Filenews 4 February 2023 - by Natasha Christoforou
Despite the blow it received from the loss of the Russian market, in which the Ayia Napa marina had invested a lot, the works continue normally and by next year it is expected to reach 100% of its operation. The impressive twisting building, which is 110 metres high, is almost ready and its luxurious apartments will be delivered to their owners in the first half of this year. Looking for alternative sources of revenue, investors are betting on attracting large cruise ships to the marina, which were piloted last year, as well as serving superyachts.
The director of the Ayia Napa marina, Kostas Fytiris, spoke to "F" about the progress of the projects, as well as about the plans of the investors, who are determined, as he said, to complete the ambitious project of more than €300 million, even if there are not the expected revenues.
"Three years ago, in January 2020, the port project started operating, while a third of the marina had been built. Our decision was that what ends, to put into operation, to be tested, to correct mistakes and to gain experience for the staff, so that they can offer high quality services. For six months we provided free services to boat owners and as of June 1, 2020, the marina officially began its operation in terms of the port department and the services provided for in this phase. In April 2022, the commercial department also came into operation, with the opening of restaurants and now the twisting building is over".
The completion of the "twisted" tower, adds another gem to the Ayia Napa marina, just opposite the unique event centre, which gives the feeling of being on a ship. The twisting building is one of the few buildings of similar style in the world. From afar it seems to be tilted on one side, which is in fact a mirage. It has 28 floors with 95 luxury apartments, 85% of which have been sold. Prices for apartments start from €750,000 and go up depending on the square footage.
"The buyers," Mr. Fytiris said, "are mostly foreign investors who had come with the naturalization program, which unfortunately with the mistakes made was cancelled and now, sales are down. Without new incentives to come to Cyprus to invest, things will stagnate. Unfortunately, some people did not handle the issue properly, we got to where we got to and became the focus of negative comments in Europe."
In addition to the termination of the Cyprus Investment Program, the marina was also hit by the loss of the Russian market. "A percentage of the sales were to Russians and it was a blow to the Ayia Napa marina, as well as to the whole of Cyprus. However, it did not take us out of the planning in terms of the construction part, which continues, despite the high cost and despite the fact that we did not have superyachts from Russians, which would have been a big revenue. However, the decision of the investors, the Karamontani family in Cyprus and Naguib Sawiris, is that the project will be finished normally even if there is not the expected revenue, either from the boats or from the sales of the apartments and houses".
Moreover, 23 of the 35 villas, a third of which have been sold, are ready. There are shops, companies representing boats and five high-end restaurants on site, while two more are expected to open by the summer. According to Mr. Fytiris, great importance was also given to the Control Center of the marina, which is state-of-the-art and has very high-tech systems.
In March the first cruises
One of the biggest challenges for the Ayia Napa marina is the effort to integrate it into the map of nautical tourism. An effort that paid off, since last year three cruise ships arrived, while there is an agreement with Royal Caribbean Cruises for other arrivals.
"We organized ourselves so that we could welcome thousands of visitors from cruise ships in the minimum time", says the director of the Ayia Napa marina, Kostas Fytiris, and emphasizes that, "what we seek is for the marina to become a hub for free Famagusta and the cruise ship program gives this opportunity to the area in the months that are not tourist peak. In March will come two cruise ships with 2,500 to 3,000 passengers each. Our goal is to have a cruise ship every week and passengers to go on excursions in the area, from the Achna Forest to Paralimni."
The managers of the marina have invested a lot in another source of income, which is the repairs and the service of superyachts. "To this end we need the flexibility of the state to break free from practices that do not favor the arrival of such vessels in Cyprus, even for refuelling purposes. The state receives about half of the fuel as tax and VAT is also charged. One of the two must be removed so that the arrival of such vessels is attractive and they do not go to Turkey or the occupied territories."
Intervention
They call for accelerated procedures in the issuing of licences
Another "enemy" for the Ayia Napa marina, as for all major investments in Cyprus, is bureaucracy.
"Investors who put their money in must be helped by the state and of course within the framework of legality," Mr. Fytiris said, underlining the need to speed up the procedures for new licenses. "We had an application for a restaurant for which the company pays rent to the state over €50,000 a year and got the construction permit after three years. Despite the fact that an effort has been made to speed up the procedures, there is still a lot of bureaucracy, since it is not easy to fight the status quo of a state machine, which has been saturated for years."
