$445M yacht marina to boost upscale tourism in Cyprus


A series of projects to boost tourism in Cyprus is beginning with a new marina in the southern port city of Limassol, Cypriot President Demetris Christofias said.

Large projects such as the marina, which will cost 350 million euros ($445 million) to build and which will have 1,000 berths, “are the locomotive to exit the financial crisis,” Christofias said at a ceremony where he laid the foundation stone of the marina.

The project, which aims to attract high-income visitors, will also include housing units and a commercial center, Theoklis Andreou, sales consultant of Limassol Marina Ltd., said in a phone interview today. The first stage will be finished in 2012 and the whole project will be completed in 2014.

Tourism, directly and indirectly, accounts for about one quarter of Cyprus’s gross domestic product.