Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 8th July 2020
Home News Paphos development plans received with scepticism

Paphos development plans received with scepticism

THE MAYOR of Paphos Savvas Vergas reported that a Russian investment company had expressed an interest in the development of the western coast of Paphos.

It proposed to build restaurants, cafes, functions halls, beach amenities, a small marina and an area that could be used by sea-planes, which would fly to destinations in the surrounding areas. Impressive plans, but they would require approval not only by the local authorities but also by the government.

Then there would be the issue of political objections and claims that the Russian company would be favoured, at the expense of local companies, in being given permission to develop a coastal area and build a marina. Vergas should have known better than to make public these plans, before consulting the government, sounding out the political parties, which could block the development and ensuring that the company had the funds for such an ambitious project.

The Cyprus public, we think, has learned not take the announcement of such grandiose plans very seriously.

Only a few months ago, a dubious Russian charity organisation announced it would build the biggest statue in the world in Cyprus but never informed us how this €100 million project would be funded.

Then there was the case of the big Qatari-funded project in the centre of Nicosia, which, according to the government, was a done deal. Is that going ahead or has it been abandoned, like so many other grand plans?


  1. It is about time the Cypriot government and citizens got their head out of the sand and faced reality. The problem is that everyone in Cyprus thinks that next year will be the beginning of the new boom period. Lets get real guys it’s not going to happen!!!!!!

    All the get rich deals and promises do not work, what is needed is a good honest days work by everyone.

Comments are closed.



EUR - Euro Member Countries


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.

Decision soon on Pissouri homes devastated by landslide

The government said Monday it will soon have in hand the recommendations of experts concerning the landslide in the area of Pissouri, which has seriously damaged dozens of properties throughout the years.