According to the Paphos Chamber of Commerce and Industry, foreign investments in the region have totaled more than €15 million.
According to claims made to the Cyprus News Agency (CNA) by chamber secretary and director Marinos Stylianou, a foreign investor has purchased the building complex that housed The Paphos Mall for a total of €12.5 million.
The complex has just been refurbished and will soon be open to the public, including a variety of shops and numerous established franchise stores.
Furthermore, Stylianou stated that the Paphos Oasis Building, which is visible to visitors as they enter Paphos and houses the RIO movies, has already been purchased by a Cypriot business. However, the corporation in question has foreign involvement as well, as the vast majority of shares are owned by a huge Dutch conglomerate.
According to the Evep director, the aforementioned Dutch group is active in a number of distinct sectors, including supply chain management, chemical waste collection and treatment, industrial support services, logistics, the energy sector, as well as software development and other information technology-related activities.
Furthermore, the former Orphanidis supermarket in Paphos was just purchased outright. The overall cost of the building purchase exceeded €3 million. The acquisition will enable the investor to build luxurious office spaces and other projects. Stylianou did not say whether the buyers are Cypriots or international investors.
“With all of the above, but also combined with other smaller acquisitions and transactions taking place during this time, we are convinced that Paphos has already attracted new companies and the interest is expected to intensify,” Stylianou said, noting that this will have a multiplier effect, entailing secondary economic, social and demographic benefits for the Paphos district.
“The attraction of foreign companies with headquarters in the district of Paphos continues and has been a long-standing, high-priority policy of the Paphos Municipality,” the Evep director added.
In addition to the foregoing, Stylianou stated that Paphos, both the city and the district as a whole, offers an ideal package for attracting foreign companies, including its comparatively low cost of living, international airport, low crime rate, beaches, countryside, slow pace of life, and quality of life.
Furthermore, Stylianou stated that with the development of infrastructure projects, foreign language schools, and the addition of new entertainment alternatives, Paphos will remain an appealing destination for foreign firms.
Finally, Stylianou voiced his conviction that once the Paphos marina and other extra-local infrastructure projects are completed, the area will be a highly appealing destination for many potential investors.
By fLEXI tEAM