It is understood Terry Davey drowned in the beach resort on 8 January.
A spokesman for the Foreign and Commonwealth Office (FCO) said they had been made aware of Mr Davey's death and were providing consular assistance to his family.
Independent councillor Jackie Patterson said he was shocked to hear of the father of three's death.
"Terry was a friend of mine from school days," he said.
"He was a very popular businessman in Newry. He was well-known to the whole community and very popular.
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