The coronavirus pandemic and the cancellation of the Golden passport program have caused serious damage to the property sector in Cyprus. However, the country's government does not lose hope for a speedy recovery of this segment of the economy.
According to the Association for Large Investment Projects, market participants have high hopes for 8 projects that are currently underway. Their completion is expected to revive investment interest in Cyprus properties from foreign buyers.
According to the Association, the projects that should contribute to the achievement of the strategic goals of the government include:
The City Of Dreams Mediterranean Casino Resort will become the largest tourist facility in Cyprus, its total investment value is €650 million. The project is a joint work of Melco and CNS Group. 11,444 workers are involved in the construction of the resort, and upon completion, about 6,530 jobs will be created. The government estimates that City of Dreams Mediterranean will bring in up to €700 million ($828 million) to the island's treasury every year. And this is 4% of the total GDP of the Republic of Cyprus.
Ayia Napa Marina will make a huge contribution to the development of marine tourism in Cyprus. Its opening will bring significant economic benefits at the local and international levels, as it will create a huge number of new jobs both in the development company and in partner companies. Moreover, the new marina will become the base for the unified municipality of Ayia Napa, Sotira and Liopetri. It will give the chance to create a new Mediterranean Monte Carlo. The benefits for the entire region will be enormous.
Marina Limassol is a unique, elite multifunctional complex with a quay and is the largest modern infrastructure project in Cyprus. Its cost is estimated at €400 million.
The role of Marina Limassol in improving and shaping important sectors of the island's economy and shipping on the island has been and remains invaluable. Limassol Marina today continues to significantly strengthen the competitiveness of the Cypriot economy, it is an incentive for investment in the country, setting very high quality standards and enriching the tourism product, attracting wealthy investors. The Limassol Marina project has become a landmark not only for Limassol, transforming its embankment and making the city a few steps closer to the title of the most elite resort in Cyprus.
Investments in the creation of Limassol Marina have already exceeded €350 million, while some of the complex's objects are still under construction. Thanks to the implementation of this project, more than 1000 jobs have already been created in Limassol.
Neapolis SmartEco City is the first of its kind smart eco-city project in the EU which will be implemented in Cyprus by the Leptos group of companies. It implies the creation of a unique city with the latest infrastructure and impressive green areas. This innovative 'city within a city' is expected to set new high standards in healthcare, education, research, business parks, and green spaces will be integrated into residential areas, shopping and entertainment and cultural centers. The total cost of the project is almost €3 billion. The investment opportunities are endless!
The development and construction of Neapolis Smart Eco City will create hundreds of new jobs. It is expected to attract companies from abroad to locate their offices in the business park, as well as a large number of students, which will make a significant contribution to the country's economy.
Limassol Hills Golf Resort is a golf resort with a hotel which will be built on 196 hectares land in Limassol. The project will also include restaurants and cafes, a wellness center with swimming pools, a sports center, 520 luxury villas, 135 maisonettes and high-rise buildings with 121 apartments.
Limassol Hills Golf Resort will be located in Vasa Kellakiou, a suburb of Limassol. It is estimated that about 2,700 people will be employed during the construction phase of the project and another 750 people during the operation of the resort. The state will benefit from direct and indirect taxes of at least €300 million over a period of 25 to 30 years required to fully implement this development.
Eagle Pine Golf Resort will epitomize the privacy and hospitality for which Cyprus is renowned. A unique investment project will appear next to a casino which is now under construction in Limassol.
The Eagle Pine Golf Resort project will include an 18-hole golf course, a boutique hotel of 80 luxurious sea-view rooms, and a commercial area and large residential development of 676 individual plots for villas and 5 big plots for apartments and cottages. The total land area where the project will be built is 1,717,521 m², while the total development area agreed by the authorities is 150,000 m² (with the prospect of increasing the building area to 190,000 m²).
It is assumed that 300 people will be involved in the construction sites in the next 10 years. After the delivery of the Eagle Pine Golf Resort, the state will receive a profit of €200 million from direct taxation.
The Limassol Greens project started in the fourth quarter of 2019. Its total cost is estimated at €400 million. Since the beginning of the project, the state has already earned €5 million. In the medium term, 350 jobs plus 800 indirect jobs (consultants, contractors, etc.) are expected to be created. At a later stage, state revenues are estimated at more than €200 million (taxes, VAT, licenses).
Limassol Greens will be one of the largest and most ambitious residential golf and spa resorts in Cyprus.
According to the plan, the total area of Limassol Greens will be 1.4 million m2. On the territory of the new resort complex will appear:
- International 18 hole golf course
- golf club with an area of 1.7 thousand m2
- 500 villas
- several high-rise buildings for 250 apartments
- fitness centers
- indoor and outdoor pools
- tennis courts
- the shops
- restaurants and cafes.
The complex development project Minthis from Pafilia Property Developers Ltd is located in the province of Paphos on a vast territory of 5 million m2.
The total investment in the project is estimated at €500 million, of which €100 million relates to services and supporting infrastructure.
In particular, the project includes an 18-hole golf course with full training equipment, restaurants and a sports center, consisting of an equestrian center, tennis courts and basketball courts. Ancillary facilities for the project are complemented by the construction of an innovative wellness center that includes a swimming pool, gym, jacuzzi and sauna.
The Minthis project is a complex that includes exclusive residences, private villas, suites, a golf course, tennis courts, sports fields, a spa, bars, shops, a relaxation room, a horse riding area, jogging paths and forest paths for walking, as well as a modern wellness center.
You can find out more information about new projects in Cyprus on the DOM real estate. The website also has over 20,000 real estate properties in the country, both residential and commercial. Choose and contact professionals who will help you make the right choice!
Photos: pixabay.com, inbusinessnews.reporter.com.cy