The Government of Cyprus and Qatar signed Real Estate deal
The Cypriot property market has received a much-needed boost after news emerged that the Government of Cyprus and Qatar signed a number of agreements including a construction project opposite the Hilton Hotel in Nicosia that will include a five-star hotel, a shopping mall, offices and a residential complex.
According to reports, the Cypriot government and Qatari Diar Real Estate Investment Company agreed to set up a joint venture for the development of a leisure complex, with the initial investment exceeding 150 million dollars targeting rising numbers of visitors to the east Mediterranean island. The agreements and memoranda were signed at the Presidential Palace in Nicosia during official talks between delegations of Cyprus and Qatar, headed by President Demetris Christofias and the Emir of Qatar Sheikh Hamad Bin Khalifa Al Thani.
Officials said that the first phase will include a five star hotel, while the second phase will encompass apartments and offices. The area allocated for the complex is close to the commercial hub of the capital and is expected to cover 50,000 square meters.
Finance Minister Charilaos Stavrakis said that they aim to finish the hotel construction in 30 months and added that the Cypriot government would make sure that the project is completed within the set timeframe.
Replying to questions as to Cyprus’ fiscal deficit and public debt, he said that Cyprus is in a better state as the average numbers in the Eurozone. The Minister said that the project would create jobs and bring state income through VAT.
According to the Cyprus Mail, Real estate and property consultant Antonis Loizou said that the development will bring with it a number of benefits for the country.
“The first and main one is that it is an expression of confidence to the Cypriot economy, which is good. At this point interest from Arabic countries to buy properties in Cyprus is very limited. This will open doors in oil-rich countries,” Mr. Loizou told the news provider.
Popularity: 14% [?]
