Андреас Деметриадес: интерес к марине Пафоса со стороны кипрских и иностранных инвесторов

In recent months, there has been increased activity surrounding the development of the Paphos Marina project. However, it remains unclear whether this will translate into formal interest, namely the submission of official expressions of interest to the Deputy Ministry of Tourism. Interest has been shown by Cypriot companies, foreign investors, as well as joint ventures between Cypriot and international firms.

This was reported to InBusinessNews by the President of the Association of Large Investment Projects, Andreas Demetriades, who explained that the extension of the expression of interest phase — from 16 December 2025 to 23 January 2026 — indicates that a relevant request was submitted by interested parties.

«The candidates who will be pre-selected around 10 March, following the evaluation of the expressions of interest submitted — as I understand, three companies, unless more meet the criteria and it is deemed necessary to increase their number — will be required to submit their bids by approximately 10 April 2026. The final selection and award of the tender is expected by the end of 2026, ” Demetriades noted.

He added that the dates mentioned are calculated on the assumption that the deadlines set out in the tender documents will be shifted by approximately one month.

Two development options for the project

Responding to a question regarding the project’s implementation timeline, the President of the Association of Large Investment Projects stressed that it cannot be determined at this stage, as it will depend on the proposal submitted by each individual bidder.

„Moreover, the scope of the project provides for two options. Within the framework of the design, construction, financing, operation and transfer of the project over a 55-year period, two development models are offered, ” he explained.

The first option предусматривает the construction of a marina with 1,000 berths, of which 70-80% will be located at sea and the remaining 20-30% within onshore facilities. Residential and commercial development is also planned.

The second option also includes a marina with the same characteristics, as well as residential and commercial development, but additionally provides infrastructure for cruise ships.

„Accordingly, depending on the option selected by the investor, the project implementation timeline will vary. Personally, I estimate that, taking into account all required procedures (environmental and traffic studies, etc.), it will take between 6 and 12 months to obtain the relevant permits, after which the investor will be able to commence works. In other words, one to one and a half years will be required to prepare the necessary studies and secure the permits. In my view, construction works could begin in 2027, ” he added.

„The Deputy Ministry of Tourism must follow the correct procedure“

When asked whether anything has changed compared to previous attempts to develop the Paphos Marina project, which ultimately failed, Demetriades stated that „the possibility of new legal challenges always exists, as provided for by law. However, I expect that the Deputy Ministry of Tourism will follow the correct procedure — something that was not done in the past by the Ministry of Commerce and Industry, resulting in lost state revenues and the non-implementation of the Paphos Marina project.“

He concluded: „Regardless of any appeals, the Deputy Ministry of Tourism has the right to proceed with awarding the tender and, should an appeal be successful, the winning company would be able to seek compensation through the District Court, provided it proves the damage suffered.“