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Paralimni on the Move?

By Antonis Loizou, FRICS
Antonis Loizou & Associates Ltd
Chartered Surveyors
Property Valuers - Project Managers

21 June 2009

As the summer period gets closer and closer, so Paralimni village (Protaras area) comes to our mind more vividly. This eastern region of Cyprus (Sotira - Ayia Napa - Paralimni) has the best beaches, calm waters and extensive “private” beaches accessible most of them by car.

The Municipality of Paralimni, unlike its neighboring Ayia Napa etc, is investing a considerable amount in its infrastructure and common green and the difference between the villages are evident. On a very recent visit to the region, we have had the chance to walk along the beach walkway at Protaras, which has just been completed (A phase 3 kms) which we must admit is well thought and a piece of architectural art. In addition to its wide nature, it provides endless lighting, potable water machines at intervals, seating/shaded areas etc. It is wide enough (3 mts.) and it takes care the disable. This walkway, which when completed to its full length, will reach approximately 15 kms, it will provide an added attraction to the region.

The second approach by the Municipality of Paralimni is the promotion of the folkloric history. We attended the traditional Cypriot wedding, which was a great experience, as well as the Easter festivities runned by the Municipality (including the Easter bonfires).

The village has approximately 8.000 local residents, but in addition to the locals the non-permanent residents exceed 6.000, plus the hotel tourists. It is a village, which has been overunned by outside visitors, but yet it has managed to retain its original identity. The distance of the permanent residents area (the village itself) from the beach is one of the reasons, but also the good management of the Municipal Authorities plays a very important role.

Yet during the winter months, this region (the touristic area-Protaras) is practically dead, with very few of its non-permanent residents living there (as an estimate we will say no more than 500). We note little effort to provide more permanent attractions notwithstanding the fact that the region has a lot going for it. Its proximity to Nicosia via a motorway with 1 hour driving distance is a major asset, as is the gathering of Nicosia based residents. We hold the view that this region could provide:

  • A boat shelter as a matter of urgency. Next door Ayia Napa is struggling to have a marina, but the way things are going it will not happen over the next 5 years.

  • A sailing club will do wonders during the summer and winter season and games could be undertaken. An application to provide this by a private Co was turned down much to our regret.

  • The 6 beach volley ball courts set on the beach, have been abandoned yet everything is there and with a few thousands Euros it could become operational for public use, competitions amongst hotel residents and others etc.

  • The creation of futsals set on the extensive Government owned beach land could be another attraction especially for the younger generation and a spectacle for the visitors (including their participation).

  • The very recent sinking of a ship (notwithstanding the stupidity of the fisheries department) will add to the region’s scuba diving attraction (the sunken ancient ruins apart).

  • Motorbike racing, model aeroplane games etc could be another attraction in the plain Government owned area at the Phanos locality.

  • The much awaited golf course between Ayia Napa and Paralimni will do wonders to elongate the visitors period and provide another infrastructure project for the region. This project has met difficulties however and its implementation is now debatable.

Because the region is a popular one by the Nicosia residents, the cheap touristic restaurants and bars are not as common as in other tourist areas. So there is quality entertainment, but one must know where these spots are to be found.

  • Pieros family tavern is a place to visit for meze type of food. A born restaurateur with excellent P.R.

  • The Mexican restaurant at Ayia Napa is well known and a prior reservation is a must. Same for the Chinese restaurants at Paralimni and Ayia Napa.

  • The various steakhouses at the Cavo Greco road is another destination.

  • Elena’s spaghetti with all sort of sauces is a must eat Italian place.

  • George’s beach kiosk is another place for tea and snacks, an ideal place for morning coffees, light lunches and reading one’s newspaper next to the beach.

  • For those who have teenage children and for those who are young at heart, Paralimni offers the best of both worlds. Paralimni has no discos and loud bars and it is more of a family oriented resort, yet, next door Ayia Napa (5 minutes drive) offers all sorts of entertainment for the younger generation.

  • Etc etc

The way this area is developing there is the standard joke amongst Nicosia residents, that, in a few years they (Nicosia residents) will soon elect their own Mayor!!

With the prevailing property market situation prices have become quite affordable for most middle income groups, with prices been pushed down by returning (mainly) British buyers.

Apartments:
- Beach apartments have a sales price of approximately €6.000/sq.m.- €7.000/sq.m.
- Non beach approximately €1.800/sq.m. and depending on quality and beach distance etc they are found at around €1.400-€1.600/sq.m.

Villas:
- Beach villas with pool etc are nowadays found at around €7.000/sq.m., but there are very few of them.
- Non beach villas, depending on the sea distance are around €2.500-€3.500/sq.m.

Local holiday home buyers up to recently was 50% locals (Nicosia) and 50% foreign (mainly British). With the situation that exists at present, all developers have dropped their prices considerably, whereas desperate foreign buyers offer their property at 20%-25% less than the pre crisis levels.

Good deals are to be found but with the rather limited new projects coming into the market, the best/good value units will soon be taken over. So, for these who can afford these price levels, now it is the time to search for “bargains”.

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