Buy Abroad News

19 Oct 09

New Larnaca Marina Set to Cause a Splash in Cyprus Property Market

The long-awaited Larnaca marina and port project is set to give a significant boost to the property construction sector in Cyprus injecting up to one billion euros into the economy.

Minister Nicos Nicolaides said talks had begun with the winning bidder, A Vouros Consortium, now that the project has been given the official go ahead.

For years the idea of a new marina and port in Larnaca has been discussed - not least because of the chronic shortages of berths in the existing Larnaca marina, forcing many boat owners to look elsewhere to store their boats. Previously boating enthusiasts have had to travel as far as Polis in Paphos to berth their boats which, from Larnaca, can take up to two hours to reach.

The new Marina in Larnaca is expected to have a positive impact on property prices across the region, with areas such as Oroklini and Mazatos expected to benefit from the ripple effect of price increases in Larnaca town itself.

Development involves construction of a port, the 1,000-berth marina, plus hotels and houses. The minister said he expected the port to become the first port for tourism in Cyprus, as well as a transit centre for commerce in the EU, giving Limassol port serious competition as the island's major port facility.

Nicolaides said “The total project is expected to generate one billion euros in cost, without any burden on the state, as a private company will take on the study, finance, construction and management of the project for 35 years after which it will be returned to the public sector. The project’s construction and subsequent operation is expected to add a huge boost to the economy”

John Reilly from Buy Abroad said “This is great news for property owners in the Larnaca region as the new marina will provide a real shot in the arm for the region and raise the profile of Larnaca itself. In addition, local business are bound to benefit when cruise ships start to dock at the new port.”