New Marina Project Begins in Paphos

В Пафосе начинается реализация проекта новой марины
7 August 2021 Liza Medvetskaya

The first step towards the implementation of the ambitious plan to create a new infrastructure for the Paphos Marina has finally been taken.

The Deputy Ministry of Tourism has finally signed an agreement with a consortium of companies Deloitte Ltd and Triton Consulting Engineers SA to assess the effectiveness of the construction of a new marina in the Kissonerga area.

As you may know, the history of the construction of the Marina in Paphos has been going on for about 15 years.

The decision to build a marina in Paphos was made in 2006; a place in the Potima area (near Coral Bay Avenue) was allocated for it. It was to become the largest marina on the entire island.

In 2008, as a result of the competition, the Cybarco-Pandora consortium won, the consortium included one of the largest developers on the island, Leptos Group. However, two other companies - Pafilia and the Poseidon consortium - challenged the decision of the tender committee. Litigation began and the project was frozen.

In December 2015, the Supreme Court of the Republic of Cyprus decided to award the victory to the Poseidon consortium, which includes another major Cypriot developer, Aristo Developers. He was ready to build the Paphos Marina for 215 million euros. However, the banks in Cyprus refused to give the company a loan for construction for the missing amount of 104 million euros, so the right to implement the project was transferred to the third participant in the tender - the Pafilia company.

Soon the third developer dropped out of the race. After that, the government of the Republic of Cyprus was forced to announce a new tender. However, there were not so many companies willing to pour funds into the project.

In 2017, the Marina Management Committee attempted to revitalize the project, but again unsuccessfully, now due to the intervention of the Auditor General. A new tender was announced in 2020. However, it was soon challenged again.

В Пафосе начинается реализация проекта новой марины

By 2021, Paphos Marina has become only a symbol of unnecessary delays and procrastination.

And this is all during active discussions about the need for large construction projects that will contribute to the economic, commercial and tourism development of the country, as well as create new jobs.

However, the process of awarding the winner of the tender for the construction of a new marina, which is estimated at about 200 million euros, has recently resumed. The Tenders Review Authority (AAP) rejected an earlier appeal filed by Ernst & Young Cyprus Ltd against the Deputy Ministry of Tourism.

“We must not forget that Paphos Marina, due to its strategically advantageous position, in any case remains one of the most important projects for Cyprus. It is no coincidence that it should become the largest on the island with a capacity of 1000 ships, because Paphos is a point of attraction for this type of tourism from all over the Aegean Sea, ”said Andreas Demetriades, President of the Cyprus Association of Large Investment Projects.

According to the project, the Paphos Marina with an area of ​​155 thousand m2 should be located in Potima Bay (between Pegeia and Kissonerga). On its territory, there are parking spaces for 1 thousand yachts. The total area of ​​commercial and residential real estate in the Marina will amount to 42 thousand m2, the implementation period will be three years.

The original cruise ship service proposal was intended for the harbor of Kato Paphos, but it was then proposed to merge the facility with the marina in Kissonerga, as the Department of Antiquities stated that the construction would have a negative impact on the archaeological environment in the area. Now there is every reason to believe that the fate of the Paphos Marina will still turn out well.

You can find detailed information about all projects in Cyprus on the DOM Real Estate Portal. The website also has a huge number of real estate objects in the country - from residential to commercial. Choose and contact professionals who will help you make the right choice!
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