The Protaras-Famagusta Area – Appropriate for Everlasting Residing?

The Protaras/Famagusta area is without doubt one of the most favourite summer season resorts by way of vacation and vacation properties. That is fairly rightly so, because it has probably the most enticing sandy seashores of Cyprus, an quick access (1 hour) from Nicosia, all the best way motorway and probably the most calm and clear sea. We are going to say that roughly 70% of those that purchase vacation/summer season properties from Nicosia, select the Famagusta area and with the recession, costs seem like extra inexpensive than ever. Residences off the seashore have a gross sales worth of roughly €3000/sq.m., on the seashore roughly €5000/sq.m., on the seashore homes (if discovered) roughly €6000/sq.m. and off the seashore at a distance of round 500-1000 sq.mts., roughly €2500/sq.m., relying on sea distance and high quality of seashore.

Localities comparable to Sotira seaside area have a decreased worth of -10%-20% from that of Protaras. In the course of the preliminary “shock” yr of 2009 the market was saved by the Nicosia city’s folks, who took on the alternatives of decreased costs, which has appeared on the time forthcoming primarily from the resales disposed by the British patrons. Certainly good worth for cash property has been offered, however this expertise was not repeated to the identical extent throughout the summer season interval of 2010. First as a result of the “golden” alternatives that appeared throughout the yr 2009 didn’t repeat themselves, one of the best worth for cash items have gone and the banks throughout this yr grew to become extra strict with their credit score coverage for patrons to purchase. However the value 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 house patrons who’re primarily over the weekends throughout the months of July/August. The area has good, nonetheless, alternatives nonetheless to change into extra enticing by elongating its summer season interval and change into even enticing for the extra everlasting residents. The area might change into 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 patrons 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 isn’t any crusing shelter, whereas the in depth Authorities owned seashore 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 seashore space owned by Authorities, is one other different.
  • The gorgeous Cavo Greco park with its breathless walkways, in addition to the (pending) completion of the seaside promenades, shall be an addition throughout the winter interval (see Limassol and its large attraction for its promenade).
  • Biking and motorcycle video games across the Paralimni “lake” is another 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 truthful 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 preserve them busy, it can promote sports activities and it’ll add to the native employment. The entire estimated value of all of the above won’t exceed €5.0 mil., a really small value in relation to the advantages, allowing for the thousands and thousands of lodge and different funding being idle for lengthy intervals of time. Regrettably the a lot printed golf venture at Ayia Napa doesn’t appear to be going forward, whereas the Ayia Napa Marina won’t occur sooner than the yr 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 personal 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 by way of initiative and it’s hoped that others will comply with. Relating to the money wanted we don’t really feel this isn’t a difficulty, since Paralimni have to be the wealthiest Municipality in Cyprus and the funds obtainable by the Authorities/E.U./Sport KOA/CTO might assist.

So Protaras has excellent prospects for an elongated vacation house/everlasting residing and hopefully the market throughout 2011 shall be higher than that of 2010. A lot of this can rely on the international demand (from the pre recession 50% share, decreased now to fifteen% of the whole) 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 is no such thing as a motive why to not have a rebirth at some brief time period.