€50 Million Hotel, Villas & Apartments Project Planned for Ayia Napa's Limnara Coastline
Ayia Napa's coastline is set for one of its largest new investments in recent years. A mixed-use tourism project worth an estimated €50 million, combining a full-service hotel, private-pool villas and a residential apartment block, has been submitted for environmental review, according to a report by InBusinessNews, later carried in English by Cyprus Business News (CBN).
For anyone following the property market in Ayia Napa, Protaras and the wider Famagusta district, it is another clear signal that serious hospitality capital continues to back the east coast of Cyprus.
Who is behind the project
The applicant is Aesara Investments, which has lodged an Information Form with Cyprus's Department of Environment — an early step in the environmental assessment process, ahead of planning approval.
According to Registrar of Companies records cited in the report, the company is connected to the Co-CEOs of Wavemaker Hospitality, a group managing more than 40 hotels and resorts across Greece and Cyprus. Its portfolio includes well-known names such as Atlantica Hotels & Resorts, Mare Resorts, Aphrodite Hills Resort and APHI Resorts.
Where it will be built
The site lies in the Limnara area of Ayia Napa, within Tourist Zone T6(E1), on the stretch of coast between the town centre and Cape Greco, south of Kryou Nerou Avenue. It is the same plot that already hosts the Mare Ayia Napa resort, which occupies its eastern section.
This is one of the most sought-after coastal corridors in the district, close to both Ayia Napa's amenities and the protected natural landscape of Cape Greco.
What the development includes
The project is designed as a condo-hotel model, pairing hotel operations with residential units for permanent occupancy. Based on the documents filed, it will comprise:
| Component | Key details |
|---|---|
| Hotel | 324 double rooms (648 beds); basement, ground floor and four upper floors |
| Villas (bungalows) | 33 three-level villas with private pools, operated as part of the hotel |
| Apartment building | 20 one- and two-bedroom apartments; two basement levels, ground floor and four upper floors |
| Beach club | Seaside venue with restaurant, indoor dining and full kitchen |
| Parking | 321 spaces, including 12 for people with disabilities |
Estimated cost: around €50 million
Construction period: approximately 24 months from the start of works
The hotel
The hotel's buildable area comes to roughly 24,300 m². Guest rooms fill the four upper floors, while the ground floor houses the reception, lobby, main restaurant, breakfast area, bars and a shop.
The lower level is planned as a full leisure zone: spa with indoor pool, gym, cinema room, children's playroom, a teen area with snack bar, shops and a hair salon. Outdoors, a network of pools — including a main pool with waterfall, children's and infant pools, and indoor and outdoor spa pools — will cover close to 2,700 m².
The villas and beach club
The 33 bungalows will sit on the southern part of the plot, nearest the sea, with a combined area of about 2,770 m². Each is planned over three levels with its own private pool. A beach club with restaurant will anchor the south-eastern corner of the site.
The residential apartments
The apartment block is positioned on the north-western side of the plot, close to the main road, with four apartments per level across five floors. Its buildable area is approximately 2,270 m².
In total, the project's buildable area is around 29,540 m², with site coverage of about 10,520 m².
What this means for the Ayia Napa property market
Projects of this scale tend to matter well beyond their own boundaries. A few points stand out for buyers and investors in the area:
- Continued confidence in the east coast. A hospitality group with a large Greek and Cypriot portfolio committing further capital to Ayia Napa reinforces the region's position as a year-round, upmarket destination rather than a purely seasonal one.
- Growth of the condo-hotel model. Mixing hotel-serviced villas with residential apartments reflects strong demand for property that combines ownership with professional management — a model familiar to buyers looking for holiday homes with rental potential.
- Pressure on prime coastal land. The Cape Greco–Ayia Napa corridor has limited remaining development land. Major investments here typically support demand and values for nearby residential property.
- Better amenities for the whole area. New restaurants, a beach club and leisure facilities add to the appeal of the surrounding neighbourhoods for both residents and holiday-home owners.
It is worth keeping in mind that the project is still at the environmental review stage, so timelines may shift as it moves through the approval process.
Frequently asked questions
Where exactly is the new Ayia Napa development?
In the Limnara area of Ayia Napa, on the coast between the town centre and Cape Greco, south of Kryou Nerou Avenue, on the same plot as the existing Mare Ayia Napa resort.
How much will the project cost?
The estimated investment is about €50 million.
What will be built?
A 324-room hotel, 33 private-pool villas, a 20-unit apartment building, a beach club and 321 parking spaces.
When will it be completed?
Construction is expected to take around 24 months once works begin. The project is currently going through environmental review.
Who is the developer?
Aesara Investments, a company linked to the Co-CEOs of Wavemaker Hospitality.
Looking for property in Ayia Napa or Protaras?
At Sweet Home Developments, we build and sell quality homes across Ayia Napa, Protaras and the Famagusta district — from contemporary apartments to private villas with pools. If developments like this have you thinking about owning on Cyprus's east coast, our team can walk you through current projects, availability and financing options.
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Source: This article is based on reporting by InBusinessNews (22 October 2026). All project details are as reported in the original articles.