Luxury property sales are steadily on the rise at the new €300 mln Ayia Napa Marina, the largest development project in the Famagusta district and one of the most ambitious construction works in Cyprus.
Developers of the project said: “Over 75% of the Ayia Napa Marina East Tower has already been sold, while great interest has been shown from Russia, the Middle East and Asia, following successful international promotional campaigns.”
Ayia Napa Marina CEO, Stavros Caramondanis said: “The increase in sales demonstrates investor and buyer interest in luxury properties, and especially, properties found in large, iconic developments like the Ayia Napa Marina.”
He added: “This type and style of development attracts international attention, showcasing Ayia Napa as a quality tourism destination, open to significant investments. The completion of the work will not only upgrade the area but also, the country’s tourism product.”
There are two luxury property towers being built in what is said to be the biggest beachfront development on the island.
The East Tower consists of 100 apartments and the West Tower will host 90.
The completion date for the real estate project is 2021, but the commencement of sales has yet to begin for the West Tower.
Located between the beaches of Ayia Thekla and Makronissos, the Ayia Napa Marina will offer 190 spacious luxury apartments in two impressive towers, 29 luxury villas, a marina with significant mooring capacity and world-class facilities for 600 yachts, a shipyard, and a series of select shops, cafes and restaurants offering services and amenities for those living in, and visiting, the marina.
Ayia Napa Marina is expected to open on schedule in the summer of 2019, according to billionaire Egyptian investor behind the project Naguib Sawiris.
Last year, Sawiris launched the €300 mln project in partnership with Cypriot entrepreneur Stavros Caramondanis.
Construction work at the Ayia Napa Marina is moving ahead with the project expected to be completed in the summer of 2021, but the marina will begin operations next year.
The project, developed by ΜΜ Makronisos Marina Ltd. and contracted to Terna AE of Greece, will include 600 berths, commercial and residential property of 30,000 sqm and employ 800 people during the construction phase, hiring a further 200 people for its operation.
The Bloomberg Billionaires Index said that wealthy Egyptian brothers Nassef and Naguib Sawiris are among the richest 500 people in the world, coming in at 208 and 344, respectively.
Nassef Sawiris’ net worth amounted to around $7.4 bln, up $1.04 bln, while Naguib’s net worth stood at almost $5.13 bln in the sectors of telecom and media, down $121 mln.
