top quality courses, they are going to the Belek region of Turkey.

    With the increase in air travel taxes and high prices once you get there, Cyprus is in for a very long slump, as far as tourism is concerned, unless there is a major change in the traditional Cypriot attitude of "if there are fewer visitors, we must charge them more for everything".
     
  5. grumpy001

    grumpy001 New Member

    Nightmare, the marina is still a long way off, there is still much leal squabblings to work through, accusation and counters etc etc etc the usual.

    The works you may have seen on the road at Potima bay have nothing to do with the Marina. The road was so poorly constructed that they had to reinforce and widen the existing foundations. You could physically see them being dragged out to sea from the hilltop.

    The marina will eventually happen but not for a while. The one project I am informed that will go ahead is the new highway from the airport to Polis, bypassing Stroumbi etc. So while the govt has committed so much money to this I doubt it will have enough for big infrastructure projects for a while (unless private or EU money comes in).

    The Geroskipou golf course should complete early next year and the new driving range at Chlorakas is now open and very popular.
     
  6. Cornholio

    Cornholio New Member

    "Believe it when you see it" is all I can say............

    Cornholio :smile:
     
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