UPDATES ON PARALIMNI MARINA PROJECT
With development moving forward quickly, Paralimni's long-awaited marina is beginning to take shape.It should be noted that the development project has already attracted investors' attention and will be entirely finished in the summer of 2024, with the first phase being ready at the end of 2023, according to the schedule.The development agreement for this €100 million investment was signed in 2017 between PMV Maritime Holdings Ltd, the construction and management firm, and the Ministry of Energy, Commerce, Industry and Tourism.
The initiative is anticipated to provide the free Famagusta district even more momentum, considerably improving the tourist experience and generally promoting maritime tourism in Cyprus.One of the project's contributors, Nicolaides & Kountouris Metal Company Ltd, recently posted images showing the progress of the work on their social media. Once finished, the Paralimni Marina will have 300 boat spaces available. However, the marina will be able to hold 150 vessels after the project's first phase is finished at the end of 2023.
Along with 27 areas for businesses like restaurants, cafes, bars, and shops, it will also have 195 residential units, most of which will be flats. A total of 44 residential units and the commercial zone will be delivered during the project's first phase.It is important to know that the Ferretti Group will establish offices throughout Cyprus, with its main office being in Paralimni Marina.
All of the premium luxury boat manufacturers are represented in this group, including Feretti Yachts, Riva, Pershing Yachts, Itama Yachts, and Riva, known as the Ferrari of the seas.Major marinas in Cyprus at the moment are those in Limassol, St. Raphael, Ayia Napa, and Larnaca, which is currently undergoing redevelopment.The Marina in Latsi, which is slated to begin in 2024 and be finished in 2026, will be another new addition to the island in addition to the Paralimni Marina.
Additionally, the path has been cleared for the construction of Paphos Marina, whose planning began in 1990. More broadly, foreign investors have become interested in Cyprus' marinas, which has helped to fund the creation of large-scale developments. The island is anticipated to have a minimum of seven marinas overall in a few years.