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Thursday 6th August 2020
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New expectations for major projects

cyprus major projects investmentIMPROVEMENTS 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.

Project NameLocation
Aristo Eagle Pine Golf ResortAyios Amvrosios, Paramali and
Sotira villages, Limassol
Aristo Venus Rock Golf ResortHa Potami, Kouklia Village (Paphos)
Athena Medical CenterNicosia
Berengaria Hotel SpaProdromos village (Troodos Mountains)
Del MarLimassol sea front
EDUC.POLEPalodia area Limassol
Elea EstatePaphos
First Electric LtdLarnaca District
Gardea Private Medical ResortLimassol
Helios CyprusCyprus
Leptos Coral Bay Integrated ResortCoral Bay (Paphos)
Leptos Marina ResidencesLimassol
Leptos Group Project NeapolisPaphos
Limassol Greens Golf ResortFasouri (Limassol)
Limassol MarinaLimassol
Limassol LandmarkLimassol
Limni BayLimni area, Chrysochou Bay, Paphos
Lord Byron TowersNicosia
MedLife VillageDroushia Village (Paphos)
Minthis Hills ResortPaphos
Nicosia City MallNicosia
Pafilia TowerLimassol
Santa Barbara Hills ParkAgia Varvara (Paphos)
Santa Roza TowerNicosia
St. Elisabeth Golf ResortAyios Amvrosios (Limassol)
The Continent ResortPaphos
Vasa Golf ResortVasa Kellakiou (Limassol)
Waterfront – Marina and Port LarnacaLarnaca

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.


  1. I see there is no mention of the golf complex in Tersefanou near Larnaca which Hasappis the developer had promised over 10 years ago. Is this no longer an option.

    (Editor’s comment: I believe that people now understand that if you can’t see and/or touch it and/or play a round on it and/or moor you boat it in, you don’t buy it.)

  2. I totally agree with you Steve R. I have lived in the Gulf Area for over 20 years. Every year, in one Gulf Country or another, the Cypriot Developers tour looking for investors. It has become a huge joke amongst the expats.

    The Cypriot Government and propaganda machine are oblivious to the fact that those that have been cheated and misled by the Cypriot Developers and lawyers are not going to endorse living in Cyprus.

    It Is indeed a beautiful country, but the property market is utterly corrupt and until the Developer’s loans and NPLs are sorted out there will be no improvement. Why would any investor trust a Developer who has not paid his legal dues or given Title to those of his customers who purchased property years ago, in fact, many people do not have CFAs which are a legal requirement to live legitimately in a house that has been paid for in full? Why would they engage lawyers who act solely in the Developer’s interest and have led their clients into this heartbreaking quagmire.

    Dream on Cyprus, no one will invest in you other than the usual suspects.

  3. Bla Bla Bla.I have been reading about this golden goose coming to land in Cyprus in one form or another since 2008. Which right minded investor would put his money into such a lawless country as this. Cyprus needs to get its own house in order and build some confidence back into the investment market first.

    Over the last six years nothing has changed and the housing market is on its knees. The only people buying in Cyprus are the wolfs that are taking advantage of desperate sellers that are willing to take a 50% loss just to get out of the place.

    To make things worse the EU keep giving Cyprus millions of euros in loans.

    I just wish it could be sorted out sooner than later because Cyprus is the jewel in the Med.

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