Welcome to the Third Edition of the Buy Home Magazine. It has been mostly good news for Cyprus’ economy this year, with growth returning across all sectors of the economy. Construction and Real Estate market delivers record levels of performance. The island nation’s economy is on track to grow by 3.5 percent in 2019, double the European Union average.
The good news is that Cyprus government has signed $9.4 billion agreement with US-based Noble Energy, Royal Dutch Shell and Israel’s Delek for the development of the Aphrodite gas-field. It is expected to bring $520 million per year as state revenue for the agreed 18-year contract duration. The latest discoveries of hydrocarbons in the Eastern Mediterranean, will play a significant role to the geopolitical structure of the region’s shipping routes and investments. Strong efforts have been made to develop Cyprus as a regional fuel hub.
Cyprus continues to push forward with several major projects to upgrade and expand its tourism offer. One of the most exciting developments is Cyprus’ first-ever integrated €550-million luxury casino resort – branded ‘City of Dreams’ – started temporary operations in Limassol and other towns in 2018, with a fully operational Limassol resort expected in 2021. The project could increase tourist numbers by up to 500,000 and create thousands of job opportunities. Several new marinas are also planned in key coastal towns of Cyprus, with luxury marina complex Limassol Marina attracting record sales and the Ayia Napa Marina already under construction with significant Egyptian investment. The expansion of the tourism sector, the rapidly developing investment fund sector and favorable tax regime remain the keystones for investors looking to take advantage of the growing number of investment opportunities emerging in Cyprus.
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