Large-scale projects, which are now being actively implemented in Cyprus will be the main driving force behind the development of the real estate sector and the economy of the island state as a whole.
This was stated by the Major Developers Association (MDA) on Wednesday, February 7.
In particular, the organization referred to the large-scale projects in its portfolio, the total value of which exceeds 8 billion euros. In addition, the CMA emphasized that they are the "face" of a modern state that invests in its domestic product, creates new jobs, improves the quality of life for both locals and visitors and promotes the transition to a "green era." The association expressed its hope that the Cypriot government will continue on this course in 2024.
The Association's members' portfolio includes, among others, hotels, medical and diagnostic centers, university buildings, golf courses, schools, and commercial and residential buildings. These are all major projects that are expected to bring numerous benefits to our country. Their total value exceeds €8 billion," the CMA noted.
Among the most significant projects in Cyprus, the CMA highlighted:
- Limassol Hills Golf Resort. A golf resort with a hotel will be built on 196 hectares of 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-rises with 121 apartments.
- Limassol Hills Golf Resort will be located in Vassa Kellakiou, a suburb of Limassol. About 2.7 thousand people are expected to be employed during the construction phase of the project and another 750 during the operation of the resort. The State will benefit from direct and indirect taxes of at least €300 million over the period of 25 to 30 years required to fully realize the development.
- Eagle Pine Golf Resort will epitomize the seclusion and hospitality for which Cyprus is renowned. A unique investment project, it will appear next to the new casino in Limassol. The project includes an 18-hole golf course, a boutique hotel of 80 luxury rooms with sea views, as well as a commercial zone and a large residential development of 676 individual plots for villas and 5 separate plots of land for apartments and cottages. The total area of land where the project will be built is more than 1.7 million m2, while the total area agreed by the authorities is 150 thousand m2 (with the prospect of increasing the building area to 190 thousand m2). It is expected that 300 people will be employed on the construction sites over the next 10 years. After the delivery of Eagle Pine Golf Resort, the state will receive a profit of 200 million euros from direct taxation.
- Limassol Greens. The total cost of realization of this project is estimated at 400 million euros. Since the start of construction, the state has already earned 15 million euros. In the medium term, 350 jobs and 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, Limassol Greens will have a total area of 1.4 million m2. On the territory of the new complex resort will appear an 18-hole golf course of international standard, a golf club, an area of 1.7 thousand m2, 500 villas, several high-rises for 250 apartments, fitness centers, indoor and outdoor pools, SPA, tennis courts, stores, restaurants, and cafes.
- Minthis resort is located in the province of Paphos on a vast area of 5 million m2. The total investment value of 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 practice facilities, restaurants and a sports center consisting of an equestrian complex, tennis courts, and basketball courts. The project's ancillary facilities 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, SPA, bars, stores, a relaxation room, horse riding, jogging paths, and forest trails for walking, as well as a state-of-the-art wellness center.