Nicholas Wallwork
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Property developments boost tourism in Cyprus
The announcement that Larnaca is set to embark on new multi million pound development plans spells good news for the future of Cyprus’s tourism industry, it is claimed.
Some 15 projects are planned to take place over the next five years including a 900 berth marina, renovation of the Piale Pashia coastal road, a pedestrian walkway between the popular tourist areas of Pyla and Voroklini, international standard 18 hole golf course, sports complex, open air amphitheatre and an environmental centre at the Salt Lake.
The Cypriot Tourism Board, comprising various interested organisations including the Chamber of Commerce and Cyprus Hotels Association, believes that it will also boost the property market and encourage buy to let property investors.
‘Although Larnaca has always offered plenty to both its residents and visitors, this is being further enhanced with a host of changes the town has recently undergone and will undergo. Big investments such as the new international airport and the creation of three town squares, amongst others, have been a welcome addition, but Larnaca has even bigger plans. Thanks to these changes, Larnaca’s future has never looked brighter,’ a spokesman said.
These new plans combined with rising tourist numbers, Cyprus saw a 43% increase in arrivals in April 2011 compared to the previous year according to the government statistical service, further support the forecast that Aphrodite’s island paradise may well be on the road to recovery.
‘We are delighted to see that tourism levels are on the rise in Cyprus as more people flock to explore the kaleidoscopic blends of Western European and Middle Eastern cultures and to, of course, soak up some of the 340 days of sunshine,’ said Alexander Tomlinson, director of Cyprus property experts, Gem Invest.
‘Undeniably Cyprus has been affected by the global economic downturn. However, things are turning around with increasing tourism sparking the property market back into life, especially in an around the popular town of Larnaca,’ he added.
Located on the southern coast of Cyprus, Larnaca is the third largest city and home to the island’s largest airport with direct flights to the UK. Already an established tourist destination, Larnaca has an established second home market with residents from all over Europe and indeed the world. Nearby Pyla, a quaint and historical village inhabited by both its original Greek and Turkish Cypriots, in particular is receiving interest from property buyers.
Offering a host of beaches, hotels, bars and restaurants and being only 10 minutes from the airport, new golf course at Terssefanou and Larnaca town centre, Pyla is regarded as a popular second home location. Developments such as the luxurious Aqua Residence are extremely popular with one bedroom apartments starting from €172,941 and a rental guarantee of 5.05% for two years.
‘Aqua Residence will certainly set new standards in property development and combined with the many appeals of Cyprus itself such as its British based legal, accountancy and banking system, low 5% tax regime for foreign residents, 10% Corporation Tax and promises of increased visitor numbers, potential investors will be wanting to claim a piece of the pie and reap the rewards,’ said Tomlinson.
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