IMPROVEMENTS in the macroeconomic and financial environments are reviving the hopes for the sale of 28 major development projects in Cyprus.
Interest for these projects seems to be increased compared to 2013, when many of them where in desperate need of foreign capital in order to proceed.
Besides, some big companies have already made steps to deleverage by disposing part of their assets.
Since 2013 the Shacolas Group has sold its participation in MTN (€ 58 million), its participation in the two airports (€ 57.8 million) and more recently the two malls in Nicosia (€ 77.4 million).
According to KPMG partner Costas Markides, who is responsible for international tax services, there are investments particularly in the tourist infrastructure and more specifically in the hotel sector.
The sale of Amathus and Le Meridien hotels to Russian investors are typical examples of the increased interest for investments in this sector.
The Cyprus Investment Promotion Agency which has increased efforts to promote Cyprus as an investment destination over the past months has identified serious interest on behalf of investors.
The Agency is presenting projects to prospective investors from around the world.
A list of investment opportunities available on the website of the agency presents 28 large scale development projects available to interested investors which include housing and tourist developments projects with a special focus on previous planning for golf courses and marinas. There are also projects in the areas of health, education and energy.
|Aristo Eagle Pine Golf Resort||Ayios Amvrosios, Paramali and|
Sotira villages, Limassol
|Aristo Venus Rock Golf Resort||Ha Potami, Kouklia Village (Paphos)|
|Athena Medical Center||Nicosia|
|Berengaria Hotel Spa||Prodromos village (Troodos Mountains)|
|Del Mar||Limassol sea front|
|EDUC.POLE||Palodia area Limassol|
|First Electric Ltd||Larnaca District|
|Gardea Private Medical Resort||Limassol|
|Leptos Coral Bay Integrated Resort||Coral Bay (Paphos)|
|Leptos Marina Residences||Limassol|
|Leptos Group Project Neapolis||Paphos|
|Limassol Greens Golf Resort||Fasouri (Limassol)|
|Limni Bay||Limni area, Chrysochou Bay, Paphos|
|Lord Byron Towers||Nicosia|
|MedLife Village||Droushia Village (Paphos)|
|Minthis Hills Resort||Paphos|
|Nicosia City Mall||Nicosia|
|Santa Barbara Hills Park||Agia Varvara (Paphos)|
|Santa Roza Tower||Nicosia|
|St. Elisabeth Golf Resort||Ayios Amvrosios (Limassol)|
|The Continent Resort||Paphos|
|Vasa Golf Resort||Vasa Kellakiou (Limassol)|
|Waterfront – Marina and Port Larnaca||Larnaca|
Asia, Middle East, Russia, USA
Mr. Markides, explaining that foreign investors see Cyprus with a more positive eye now, referred to the county’s geographical position, since Cyprus is a factor of stability in the unstable region of the Eastern Mediterranean, as he said, and to the political developments taking place in this region.
As he noted there is huge interest even for the acquisition of entire complexes and for projects that are still on paper or under construction.
“Investor interest not only has reached a higher level since before the haircut, but now it concerns larger scale investments than before” he said, stressing the significance of interest coming from markets such as the USA, the Middle East, Russia and China.
A new market for attracting possible investments is India.
President of the Association of Large Developments Andreas Demetriades also said today, following a presentation of the association’s projects in India, that Cyprus’ geographical position, coupled with the attractive legal and taxation system alongside other parameters such as quality of life and modern infrastructure, make it one of the most attractive investment destination in the world.
Large development projects, privatizations and research for oil and gas in the region, he added, have placed Cyprus in the centre of investor interest from the USA, Asia, Russia and the Middle East.
Mr. Markides noted that the need for Cypriot enterprises to deleverage, that is to repay loans to the banks, coupled with the unprecedented lack of liquidity observed after the events of 2013, is a key reason for making such investments now.
The haircut has left many people without available liquidity however, as Mr. Markides said, investors see it as a one off event and think that Cyprus has escaped once and for all from the dangerous situation it went through.
“They perceive Cyprus as a destination for investment opportunities” he added.