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Cyprus Property - Huge Vote of Confidence from Qatar

Posted on April 21, 2010

Qatar and Cyprus governments are to build a multimillion dollar luxury hotel, residential and office complex in the commercial center of Nicosia, agreements signed today. Cyprus President Demetris Christofias and Qatar's Emir Sheik Hamad bin Khalifa Al-Thani signed the equal share joint venture agreement for the 55,000m2 complex. Construction will start by the end of this year on the 5-star hotel costing around Euro 111.7 million but the total cost of the whole project was not disclosed. Qatar officials believe that Cyprus has been largely unscathed by the world economic crisis and demonstrated its overall confidence in Cyprus and its real estate market.

Cyprus has long be an expatriate property haven with its beautiful climate, low property prices, stability and welcoming Cypriot nature. Nicosia is the business center and does enjoy the lions share, and some, of the overall Cyprus property market and an excellent location for your property investment or home.

Comments:

FourEd

This sounds like a venture that will certainly make Cyprus rank higher in the overseas property market.

The property market has certainly taken a hammering in many parts of the world in recent times and it is surprising that Cyprus is committing to such a large scale project, so soon after the end of the recession.

Admin - Andrew Sharpe

Hi Ed

The Cyprus government is trying to boost our GDP on new ventures such the Qatar complex in Nicosia and the new Limassol yachting marina has just been released. Additionally there are many golf courses due to go live in Cyprus. Yes we need these new projects but they are only viable in a healthy economic climate which we feel Cyprus is entering in to having passed through the well documented world recession relatively unscathed.

We are expecting our tourist arrival figures to increase this year, so let us hope Cyprus is well on the way to a full recovery as confidence is always the flux for any investment, especially property and real estate.

Many thanks for your comments.

Andrew Sharpe

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