Cyprus Property News magazine for overseas buyers & real estate investors

Friday 10th July 2020
Home Articles Larnaca marina project will boost construction sector

Larnaca marina project will boost construction sector

larnaca-marinaTHE LARNACA marina and port project will inject up to one billion Euros into the construction industry and provide a much-needed boost to the economy, said Communications Minister Nicos Nicolaides on Tuesday.

The minister said negotiations will begin next Tuesday with the winning bidder, A. Vouros Consortium, after one of the losing bidders withdrew their appeal at the Tender Review Board on Monday, opening the path for the project to move ahead.

Nicolaides described it as “one of the largest infrastructure projects ever undertaken in Cyprus” adding “it is an inspired project for Larnaca and for all of Cyprus”.

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, said Nicolaides.

Development involves construction of a port, 1,000-berth marina, 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.

Although the finer details of the joint venture between the state and private consortium have yet to be negotiated, the public official estimated that the state would earn seven per cent of the total revenue of the consortium annually. He calculated that for a 35-year-period, “we are talking about a sum that goes beyond €100m at today’s value”.

Copyright © Cyprus Mail 2009



EUR - Euro Member Countries


Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.