The long-awaited marina of Paralimni is taking shape, with construction work progressing at a rapid pace.
It should be noted that the development project has already become a pole of attraction for investors and, according to the schedule, will be fully completed in the summer of 2024, with the first phase ready at the end of 2023.
The development agreement for this €100 million investment was signed in 2017 between the Ministry of Energy, Commerce, Industry and Tourism and PMV Maritime Holdings Ltd, which is the construction and management company.
The project is expected to give further impetus to the district of free Famagusta, contributing significantly to the upgrading of the tourist product and in general to the promotion of maritime tourism in Cyprus as a whole.
Nicolaides & Kountouris Metal Company Ltd, a company among the project’s contributors recently published photos demonstrating the progress of the work on their social media.
The Paralimni Marina, once complete, will be able to host 300 boat berths. However, with the completion of the first phase of the project, at the end of 2023, the marina will be able to accommodate 150 boats.
It will also consist of 195 residential units, the majority of them apartments, as well as 27 spaces for commercial use, such as restaurants, cafes, bars, and shops. During the first phase of the project, a total of 44 residential units and the commercial zone will be delivered.
It should be noted that the Ferretti Group will open offices in various areas of Cyprus, with the headquarters located in Paralimni Marina.
The group includes all the high-end luxury yacht brands, such as Feretti Yachts, Riva – which is described as the Ferrari of the seas -, Pershing Yachts and Itama Yachts.
Other marinas in Cyprus currently include Limassol Marina, St. Raphael, Ayia Napa Marina, and Larnaca Marina of Larnaca, which, however, is in the stage of reconstruction.
In addition to Paralimni Marina, meanwhile, another new addition to the island will be the Marina in Latsi, a project that according to the schedule will start in 2024 and be completed in 2026.
The way has also been opened for the creation of Paphos Marina, efforts for the creation of which first began back in 1990.
More generally, marinas in Cyprus have attracted the interest of foreign investors, who have contributed to the development of the grand projects. In a few years, the island is expected to have no less than seven marinas in total.
SOURCE: “INBUSINESSNEWS” ( https://www.news.cyprus-property- buyers.com/2023/08/20/paralimni-marina-project-is-taking-shape/id=0016764 )