Cyprus Property News logo
HomeProperty NewsQatar and Cyprus sign real estate deal

Qatar and Cyprus sign real estate deal

Meeting between the official delegation of the emirate of Qatar and representatives of the Republic of Cyprus
Meeting between the official delegation of the emirate of Qatar and representatives of the Republic of CyprusSource: Cyprus Press & Information Office – Photograph by: George Hadjipavlou

QATAR has signed a deal with Cyprus to develop a hotel, office and residential complex in the capital Nicosia, targeting rising numbers of visitors to the east Mediterranean island.

According to reports, Qatari Diar Real Estate Investment Company and the Cypriot government agreed to set up a joint venture for the development of a leisure complex, with the initial investment exceeding 150 million dollars.

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 comprise apartments and offices. The capital contribution from each side in the venture was still under negotiation. Each side will hold 50 percent.

The area allocated for the complex is close to the commercial hub of the capital and is expected to cover 50,000 square metres of construction.

The joint venture agreement was one of several signed on Wednesday between the Cypriot government and Qatar, whose ruler Emir Sheikh Hamad bin Khalifa al-Thani headed a large delegation on a visit to the island.

Sign up to receive our free Cyprus property newsletter

We guarantee that we do not spam and will not divulge your email address to any third party.

Read our privacy policy for more information.

Cyprus property transfer fees

Property capital gains tax (CGT) calculator

EUR - Euro Member Countries

Top Stories

EC confirms response on golden passports

The European Commission has received a response from Cypriot authorities regarding the island's now- defunct 'golden passports' scheme, and will continue dialoguing with Nicosia,...

Inspecting resale properties – part 1

Given the long-standing issues with Title Deeds, more home buyers are restricting their search to resale properties that have been issued with their all-important...

Property values continuing to ebb and flow

WiRE FS has published its Q3 2021 edition of the WiRE Index for property and rental values. The WiRE Index covers all districts and...