Long awaited Paphos Marina to start construction

Tuesday, 5 January 2016

After several years of litigation and hotly contested bids between Aristo, Cybarco & Leptos developers, on 21st December 2015, the supreme court finally awarded the tender to a consortium called Poseidon Grand Marina headed by Aristo developers as the major shareholders. Many property buyers chose Peyia and Coral Bay properties on the premise that the marina would be complete by now and their properties would already have increased in value. Well finally they get to see the fruits of their choice of area as construction on the new marina is due to start soon. This will herald a new era of nautical tourism which will allow Paphos to promote this part of Cyprus as the Monaco of the Mediterranean. With our undulating hills along the beautiful Paphos coastline we have many luxury properties in a prime position to take full advantage of the stunning views.

marina will be constructed in the area Potimon in Kissonerga Paphos capacity of 1000 vessels, it is a project with multiple benefits, said CNA President of Commerce and Industry of Paphos Andreas Dimitriadis.
The Chairman of the Paphos Chamber noted that the construction of this project will help the province to enter the era of nautical tourism and will become a magnet for attracting tourists and investors.
The marina, told CNA Mr. Dimitriadis, will be created over an area of ​​155 000 square meters of which 40 000 will be used for residential tourism and cultural development, while other 2500 square meters will house other services such as clinics and reception areas.
With this project, he added, in addition to the permanent jobs that will be created will be developed and the surrounding area.
He noted further that there is a huge demand from the owners of these vessels for the region Middle East, Cyprus, Greek islands and coasts of Asia Minor and hoped that now the project will be implemented as soon as possible on the basis of tender.
Note that after seven years of litigation issue clarified with the construction of the marina in Paphos region Potimon, between Peyia and Kissonerga.
The plenary of the Supreme Court gave the green light on POSEIDON Consortium to implement the plans of constructing a marina 1,000 vessels and infrastructure on land that will be allocated by the state, in particular beach.
Watch the unique video of Marina below:
The facts potential investors need to know in a nutshell:
  • Area selected is Potima in Kissonerga, Paphos, Cyprus
  • Total area of ​​155,000 m2 - 40,000 for residential tourism & cultural development - 2,500 m2 for services such as clinics and reception areas.
  • Capacity of 1000 vessels
  • Space to dock cruise ships
  • Regeneration of the beach expected to be included in the plans
  • 90 year lease worth €3.8 mill to government
  • Estimated cost of construction 64 mill
  • Construction due to start 2016
  • Estimated 3-4 years duration until completion
This is really good news for the Paphos economy as it will increase employment which will have a knock on effect for all other peripheral businesses. Many new hotels and restaurants targetted at big spenders and quality tourists are sure to open which will provide permanent jobs to the area. Boat servicing, equipment and sale businesses, diving centres, boating tours and trips will also increase in demand. Paphos residents will be the latest to enjoy a new marina in Cyprus as they already exist in Limassol, Latchi and Larnaca. It will therefore be welcomed as the newest link in the chain of sailing ports around the island fortifying Cyprus' links to Greece and the Middle East. 
In a statement released to the press, the proud developers declared "Aristo Developers, one of the largest land development organizations in Cyprus with more than 35 years of success, welcomes the decision on an ambitious project that will undoubtedly have a positive impact on the further development of the city and Paphos ".

To find long term rentals or property investments in the area please contact us for your free consultation: 

Melissa Marie Lowndes (BSc, RE MSc Hons)

melissa@ktimatagora.com +35796434515

Watch the video of Paphos Marina hereUnsupported Video
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