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MEGA PROJECTS that are changing the landscape of Cyprus
Cyprus is one of the fastest growing economies in Europe and in the world, if any proof was needed, recovering from a crippling nationwide financial crisis in just three years should be enough.
WITH A GDP growth of 3.9 %, nominal GDP per capital peaking near € 25,000, and a declining unemployment rate( 11 % in 2017), a country ranked 23rd in the world in the quality-of-life index, should probably be patting itself on the back, resting on its laurels and enjoying its status, but not the island of Cyprus. This ambitious Mediterranean island has no plans of slowing down, always looking for ways to improve on a land that is blessed by nature and honored throughout time with a rich history that continues to serve the island even today.
Though the island ranks 29 th in the world in the tourism sector, it is however ranked 1st in terms of tourism infrastructure, despite tourism not being the major export or market of the island. Tourism is, however, carving out a very important place in the country’ s image and economy due to the number of opportunities it brings to the country in terms of foreign investment. Every district and nearly every municipality in Cyprus boasts of a hotel, resort, or historic relic or ground, that will easily make its way to atleast the top 50 of any list that measures beauty or“ must visit”. The municipalities and resort cities of Ayia Napa, Protaras, and Paralimni are no different, and with new marina projects for the neighbouring municipalities, the towns, as well as the island, are sure to get a big boost and a brand new avenue for more investment and growth.
AYIA NAPA MARINA This mega project got the green light in 2017 and has not looked back since then, with developers promising to deliver the first portion of the project by 2019. Over a kilometre of shoreline between the Makronissos beach and Ayia Thekla has been carved out for the project, with the engineers using state of the art technology to replace part of the sea with land. The project will cost over € 200 million and will hold about 360berths, 240 dry docks and enough commercial and rentable space for investors. The landscape of the island is basically being changed by this mammoth project that promises nothing but profit and growth.
PROTARAS MARINA In January 2017, the town of Protaras welcomed the news and signing of their own marina project, with the constructions targeted to take a maximum of three years. The marina will be surrounded by houses, hotels, touristic infrastructure and commercial space while holding at least 300 vessels. The importance of the marinas for both towns will be considerable, both socially and economically, boosting the image and lux of the towns, while raking in investors and new markets, and for towns which have already established themselves as top destinations for tourists, these marquee projects will be the icing on their cake.
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• 2018 EDITION