Cyprus Real Estate Association Champions Sector Reforms and Housing Policy

Constructive Dialogue With Leadership

In a statement released on Tuesday, the Cyprus Real Estate Developers Association emphasized the pivotal role of the island’s construction industry in driving economic and social progress. The association met with President Nikos Christodoulides, along with high-level government officials including Interior Minister Constantinos Ioannou, Migration Deputy Minister Nicholas Ioannides, Deputy Minister to the President Irene Piki, Government Spokesperson Konstantinos Letymbiotis, and Head of the President’s Press Office Victoras Papadopoulos.

Streamlining Processes for Growth

During the June 23 meeting, key discussion points centered on expediting the issuance of building permits. The association lauded the efforts by the Interior Ministry to simplify procedures and underscored the need for effective local government district operations. This initiative is seen as essential for maintaining the competitive edge of Cyprus’ real estate sector and bolstering the national economy.

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Addressing Housing Challenges

Housing affordability was a focal topic as Chairperson Yiannis Misirlis highlighted the urgency of resolving ongoing housing struggles. The association remains committed to ensuring access to affordable housing and has submitted further proposals aimed at enhancing public housing policy, reflecting a shared commitment between the public and private sectors.

A Vision for a Sustainable Future

In closing, Chairperson Misirlis expressed his gratitude to President Christodoulides for the productive dialogue. He reaffirmed the association’s dedication to contributing responsibly towards a modern, functional, and sustainable real estate sector, reinforcing its role as a critical driver of economic growth in Cyprus.

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€50 Million Luxury Resort Planned For Ayia Napa

by THEFUTURE.TEAM

October 22, 2026

Ayia Napa could strengthen its position in the premium tourism market with a proposed €50 million mixed-use resort combining a hotel, serviced apartments, luxury bungalows and a beach club.

Aesara Investments Ltd has submitted an information form to the Department of Environment for a development to operate under the name Atlantica Wavemaster Hospitality. The project is planned for the Limnara area of Ayia Napa, along the coast south of Kryou Nerou Avenue, between the town centre and Cape Greco.

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Hotel, Apartments And Luxury Bungalows

The proposed resort will include a 324-room hotel with capacity for 648 guests, alongside a condo-hotel building containing 20 one- and two-bedroom apartments. Facilities are planned to include restaurants, bars, cafés, a spa with an indoor pool, a gym, shops, a multipurpose hall, a children’s club and a cinema.

A further 33 three-level luxury bungalows, each designed for two guests and featuring a private swimming pool, are planned for the southern part of the site. A beach club with a restaurant and an outdoor pool complex covering more than 6,300 square metres will also form part of the development.

The project includes 321 parking spaces, including 12 for people with disabilities, and 14,196 square metres of landscaped green space featuring local plant species.

Seasonal Hotel Operations And Year-Round Residences

The hotel is expected to operate from March to November, with peak occupancy during the summer season. The condo-hotel apartments, meanwhile, will be available for sale or long-term rental and intended for year-round residence. Owners and tenants will also have access to the resort’s facilities, including its pools, restaurants and fitness areas.

Construction is expected to take 24 months once the required permits are secured. At the busiest stage, the project could employ around 100 workers per day.

Environmental Restrictions Near Cape Greco

The site’s proximity to protected Natura 2000 areas has prompted strict environmental requirements. The Cape Greco Special Protection Area borders the site to the south, while a Special Area of Conservation lies approximately 50 metres away.

Conditions imposed by the Department of Environment include a maximum building height of five floors, or 18.5 metres, and restrictions on permanent structures near the coastline. The project must also use spider-web type glazing and low-intensity lighting to minimise disturbance to local birdlife.

According to the project’s consultants, the design has been prepared to comply with the environmental conditions and the final report on cumulative impacts for the Cape Greco Special Protection Area. The hotel and apartment building are positioned in the central and northern parts of the plot, away from the shoreline.

Within the designated no-build zone, located 40 metres from the boundary of the beach protection zone, only swimming pools are planned. The consultants state that these are not expected to affect protected species in the area.

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