Paphos People

Project will allow expats to stay in Cyprus as they age and become less independent
Construction of the first purpose-built retirement village in Cyprus is due to get underway in Tsada, Paphos next year. The much-anticipated project is already garnering a huge amount of interest with the ageing expat population, according to the company building it.

“The idea came from the founder of the project Lazaros (Lakis) Papadopoulos, who also owns the land in Tsada and an old mill that belongs to his family. Along with my business partner, Yiannis Farmakis, we got involved, and now we are ready to launch,” Nick Salatas of Cyprevico Ltd, who are responsible for the project, told the Cyprus Mail.

Lazaris Mill will cost around 16 million euros to bring to fruition, and will consist of 82 individual apartments, ranging from studios to larger flats and a small 24-room hotel. It will also provide both necessary and bespoke facilities.

The project has been designed by award winning Cypriot architect, Vangelis Mavronicolas. Prices for a studio apartments start at 90,000 euros and around 130,000 euros for a two-bed flat. Three bedrooms are also available.
As the population of Cyprus ages, many have concerns for the future, and often expats return to the UK and other countries, unsure of how practical or fulfilling life as an older person will be in Cyprus. Until now, no retirement villages were available on the island and whilst common in many other countries, this project is a first for Cyprus. It will offer a wealth of other facilities and include round-the-clock nursing if necessary, supervised by the Evangelismos hospital.

READ MORE:- https://cyprus-mail.com/2020/08/16/cyprus-first-retirement-village-planned-in-paphos/

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”

I remember when they were going to do something similar with the Laura Hotel possibly 10 years ago? It all fell through then because they were going to be too expensive I believe. I don't think Tsada is the ideal place for the elderly in my opinion - cold up there in the winter and too far out with a poor bus service.Surely they would be better down on the coast where the residents would get the benefit of sea air?

Read the whole story..there is a private mini bus

Maybe there was no available land on the coast...HOWEVER " “The idea came from the founder of the project Lazaros (Lakis) Papadopoulos, who also owns the land in Tsada and an old mill that belongs to his family."

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”

The basic idea doesn't sound too bad, but the flaw, as I see it, is that they are using land that the builder owns, rather than choosing a location best suited to the project.

Somewhere close to a walk along the seafront, near to shops and close to a hospital (not the same as medical services on site) would surely be more ideal. Relying on a minibus probably isn't going to be good enough.

I wish them well, but I think the location is going to let them down badly.

Caveat Emptor as always, even more so in Cyprus.

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Clive of Payia

Well over 10-12 years ago the current Royal Blue Luxury Hotel & Spa in Geroskipou was run by a small consortium as a place mainly for the elderly to live or use as a short or long term care facility. Basically it was a private en-suite room which was adapted to accommodate various practical needs and at one time it was used often for people of all ages recovering from operations or who who weren't quite well enough to go home and a couple of residents made it their long term residence. However, there wasn't the call for that type of residence then, but if the business plan had been presented in recent times, would have been a far better proposition, especially as it was not necessary to purchase in order to partake of all the facilities.

Appreciate the project in Tsada is a different concept to the above model.

Lazaris Mill is the first of three retirement villages the company plan in Paphos, with a further two being created on a similar model. The second will be in Kouklia and a third also in Tsada.

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”

So, the same argument about location for all three then!

That and a 99 year lease isn't going to help them, but you never know, they might find enough people who are expecting to move in and never go out!

Can always get one of these

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Dave
Moira And Dave

“I know that you believe you understand what you think I said, but I'm not sure you realize that what you heard is not what I meant.”

Tsada is not aligned with the first principal of real estate: location, location, location. An interesting concept in the wrong place. Of course land closer to Paphos for example is much more expensive.

Has building of the proposed retirement village actually started?

The UKCA were going to go in to partnership with the Laura BUT the Laura wanted to remain open for guests too so it wasn't ever going to work properly. This was about 14 yrs ago and my late Mother was involved in the negotiations bless her having owned a hotel and run a care home!

Before that there were so-called 'retirement' apartments built in Chlorakas with a warden which worked for a short while but have long since become regular apartments for all ages.

I agree about Tsada as a location - not exactly handy for anything!