Cyprus welcomes $150m Qatari Diar deal

Developers have welcomed Qatari Diar’s decision to invest millions of dollars in a mixed-use project in Cyprus.

The $150 million government joint venture with Qatar’s property investment fund is the latest scheme to cash in on the growing Middle East tourism market – following moves by several Cypriot developers targeting buyers from the region.

“This investment is obviously good news,” said Simos Similides, sales director of Pafilia. “Cyprus is becoming a hub for financial, services and property investment, providing a bridge between Europe and the Middle East.”

“A large number of investment and pension funds are showing interest in investing in Cyprus and direct flights from the Middle East to Cyprus are increasing, with new agreements being signed and existing services being expanded.”

Qatari Diar’s CEO, Mohmmed bin Ali Hedfa, said Cyprus had not been as hard-hit by the recession as other countries. "We believe in the economy of Cyprus," he said.

The project in Nicosia will include apartments, offices, a shopping mall and five-star hotel and the first phase will take 30 months to complete.

Source: OPP

Monthly Progress Meeting 6th October 2009

The Grove Spa Resort

Blocks B, C, E, F and G are all ahead of schedule with the screed laid ready to start tiling.

View from F001

Blocks A and H are springing up quickly, catching up on the initial delay.

Front of Block A

The reception building is now at first floor level and the skylights from the ground floor level into the hydrotherapy area of the basement have been punched through.

Skylights into Hydrotherapy Pool

Work continues on the basement and machine room areas of the outdoor pools and the Jacuzzis.

Jacuzzi

We have now received all client choices for ceramic tiles and granite as well as the kitchens, wardrobes and internal doors and the 4 sample apartments are being prepared. Thanks to everyone for returning your choices on time.

3 Floors of D Block

We are spending a lot of time with the interior designer Claire Chrysostomou on the interiors of the Spa building, particularly in the hydrotherapy area with the sauna, steam room and multiple wet areas. New 3D images of these areas will be ready shortly.

Hydrotherapy Pool Structure

B Block Roof Gardens

Regards

Stephanie

Cyprus Property - Comments By Paul Collins

This is an interesting article by Paul Collins, who is a respected commentator in the overseas property industry, which you may find of interest.

Dominic Farrell

Cyprus has long been an island that has offered Britons everything they like to get from a holiday destination - sandy beaches, blue seas, a long and hot summertime, friendly locals who can speak English and of course, plentiful golf courses.

And it seems that the former British colony may soon have more of the latter to offer, with the news that plans to build 14 new golf courses have been proposed.

The effect such development will have on tourists is clear as it is unlikely that any keen golfer will not enjoy being tested by a fresh set of holes, but how could such a move impact upon the decisions of property developers?

According to Paul Collins, the property editor at BuyAssociation, an increase in golfing opportunities should provide a boost to the property market in the area.

"Whenever leisure facilities like golf courses go in, it does tend to give a bit of fresh impetus to the property market. There have always been golf courses in Cyprus and it has always been a popular reason for people going over there," he said.

Mr Collins added that some of the courses on offer are "of a very high standard".

Furthermore, it is not just property developments in the locality of the proposed golf courses that will see the positive effect of their arrival, Mr Collins noted.

He stated that due to the size of the island, it is probable that the new leisure facilities will profit the entire community.

"The whole island will probably benefit from this. It's not a massive island and it is quite easy to get around, so there are plenty of places that can benefit from this. People don't necessarily want to live right next door to the attractions," he commented.

And if this news is not enough to tempt overseas property buyers to investigate the options in Cyprus, hard data from Statistical Office of the European Communities might do the trick.

It released figures last year that suggest population growth in Cyprus will be the strongest over the next half a century, compared to the other 25 countries in the European Union. It said that the number of people living on the island will swell by 66 per cent, growing to 1.12 million by 2035 and to 1.32 million in 2060.

This is despite the fact that the overall population of the EU will gradually decline over the same period by 2.1 per cent.

Overseas property investors who 'putt' their trust in Cyprus now, may well find they land on a small patch of green surrounded by the rough.

Source: Assetz News