Propose Disney Resort in Larnaca, Cyprus

FEOD Group was delighted to announce in 2008 of the regeneration of Larnaca, to include a new international airport, a luxury marina, the expansion of the port and a 5 star Golf and Country Club which will comprise an 18 hole championship golf course.

The Cypriot government has confirmed that a Russian investor partnership is planning to build a €800 million Disneyland holiday resort near the town of Larnaca, Cyprus – a big boost to property buyers in the area.

The 1,000 room

Greek-themed holida

y resort is in the final stages of planning approval, with permission expected to be granted soon. Over 1 million extra European tourists are predicted to arrive in Larnaca to visit the new attraction every year – along with the hundreds of thousands of other worldwide visitors that will make their way to the Mediterranean island to enjoy the resort.

If the project is realized it is estimated that 3 thousand jobs will be created and half a million tourists will visit the island.

The Cypriot government has confirmed that the

800 million euro (£723 million) Disney resort is in the final stages of planning approval, with permission expected

to be granted soon.

It has been predicted that the 1,000-room development will attract over a million extra European tourists to the island every year.

It goes without saying that the new Disneyland resort will be a massive boost to Cyprus' economy, which is already one of the strongest in today's Europe. The new resort will also massively boost the Cyprus property and holiday rentals markets. In fact even the proposal will add thousands onto the value of properties in and around Pyla as investors and holiday home buyers attempt to get in early.

Some facts…

Cyprus Only European Market to Resist International Downswing of Commercial Real Estate.

Nicosia, Mar 19 - Cyprus is the only European market to resist the international downswing of the commercial real estate market, according to the latest survey from RICS (Royal Institution of Chartered Surveyors), Global Commercial Property Survey Q4 2008, released in Nicosia on Thursday.

As European commercial real estate market plunged into recession with the sharpest falls registered in Ireland, Slovakia and Scandinavian countries, Cyprus real estate commercial market was able to escape the worsening economic climate, during the fourth quarter of 2008.

It is the first time in the survey’s history that capital values plummeted across so many markets.

The RICS survey shows that all European countries have shown substantial changes in rents with dramatic reductions across Europe, and Cyprus being the only country that shows an increase, with 30% of those asked indicating a positive change in rental prices. The survey indicates that although all of those asked marked a decrease in tenant demand in the last quarter of 2008, Cyprus only showed a 20% decrease in relation to the 60% decrease indicated by those asked in Germany, Switzerland and Luxembourg.

The RICS marks as the most significant fact derived from the survey, the fact that Cyprus comes second in the commercial property rents ranking worldwide; with 30% of those asked indicate a positive trend. The only other countries worldwide with a marked positive change in rent ranking worldwide are Africa (excluding South Africa) with 45%, Brazil with 30%, Africa (with South Africa) with 15% and Columbia with 5%.

However, RICS sees the reduction in investment bidders, as the only fact that may disrupt the relatively positive or stable position of the Cyprus commercial property market. As far as the Cyprus market is concerned, a 100% of those asked indicated a reduction, as in Belgium, Denmark and France. This is considered as a distinct negative trend, especially in comparison to Italy, Germany and Greece that showed a decrease of 90%, 65% and 60% respectively, and Luxembourg, which indicated the lowest reduction at 40%.

RICS’ Global Commercial Property Survey was based on information collected from leading international real estate organizations and local firms. Survey questionnaires were sent to real estate organizations in December 2008, with responses received up until the 14th of February 2009. Respondents were asked to compare conditions over the latest three months with the previous three months. A total of 427 responses were received.