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The Good Fortune for active people in Cyprus in the future?

By Antonis Loizou, FRICS
Antonis Loizou & Associates Ltd
Chartered Surveyors
Property Valuers - Project Managers

22 January 2012

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The Good Fortune for active people in Cyprus in the future?We wish to express our envy for the active locals (including of course foreign residents) that they will be around in Cyprus after 2-4 years. There are so many developments going on, that in a 2-4 years time there will be numerous options to keep one busy and happy living in the island.

  • We have already 4 golf courses operating (all in Pafos regrettably), but out of the remaining 7 serious applicants, even if we are to adopt that 4 will be constructed within the next few years, the total of 8 is quite satisfactory, bearing in mind the small distances. We expect that the Shacolas Group (the Doer) will carry out its project of 2 golf courses at Limni (Polis area), as well as (say) one of Aristo and another one of the Lanitis Group (in Limassol). The Ayia Napa golf course is not progressing and no one knows where it stands, whereas the other golf courses are still in search for finance.

  • The marinas are under way, but with only the Limassol one being built. It is quite impressing its success of 40% sales of the apartments and 5% of the beach villas (launched a month ago) and this at the initial stage. We await the Larnaca marina (under negotiation), whereas the Ayia Napa one is debatable (notwithstanding its progressive management) as to the timing of its execution.

  • The various fishing harbors/marinas are also under way. The Zygi one, just completed, is an attraction, as is the Four Seasons one at Ayios Theodoros. We are awaiting for the Pissouri marina (say in 3-4 years) and the Latchi one is just completed – the Pafos marina is still nowhere!!

  • Many U.K. universities are interested in setting up own branches (not corresponding) here. Two very large U.K. universities are under negotiations in search of suitable properties and this will give a boost to the economy providing alternatives to all sorts of people including foreign students to attend.

  • Casinos are coming sooner or later. Let’s estimate a period of 3-4 years (one of the “good things” of the recession causing the Government to give in, considering 4-5 casinos all over the island).

  • The water dams (at long last) are considered to be used for entertainment/ sports. The objections of the W.D.D. seem now that we are in trouble are being reconsidered, allowing sailing, rowing and other sports to take place.

  • The mountain snow is far from satisfactory (from its 10 years ago level when international ski games took place), but is coming (!!) at least this year. Let’s hope that this will continue (it is beyond us why we do not have dry ski slopes see S.B.A.).

  • By sheer politics and gas, Israel is coming closer to Cyprus. Let’s hope that we will have Israeli hospitals set up here to serve locals as well as Arabs (who will not visit Israel) as well as others. Bearing in mind the lower costs in Cyprus this could be a bonanza.

  • Our natural trails as well as cycling routes are improving considerably. Have you visited the Trooditissa-Phini route? Don’t miss it and its waterfall 1 hour walk down hill.

  • We await the car racing track at the Larnaca airport, the Qatar deal, the Russian Moni investor (turned down??) for a conference hall and others.

What is more important for us, however, is that we have came back to earth (as Cyprus). For the first time we have unfortunately 8% unemployment and a disaster in the real estate and businesses, whereas interest rates are “killing” just about everybody. This is a lesson for all of us to remember, but then this situation has caused business ventures of some size to turn towards foreign investors, which appear now to be one of the few sources of finance.

The politicians, at long last, have realized that what sounds good to the people’s ears is not necessarily correct. The last elections have given them a lesson and have awaken them on the importance of development, whereas the spoilt from 40 years ago civil servants, with the new approaches that we have noted, one hopes that we will have better management.

So, far those of us who will be around after 2-4 years and still be active, the quality of life in Cyprus is expected to change for the better. Keep your fingers crossed!!

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