Golf course licenses will boost Cyprus real estate sector
House prices and number of new builds in Cyprus are set to increase considerably over the next few years as Officials are set to consider licenses for 14 golf courses, experts have predicted.
According to Propertywire, the main issue for Developers is the scarcity of water in the area and they are hoping that a deal can be agreed over the cost of the licenses and that concerns about scarcity of water can be overcome. The licenses could be granted and are expected to be mostly in and around Limassol and Paphos. Licenses for Tersefanou in Larnaca and another for the Ayia Napa municipality have also been submitted. The Council of Ministers would scrutinize the applications in mid February.
The developers expect the water supply for the developments and irrigation for the golf courses from desalination plants that are run on electricity supplied by renewable energy. They also requested for the new desalination plants to gratify the extra need in the future.
According to the 7Days news website, plans for new golf resorts will encourage foreign property buyers and golfers to visit the island. The portal stated that Cyprus property values are much cheaper, despite offering facilities of the same high standard of more established golfing destinations such as Portugal.
The website commented: “Cypriot government and key developers in Cyprus have recognized that there is a big future for golf on the island,”.
This follows a report by the Times which said that Cyprus is considered as a perfect destination for golf fans as it has a year round good climate and Golf properties offer benefits such as a green space, capital growth and good rental potential and they have experienced “tremendous growth” in recent years.
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