Cyprus is surrounded by the Mediterranean Sea, offering fantastic potential for the yachting crowd to indulge in their passions and savvy property investors to consider boosting their portfolios.
Properties in and around marinas offer great rental values, while the proximity of a luxury development to a marina offers an opportunity for yacht owners to seamlessly switch their luxury lifestyles from land to sea and back.
In Cyprus, moves are afoot to bring new life to the marinas that dot the coastline. Here’s a look at the latest on marina developments across the island nation:
Paralimni
Paralimni Marina is a €150 million residential and marina development under construction in Pernera on the east coast. Located close to Protaras, between Sirena Bay and the Golden Coast Hotel, the mixed-use waterfront development will offer a high-quality 300-berth marina, villas, 120 luxury apartments in six high-rise buildings, shops, restaurants, and cafes.
The development, which began in 2022 and is hoped to be completed in 2024, will encompass public green space, a public coastal path and waterfront promenade, marine infrastructure and boutique leisure marina. The charming Pernera Fishing Shelter, home to 80 traditional fishing boats, will be integrated into the waterspace of ParalimniMarina.
PMV Maritime Holdings was appointed at the outset to assist and coordinate the preparation of the formal tender for a 125-year Government Concession for the development. During the first phase, 44 residential units and the commercial zone will be delivered.
Ayia Napa
Situated between Ayia Thekla and Makronissos beaches, Ayia Napa Marina features spacious luxury apartments in an impressive twisting tower called East Tower, 23 luxury villas, commercial units and a 600-capacity marina.
Within the next few years, the €80 million construction of a second tower will commence. According to Ayia Napa Marina, there are considerations for mixed-use of the tower, such as a hotel and large offices. Construction is slated to begin by late 2024 or early 2025.
The East Tower has already sold 90% of its apartments and stands at a height of over 110m, the only one of its kind in Southeastern Europe. The 26 floors consist of 95 luxurious apartments ranging from one to four bedrooms, with penthouse apartments on the top two floors, featuring five bedrooms and panoramic 360-degree views. Prices start at €895,000 and go up to €9 million.
Larnaca
An ambitious €1.2 billion development of Larnaca port was scrapped in May 2024 when the Government and contractor Kition Ocean became embroiled in a legal dispute. The state pulled the plug and assumed direct management of the second-largest port on the island.
The project was to be the largest infrastructure investment ever on the island. Operator Kition Ocean held a long-term lease to develop and operate a yachting marina and a commercial port.
Awarded the tender in 2020, there was talk of creating 600 berths for yachts of up to 115m at the port, ten piers, a state-of-the-art passenger building, and an enhanced road network and infrastructure for residential, commercial, social and cultural use.
While the Cyprus Port Authority has stepped in to oversee port operations, the Government has pledged the expansion project will continue with a new operator. Discussions with The Emir of Qatar and other interested parties are said to be ongoing.
Latsi
View of Latchi port, Akamas peninsula, Polis Chrysochous, Paphos, Cyprus. The Latsi harbour with boats and yachts, fish restaurant, promenade, beach tourist area and mountains, Latchi, Cyprus.
Latsi (Latchi) Port, located in the Polis Chrysochous area of Paphos, has been recently expanded to become a green port, the first of its kind in Cyprus. The Port Authority proceeded with the expansion of the port and the construction of a new outer basin.
This basin exclusively serves pleasure boats and has the facilities provided in a marina to serve boats sailing in the area, given the lack of a marina in the Paphos area. Cruise ships visiting the port are anchored at most a mile away, and the ships’ lifeboats transport passengers.
The port recently installed two floating jetties, each 70m long, while a new berth for small boats of 100m length has been completed. The port exclusively operates with green energy sources, while the surrounding marine life and the port’s water quality will be protected.
Paphos
Initial efforts to create Paphos Marina near the village of Kissonerga. date back to 1990. Despite several attempts, each has ended in failure. Nevertheless, it appears a renewed push to issue a tender was underway and a decision on three bids could be announced by the end of 2024.
When a project tender was first announced in 2007, the cost was estimated at around €250m, with €100m earmarked for port facilities and €150m for land development. However, the cost in 2024 is expected to be much higher considering today’s market conditions.
The master plan includes apartments, restaurants, bars, shops, and cafes, while the marina will accommodate 600 boats and repair services. It also includes commercial and residential developments of 30,000 sqm.
Limassol
Limassol Marina is the first superyacht marina on the island and quickly become emblematic of Cyprus’ yacht eco-system. With the completion of apartments at “Castle Residences”, the marina is now an iconic operation in the East Mediterranean.
With a 650-yacht capacity, the marina has enjoyed year after year of success. It has generated over €500m in property sales, with buyers from 50 countries and over 7,000 yacht arrivals since its opening. These include 275 superyachts, the largest measuring 143m.
It took around €400m of investment into the project but it is now a Blue Flag and Five Gold Anchor Platinum Marina. It has also sold over 90% of its 285 unique residential properties. The “Castle Residences” are situated on a private island, with breathtaking panoramic views.
The Island Villas are innovative and have their own private swimming pools with yacht berths and beautifully landscaped gardens. All helping to put Limassol and the Cyprus Riviera firmly on the global yachting map.
