The annual rebirth of Protaras (Cyprus)
Every year in early June, the (free) east of Cyprus is reborn in the Famagusta region (more popularly known as Protaras). This region must have as much population of vacation homes as the local towns. However, 90% of vacation homes in this area are closed from 9/15 to 6/1 each year. This region is the most popular among the people of the city of Nicosia in terms of buying a holiday home (about 65% of the locals who buy a holiday home are based in Nicosia, not only because Nicosia is landlocked). but also because it houses the vast majority of high-income people, including civil servants, etc.). The beaches in this region are the best in Cyprus (and we would like to add one of the best in Europe), there is little wind and the humidity is very low compared to other coastal places, while the now most important element of the cuts of Water. , does not exist (at least so far). While local demand easily understands the seasonality of the region, foreign buyers don’t necessarily appreciate it.
For those who want to make a permanent home in this area, they will find that after September the entire area turns dead, except sometimes on weekends. So for those who feel that Protaras will be full of life after the summer season, they are in for a surprise. For those who also buy to rent, they will also be disappointed, due to the very short term of the season. For those of us who visit the region in winter, we will find the laid-back atmosphere, the most excellent service in restaurants (as opposed to summer), the endless beach trails, and year-round swimming a value attraction. However, there is hope to extend this short season for the region.
The Ayia Napa-Paralimni Golf Course appears to have solved its problems and is now on the market seeking equity participation for its implementation, while the Ayia Napa Marina is next in line for negotiation (announced last week). Still, these much needed projects are not expected to have an effect on local seasonality before 3-5 years from today. Despite the seasonality of the region, prices are not much lower than in other coastal locations (on average). The beach villas are selling at £ 3,500 / m2. and beach apartments at £ 3,000 / m2. (about 50% lower than Limassol and similar to Larnaca). However, what is striking is the large number of low-cost apartments, which are developed mainly in the Kapparis area, which were mainly bought by the British market for rent. These apartments sold at a 15% commission (thus increasing the price) mainly through international real estate agents (either illegal as far as Cyprus law is concerned) are empty, while disappointed investors are eager to sell, but not at the prices these agents promised. No beach villa is now selling at £ 2,000- £ 2,500 / m2. depending on the proximity to the sea, while the apartments have a theoretical value of £ 1,400 / m2. (not easy to sell). This state of the local market (seasonality, quite high prices, etc.) has directed foreign demand towards the towns in the interior of the area.
Villages such as Sotira, Dherynia, Frenos, and even Xylophagou, are becoming more popular and the projects that are developed around these villages are increasing in popularity (lower prices aside, these projects that are in / around the villages, do not they can be considered as a seasonality in terms of “life” as such). What is also worth mentioning is that several foreign buyers (mainly British) buy the old refugee houses, built about 30 years ago and located within the refugee housing estates. Two-bedroom bungalows of approximately 100 square meters, are selling for £ 70,000, but are in need of improvement.
This area of Dhasaki, as it is known, has the appeal of being next to the British base of Ayios Nicolaos and this is the main attraction. British-style pubs are popping up everywhere and this development deserves scrutiny by those who are students of the local construction industry.
Therefore, Protaras is on the move, to be reborn this summer season in terms of more permanent residents and it is not surprising that while the local Cypriot population rate is declining, the total local population relative to permanent annual residents is increasing. . .