Disneyland of the Mediterranean (in Larnaca)
Last week, it was announced that Russian investors have applied for planning permission to build a brand new Disney resort in Cyprus, which would be the largest ever single investment made on the island -
TheMoveChannel investigates what this would mean for the tourism and property markets in the country...
Who would have thought that Mickey and Minnie would ever make an appearance in Cyprus?
Following the Russian based Boema Group's announcement that it wishes to develop the leased state land near the UN buffer zone around the Larnaca - Famagusta border, this could become a reality.
The conglomerate had originally chosen Serbia as the ideal location for some Disney magic but Cyprus was eventually decided upon after its political stability, EU membership and year round sunshine were highlighted.
The state owned land lies between Turkish and Cypriot lines and the Russian Government are hoping that building the resort there will help to merge the Turkish and Cypriot communities.
"This £754 million project will be the largest investment in our country to be made with foreign investment capital," said Cypriot Minister of Finance, Mr. Charilaos Stavrakis.
The park is seeking to gain the reputation of being the ‘EuroDisney of the Mediterranean' and the rides in the theme park will be inspired by Greek mythology and Cypriot history, such as a daily performance of the naval Battle of Salamis.
A reconstruction of the ancient Kourion Amphitheatre, the Penatadaktylos mountain range and the Baths of Aphrodite will also be wowing visitors. If the park does go ahead, its gates are due to open in 2012, when Cyprus will receive the six-month presidency of the European Union.
What does it mean for tourism and investors?
Anything Disney related is bound to create a lot of hype and a project of this scale on an island like Cyprus cannot fail to have a large impact on both the tourism and investment sectors.
The island's economy relies heavily on tourism and the Cypriot Government thus takes the job of boosting visitor numbers very seriously. Millions of pounds have already been ploughed into improving infrastructure and transport to make access easier and make the island more appealing to overseas visitors.
Larnaca International Airport has been upgraded and future developments of the marina and port are also in the pipeline.
The Government has also recently announced plans to increase the number of golf courses on the island from three to fourteen in an effort to boost numbers.
It is estimated that the new Disney resort will create 3,000 new jobs and become an extremely valuable tourist attraction, drawing attention from holidaymakers and investors who had not previously considered Cyprus.
The resort also aims to attract more than half million tourists per year with high buying power from Russia and other countries of the former Eastern block.
If you own a property in the area or are considering investing in one, the capital growth for the future looks strong and the massively increased tourist numbers should have a positive effect on rental income.
Source: TheMoveChannel
Dominic Farrell
