12° Nicosia,
23 July, 2024

Paphos: Over 15 million euros in foreign investment in 2022

The Paphos Mall's building complex has been purchased by an investor

Source: CNA

According to the Paphos Chamber of Commerce and Industry, foreign investment in the city has surpassed €15 million.

Marinos Stylianou, Secretary/Director of the Chamber, stated that an investor paid €12.5 million for the building complex that housed The Paphos Mall.

The complex has been renovated and will soon be open to the public, housing a variety of shops and well-known chain stores.

Furthermore, he continued, the iconic building at the entrance to Paphos that housed the RIO cinemas, known as the "Paphos Oasis Building," has already been purchased by a Cypriot company with a large Dutch group owning the vast majority of the shares.

According to Stylianou, the Dutch company is involved in the supply chain, chemical waste collection and treatment, industrial support services, logistics, energy, and software and IT development.

It also recently completed the purchase of the former Orphanides hypermarket in Paphos for more than €3 million in order to create luxury office space and other developments, without specifying whether the buyers are Cypriots or foreign investors.

"With all of the above and other smaller purchases currently taking place, we are convinced that Paphos has already attracted new companies, and we expect the interest to grow stronger with multiplier economic, social, and demographic benefits for our Province," Stylianou said.

"Attracting foreign companies based in our Province has been and will continue to be a standing policy and priority of the Pafos Chamber of Commerce and Industry," he added.

Paphos, he says, is an ideal package for attracting foreign companies because of its comparative advantages, low cost of living, airport, low crime rates, beautiful beaches, beautiful countryside, and low and quality of life.

He also stated that with the development of infrastructure projects, foreign language schools, and entertainment options, Paphos will remain an appealing destination for foreign companies, and expressed confidence that with the completion of the Marina and other super-local infrastructure projects, it will be an enviable destination for many potential investors.

Cyprus  |  Pafos  |  tourism  |  economy

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