The annual revival of Protaras (Cyprus)
Every year at the beginning of June, the (free) East of Cyprus is reborn in the region of Famagusta (more popularly known as Protaras). This region must have as much population of holiday homes as the local towns. However, 90% of the vacation homes in this area are closed from 9/15 to 6/1 of each year. This region is the most popular among people from the city of Nicosia in terms of buying a holiday home (approximately 65% of locals who buy a holiday home are from Nicosia, not only because Nicosia has no sea, but also because it accommodates the vast majority of people with high incomes, 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 humidity is very low compared to other coastal places, while the most important element now is the cut of Water. , does not exist (at least so far). While local demand easily understands the region’s seasonality, foreign buyers don’t necessarily appreciate this.
For those who want to make a permanent home in this area, you will find that after September, the entire area turns dead, except sometimes on the 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 visiting the region in winter, we’ll find the tranquil atmosphere, excellent service at restaurants (unlike summer), endless beach trails, and year-round swimming to be a worthwhile attraction. However, there is hope of extending this very brief seasonality in the region.
The Ayia Napa-Paralimni golf course appears to have resolved its issues and is now on the market seeking equity participation for its implementation, while the Ayia Napa marina is next in line (announced last week). Still, these two much-needed projects are not expected to have an effect on local seasonality for 3-5 years from now. Despite the seasonality of the region, prices are not much lower than other coastal locations (on average). Beach villas sell for £3,500/m2. and apartments on the beach at £3,000/m2. (approximately 50% less than Limassol and similar to Larnaca). However, what is striking is the large number of low-cost apartments, which are mainly developed in the Kapparis area, which were mainly bought by the British market for rent. These apartments sold at a 15% commission (thereby improving the price) mainly through international estate agents (albeit illegal as far as Cyprus law is concerned) are empty, while disappointed investors are willing to sell, but not at the prices these agents promised. Non-beach villas are now selling for £2,000-£2,500/m2. depending on 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.
Towns like Sotira, Dherynia, Frenaros and even Xylophagou are becoming more popular and projects around these towns are increasing in popularity (other than lower prices, these projects are in or around towns, you can’t consider that they have 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 approximately 30 years ago and located within the refugee housing estates. Two-bedroom bungalows of approximately 100m2 are selling for £70,000 but need improvement.
This area of Dhasaki, as it is known, has the attraction 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 is worth examining by those who are students of the local building industry.
So Protaras is on the move, to be reborn again this summer in terms of more permanent residents and it is no wonder that while the rate of local Cypriot population is shrinking, the total local population relative to annual permanent residents is increasing. .