The Protaras-Famagusta Area – Appropriate for Everlasting Dwelling?

The Protaras/Famagusta area is likely one of the most favourite summer season resorts by way of vacation and vacation houses. That is fairly rightly so, because it has essentially the most enticing sandy seashores of Cyprus, an quick access (1 hour) from Nicosia, all the best way motorway and essentially the most calm and clear sea. We’ll say that roughly 70% of those that purchase vacation/summer season houses from Nicosia, select the Famagusta area and with the recession, costs seem like extra inexpensive than ever. Flats 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 lowered value 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 lowered 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 bought, 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, the most effective worth for cash models have gone and the banks throughout this yr grew to become extra strict with their credit score coverage for consumers to purchase. However the worth attraction, the Protaras/Famagusta area stays nonetheless a really quick seasonal place, with an “energetic” gross sales interval between June-October (at most) and that curiosity is forthcoming from house consumers 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 consumers primarily) completely happy.

  • Seaside Volley already in existence ready at price 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 seaside could possibly 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 different.
  • The attractive Cavo Greco park with its breathless walkways, in addition to the (pending) completion of the seaside promenades, will probably be an addition throughout the winter interval (see Limassol and its big 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 (set up 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 could possibly 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 entice extra vacationers, will maintain them busy, it would promote sports activities and it’ll add to the native employment. The whole estimated price of all of the above is not going to exceed €5.0 mil., a really small price in relation to the advantages, taking into consideration the hundreds of thousands of resort and different funding being idle for lengthy durations of time. Regrettably the a lot printed golf mission at Ayia Napa doesn’t appear to be going forward, whereas the Ayia Napa Marina is not going to 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 accessible by the Authorities/E.U./Sport KOA/CTO might assist.

So Protaras has excellent prospects for an elongated vacation house/everlasting dwelling and hopefully the market throughout 2011 will probably be higher than that of 2010. A lot of this may rely upon the international demand (from the pre recession 50% share, lowered now to fifteen% of the full) and the state of the Cyprus economic 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 motive why to not have a rebirth at some quick time frame.