Cyprus Property News magazine for overseas buyers & real estate investors

Tuesday, June 2, 2020
Home Investor Centre Disneyland-style theme park still a long way off

Disneyland-style theme park still a long way off

PLANS by Russian investors to build a theme park close to the Larnaca village of Oroklini are still a long way off, as efforts are still underway between government, investors and private land owners to see how the land can be taken over.

According to Cyprus Interior Minister Neoclis Sylikiotis on Friday, various meetings have taken place between the government, Russian investors and land owners in the area, to see how the land will be used.

“Various residents have properties in the area where the prospective investment would take place, so the Oroklini community council held a meeting to see how to proceed with the matter,” said Sylikiotis. “We said we would help with the procedures, in regards to exchanging the government-owned land.”

The investors are now in talks with the private land owners, he added, to see how the investment can go ahead. “The investor needs to secure the land, either with an exchange or by allowing the owners rights to the investment,” explained Sylikiotis. “I think the project will go ahead, but it needs a few months before everything is settled. The investor is very interested for the project to go ahead,” he added.

It was initially reported that the project would occupy an area of nearly 1,000 donums (approximately 135 hectares) at a cost of around €800 million and include a water park, a luxury hotel and many restaurants.

But Sylikiotis yesterday said it would be around 300 to 400 donums.

LOCAL WEATHER

Cyprus
few clouds
24.3 ° C
27 °
22.2 °
60 %
10.8kmh
20 %
Tue
23 °
Wed
23 °
Thu
21 °
Fri
24 °
Sat
29 °

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1240
RUB
0.0130
CNY
0.1260
CHF
0.9304

MOST POPULAR

property tax

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.