Cypriot government signed MoU with Qatari Diar Real Estate Investment Company
The Cypriot government and Qatari Diar Real Estate Investment Company, a Doha based developer signed a Memorandum of Understanding to conduct feasibility studies and land evaluation for a new project in Nicosia, Cyprus.
The press release has indicated that the project is located on 25,000m2 of a prime site in Nicosia and will be a mixed use development and it is planned to have a 5-Star hotel, luxury residential villas and apartments, retail space and office buildings. The proposed resort in Nicosia is destined to become a major tourist destination, aimed at sophisticated investors and tourists from around the globe.
Ahmed Al-Mazrouei, DCEO of Qatari Diar has said that the organization is delighted to have signed this Memorandum of Agreement. He added that this project highlights the strong cooperation and means of enhancing them between Qatar and Cyprus.
Meanwhile, Steve Wright, managing director of Cherish Properties has said that the country was experiencing strong growth and the control of the supply and big tourism industry makes the difference. Cyprus has seen 20-30 per cent growth Over the last two to three years and it is now predicted to grow by around ten per cent a year.
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