October 3, 2023


New Estate

The Protaras-Famagusta Area – Appropriate for Everlasting Residing?

4 min read

The Protaras/Famagusta area is among the most favourite summer time resorts when it comes to vacation and vacation houses. That is fairly rightly so, because it has probably the most engaging sandy seashores of Cyprus, an easy accessibility (1 hour) from Nicosia, all the way in which motorway and probably the most calm and clear sea. We’ll say that roughly 70% of those that purchase vacation/summer time houses from Nicosia, select the Famagusta area and with the recession, costs look like extra inexpensive than ever. Residences off the seaside have a gross sales value of roughly €3000/sq.m., on the seaside roughly €5000/sq.m., on the seaside homes (if discovered) roughly €6000/sq.m. and off the seaside at a distance of round 500-1000 sq.mts., roughly €2500/sq.m., relying on sea distance and high quality of seaside.

Localities reminiscent of Sotira seaside area have a decreased value of -10%-20% from that of Protaras. Through the preliminary “shock” 12 months of 2009 the market was saved by the Nicosia city’s individuals, who took on the alternatives of decreased costs, which has appeared on the time forthcoming primarily from the resales disposed by the British consumers. Certainly good worth for cash property has been offered, however this expertise was not repeated to the identical extent through the summer time interval of 2010. First as a result of the “golden” alternatives that appeared through the 12 months 2009 didn’t repeat themselves, one of the best worth for cash models have gone and the banks throughout this 12 months turned extra strict with their credit score coverage for consumers to purchase. However the worth attraction, the Protaras/Famagusta area stays nonetheless a really brief seasonal place, with an “lively” gross sales interval between June-October (at most) and that curiosity is forthcoming from residence consumers who’re primarily over the weekends through the months of July/August. The area has good, nonetheless, alternatives nonetheless to grow to be extra engaging by elongating its summer time interval and grow to be even engaging for the extra everlasting residents. The area may grow to be a “sports activities” space for all ages, however most significantly and festivals utilizing sports activities as an leisure, it retains the retirement age to be (Nicosia consumers primarily) comfortable.

  • Seashore Volley already in existence ready at value of €500.000 for the worldwide video games of 2008, has been left deserted since.
  • There is no such thing as a crusing shelter, whereas the in depth Authorities owned seaside might be utilized for the aim with an estimated finances of €1.0 mil. (with the membership home).
  • The creation of futsals, tennis, basket and volley ball courts set within the in depth seaside space owned by Authorities, is one other various.
  • The gorgeous Cavo Greco park with its breathless walkways, in addition to the (pending) completion of the seaside promenades, will likely be an addition through the winter interval (see Limassol and its enormous attraction for its promenade).
  • Biking and motorcycle video games across the Paralimni “lake” is an alternative choice, as is the creation of a horse/video games racing (arrange by the Nicosia racing membership) with seasonal video games of donkeys/camel racing, coupled with an area honest as well as is an choice.
  • Scuba diving might be inspired with the sinking of added vessels and even the creation of an underwater Olympus Gods park and many others.

All these and different concepts will appeal to extra vacationers, will hold them busy, it is going to promote sports activities and it’ll add to the native employment. The overall estimated value of all of the above won’t exceed €5.0 mil., a really small value in relation to the advantages, taking into account the thousands and thousands of lodge and different funding being idle for lengthy intervals of time. Regrettably the a lot printed golf challenge at Ayia Napa doesn’t appear to be going forward, whereas the Ayia Napa Marina won’t occur sooner than the 12 months 2013.

Regardless of the concepts are for this or different areas, God forbid if these tasks are undertaken by the Governmental Departments/Civil Servants. This job requires non-public enterprise with the involvement of the native tour operators/hoteliers/ Municipalities/native authorities. The creation of a Protaras Promotion Group could also be a begin and at this preliminary stage, management is what is required. The Mayor of Paralimni has the primary say on this when it comes to initiative and it’s hoped that others will comply with. Concerning the money wanted we don’t really feel this isn’t a problem, since Paralimni have to be the wealthiest Municipality in Cyprus and the funds accessible by the Authorities/E.U./Sport KOA/CTO may assist.

So Protaras has excellent prospects for an elongated vacation residence/everlasting residing and hopefully the market throughout 2011 will likely be higher than that of 2010. A lot of this may depend upon the overseas demand (from the pre recession 50% share, decreased now to fifteen% of the overall) and the state of the Cyprus financial system. The area won’t ever understand the demand of the years 2007/2008, but when the Famagusta area performs its playing cards proper, there isn’t a purpose why to not have a rebirth at some brief time period.

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