Real Estate Investment Opportunities near Paphos Marina
With the development of the long-awaited Paphos Marina edging closer to completion, now is the perfect time to consider what investment opportunities are on offer. There’s no doubt that this project has garnered some attention over the years and with its prime position, it offers excellent potential to a broad range of investors.
Interested in how you could make the most of this upcoming development? We’re here to give you all the information you need on real estate investment near Paphos Marina.
What exactly is going to be at Paphos Marina?
Of course, anybody who’s thinking of investing in this area will first want to know what’s on offer. At the moment, we don’t have too much information on what will be in residence in terms of attractions or facilities exactly, but we do know the plans for the development and what that means for investment later down the line.
First of all, the marina will be at Potima Bay, with a large enough capacity to hold 1,000 boats. There are also plans for 42,000 square meters of land for residential and commercial real estate. What we can gather from this is that there is a wealth of potential for new developments within the area; from business premises, to space for waterparks and even allocated land for luxury holiday homes. This is great news for investors hoping to take advantage of everything that Paphos Marina will have in store, whatever they’re looking for.
Is it worth investing in real estate near Paphos Marina?
With the rather limited information we have for the time being, you might be wondering if it’s even worth considering investing here right now. Well, the good news is that there are several reasons why it could be a great idea – and with the completion of the project looking set for the next few years, this could be the perfect time to set your plans in motion.
Why has it taken so long?
As a project with so much promise and potential, it might seem strange that it’s taken so long for it to get to the development stage. The project was awarded to the Cybarco-Pandora group after a bid in 2008, although the development was frozen when the decision was challenged by two of the other bidders involved.
Fast forward to 2015, the project was ruled in favour of Poseidon (one of the original bidders), but they were refused their loan application to get the development underway. It was subsequently awarded to the last bidder involved, Pafilia, who left the marina project shortly after, giving the Government of Cyprus no choice but to start the bidding process all over again.
This has simply left Paphos Marina in a state of unrest, where it hasn’t been able to progress into its developmental stages – although, after such a long wait, it seems like things are finally coming together.
When will Paphos Marina be complete?
After briefly looking into the history of the project, we can see that that there have been over a decade of delays and legal problems halting any progress on Paphos Marina, and this certainly doesn’t make it seem too promising. You’ll be pleased to hear that the marina is finally being taken care of however, and it should be finished in the space of just a few more years.
After the long wait, this is the perfect time to get involved. Be sure to keep up to date with everything that goes on, so you’ll have all the information you need when investment opportunities start to open up.