The first phase of Ayia Napa’s MM Makronisos Marina, which will include 600 berths and a boatyard as well as shops, restaurants and other amenities will be completed in 2019.
The €220 million project, in which the Egyptian investor Naguib Sawiris’ Gemini Real Estate Ltd has an 80 per cent stake and the Cyprus-based Caramondanis Group a 20 per cent stake, is scheduled to be to be completely finished by 2021.
The second phase will include the construction of 190 luxury one- to four-bedroom apartments in two twisting-shaped towers of 25 and 26 floors. There will also be 29 villas. The east tower is expected to be finished in 2020 and the west tower in 2021. Twenty per cent of the project was sold by end of January 2017.
There are currently three marinas in Cyprus – Limassol, St Raphael, Larnaca – but there are plans for the construction of two more, in Paphos and Paralimni, while the one in Larnaca, which is adjacent to the port, will be completely re-built.