Cyprus gets 2 big boosts!
Posted in Markets by Carl on January 20th, 2009 05:45pm
There are two major pieces of news that will be interesting to people considering buying a holiday home or investing in the Larnaca region of Cyprus.
The first is that from 31st March 2009 Easyjet will be flying from to Larnaca from Luton. Single flights look like they start from £41.
The second is that A Russian conglomerate called the Boema Group is applying for planning permission to build a €800million Disneyland holiday resort according to OPP magazine.
Scheduled to be the largest ever single investment made on the island, creating around 3,000 jobs,the project is likely to be built on leased state land near the UN buffer zone between Turkish and Cypriot lines around the Larnaca – Famagusta boder. The investors were reportedly looking at Serbia to locate the project, but changed their mind after a Cypriot delegation highlighted Cyrpus’ political stability, EU membership and year round sunny weather.
Christodoulos Papadopoulos, director of Boema in Cyprus, believes that his company has struck a deal with Russian tour operators, which plan to deliver an extra 500,000 holidaymakers from Eastern Europe alone. Alongside this, analysts believe the government is likely to speed up the approval process to complete the ‘Disneyland of the Mediterranean’ project ahead of Cyprus’ six-month European presidency in 2012.
Good news for those who have bought or are about to buy in Larnaca!
2 Comments
1. Eris Green&hellip | January 12th, 2010 at 9:24 pm
This initiative must have been affected by the changing markets in 2009. Is it still advisable to buy in Cyprus?
2. Carl&hellip | January 15th, 2010 at 6:06 pm
Yes every market in the World has. However those projects Cyprus such as the port and the airport, that are backed by the government are still progressing well – indeed the new airport opened on time last November.
Property is never a quick earner. If one takes a 5 to 10 year view then Cyprus is my opinion still a very exciting proposition because of if geographic location – it’s the closest EU area to some very dynamic markets; it’s low tax regime (the lowest in the EU) to attract business; and it’s determination to attract the affluent tourist with things like marinas and golf courses.
Prices make it very good value at the moment
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