An Insight into the Mayor of Ayia Napa’s Strategy for Foreign Investments in the Town
Clever investors with an eye on the Cyprus property market will be well aware that the Municipality of Ayia Napa has enjoyed continuous prosperity for several decades. Much of this success can be attributed to the huge amounts that have been reinvested in innovative projects over recent years. Such projects include a 6.5 million beachfront upgrade and the highly acclaimed and prestigious marina that are both scheduled to be completed as early as 2020.
The town’s Mayor, Yiannis Karoussos revealed that he is focused on attracting more foreign investment into the area. As part of his strategy to lift the area’s profile, the Mayor has also sent out signals that the town of the future will be a place that attracts families and quality investors. This is a definite move to shake off the town’s image as the islands clubbing capital and instead attract top-level venture capital into the area.
What will the Ayia Napa of the future look like?
With berthing for luxury yachts and ocean-going cruisers at the new marina, it is obvious that the Mayor is optimistic about the kind of investors and the development the area is looking for. This is a clear indication that the face of tourism in the area is expected to change dramatically if Mayor Yiannis has his way.
In recent years there has been an influx of quality restaurants, coffee shops, and boutique spa style hotels, all of which are aimed at families and discerning tourists. All of these are palpable signs that the profile of the town and surrounding area is rising and this can only be good news for would-be investors. No other resort on the South East Coast has seen such prolific investment as Ayia Napa and if Mr Karoussos has his way it looks set to continue well into the future.
3 major reasons why you should invest in Ayia Napa
Thanks to the outstanding work that Mayor Yiannis and his team has done in promoting the area, Ayia Napa has become a prime target for savvy investors with an eye on the future. If that alone wasn’t enough to make it an attractive place to speculate, here are 3 more major reasons to consider.
1. The scheduled completion of the new marina will put the town squarely on the map for discerning tourists and owners of upmarket marine craft. The marina is also set to become a highly desirable area for both residential property and associated commercial enterprise including hospitality and upper market retail outlets.
2. Property both in Ayia Napa town and the surrounding areas is already experiencing an unprecedented upturn. Many South Eastern Cyprus property experts are anticipating that this merely signals the beginning of a sustained increase in the areas property values. The Mayor further believes that as many of the exciting projects in the area near completion, property values in the area will further increase.
3. Lucrative returns on investments are likely in both the retail, hospitality, and accommodation sectors due to the inevitable augmentation in demand.
This is already apparent in the highly buoyant holiday rental market where many villa and apartment owners are already fully booked for the forthcoming season. If that wasn’t strong enough evidence of an impending upturn, the demand for long-term residential rentals in the area has already outstripped the limited supply.
All in all, the signs are that Mayor Yiannis has started an investment ball rolling that will continue to gather speed and momentum long into the future. A future that will see Ayia Napa and the surrounding areas enjoying new levels of foreign investment and increased prosperity for the communities that live and work there.