What effect will the new marina have on property prices in and around Paphos??
Leptos heads up consortium for new marina
By Bejay Browne
A CONSORTIUM headed by the Leptos group has been awarded the contract to build the new Paphos marina.Commerce Minister Antonis Patsalides announced the winning consortium for the project in Potima in Paphos.
The Minister acknowledged the competition for the project had been stiff. Four consortiums vied for the prestigious contract, with the front-runners said to be those headed by Leptos and Aristo developers.
The Leptos group was founded in Paphos in 1961 and describes itself as, ‘the leading property developer.’ Numerous projects and developments in Paphos are Leptos builds.The winning consortium that it heads up is made up of Cybarco, JNP Avax, Francoudi and Stephano and Athena and KAT.
Work on the large-scale project is due to commence immediately, and must be completed within three years.The Marina will have mooring for 1,000 boats, slipways and a boatyard. There will be further leisure facilities, including, a restaurant, bar and parking. The cost of the project is expected to come in at over €70 million.The winning group will have to pay the government annual rent of €4 million for 19 years.Owners of surrounding land have seen it more than triple in value since the decision to build a new marina was taken.Copyright © Cyprus Mail 2008
3 comments:
This could have been true when this article was written some 6 months ago but in today's scenario the picture is completely changed and we are witnessing a down trend heading towards the bubble is bursting.
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The new Marinas would certainly boost tourist and hence growth in property prices could happen again. But in the short term it is hard to see any kind of stability in property prices.
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