Development Advances for Paphos Marina Project: Tender Procedure Scheduled for April
The Republic of Cyprus is taking significant steps to attract suitable investors and secure favourable concession terms for the development of the Paphos Marina. The Ministry of Tourism, in collaboration with a specialist consultant named Specialist Syndication, is spearheading the project.
The Paphos Marina, slated to be an official entry point to the Republic of Cyprus, is planned to span approximately 155,000 square meters in the Potima area, just a 15-minute drive from Paphos city center. This ambitious development project supports Cyprus's maritime tourism sector by offering a range of facilities, including luxury yacht accommodations, residential and hotel developments, and essential operational facilities.
The marina will have a capacity of 1,000 vessels, with 650 sea berths and 350 land-based spaces. The residential units within the marina will be available under long-term lease agreements, adding to the project's appeal for potential investors.
The Ministry of Tourism has conducted extensive studies to ensure the project's success. They are now preparing for the launch of a Design, Build, Finance, Operate, and Transfer (DBFOT) concession process. The tender process for the project will be initiated on April 2, 2025, and will be carried out through the Public Procurement System.
The tender process consists of two phases: Expression of Interest and Invitation to Tender. Economic stakeholders have until January 22, 2025, to submit their feedback and proposals regarding the upcoming competitive process. The final contract award for the Paphos Marina project is expected in early 2026.
Local entrepreneurs and hoteliers in Paphos have expressed frustration over delays in securing investors. However, they remain vigilant in monitoring the process, hoping for a positive outcome that will benefit the local economy.
The estimated cost of the Paphos Marina project is over €400 million. The agreement, once finalised, will be between the Republic of Cyprus and the successful bidder. The marina, upon completion, is expected to significantly boost Cyprus's maritime tourism sector, offering a world-class destination for tourists and investors alike.
