There has been a flurry of activity in relation to the development of the Paphos Marina, although it remains to be seen whether this will translate into formal interest, namely the submission of an expression of interest to the Deputy Ministry of Tourism. Interest is coming from Cypriot companies, foreign companies, as well as joint ventures between Cypriot and international firms.
This was conveyed to InBusinessNews by the President of the Association of Large Investment Projects, Andreas Demetriades, who explained that the extension granted for the expression of interest phase - from 16 December 2025 to 23 January 2026 - indicates that a relevant request was submitted by interested parties.
"The candidates who will be pre-selected by around 10 March, following an evaluation of the expressions of interest they submit—I understand three, unless there are more that meet the criteria and it is deemed necessary—will be required to submit their bids by around 10 April 2026, while the final selection and award of the tender is expected to take place by the end of 2026," Demetriades said.
He noted that the dates mentioned are calculated on the assumption that the deadlines set out in the tender documents will be shifted by approximately one month.
The developer’s two options
When asked about the project’s implementation timeline, the President of the Association of Large Developments responded that it cannot be determined at this stage, as it will depend on the proposal submitted by each bidder.
"Moreover, the scope of the project provides for two proposals. For the design, construction, financing, operation and transfer of the project, with a duration of 55 years, two development options are offered," he clarified.
Under the first option, a 1,000-berth marina is envisaged, with 70%–80% of berths at sea and the remaining 20%–30% in onshore facilities. Residential and commercial development is also foreseen.
The second option also αφορά a marina with the same characteristics, residential and commercial development, but additionally includes infrastructure for cruise ships.
"Therefore, depending on the investor's chosen option, the project implementation timelines will differ. Personally, I estimate that, taking into account all required procedures (environmental and traffic studies, etc.), it will take 6–12 months for the relevant permits to be approved and for the investor to be able to commence work. In other words, we are talking about one to one and a half years to prepare the necessary studies and secure the required permits. In my view, construction works could begin in 2027," he added.
"The Deputy Ministry of Tourism must follow the correct procedure"
Asked whether anything has changed compared to previous attempts to develop the Paphos Marina, which ultimately failed, Demetriades explained that "the possibility of new legal challenges always exists, as provided for by law. However, I expect that the Deputy Ministry of Tourism will follow the correct procedure—something that was not done in the past by the Ministry of Commerce and Industry, resulting in lost state revenues and the non-implementation of the Paphos Marina project".
He concluded, "Regardless of any appeals, the Deputy Ministry of Tourism has the right to proceed with awarding the tender and, should an appeal be successful, the winning company would be able to seek compensation through the District Court, provided it proves the damage suffered".
