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Sat 21 May 2011 01:11 PM

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Cyprus approves Qatar JV for mixed-use project

Gov't announces completion of talks with Qatari Diar over plans for hotel, retail, offices and homes

Cyprus approves Qatar JV for mixed-use project
Qatari Diar

Cyprus's cabinet has approved a joint venture with Qatar's property investment arm to build a hotel, retail, office and residential project in Nicosia.

Government spokesman Stefanos Stefanou announced the government’s completion of negotiations with Qatari Diar, the Cyprus Mail reported on Saturday.

Cyprus and Qatar started negotiating after signing an initial agreement on April 21, 2010. The value of the complex, that will include a five-star hotel with about 200 rooms, was estimated at more than $150 million at the time of the deal.

“The investment includes construction of a luxury hotel, apartments, shops and offices which will be available to Cypriot and foreign investors. This form of mixed investment is based on successful international models that increase the value of the investment,” Stefanou said in comments published by the paper.

“The Qatari investment is a vote of confidence in the Cypriot economy which opens up great prospects,” he added.

Stefanou declined to be drawn into the details of the deal, saying only that Qatar will contribute directly by paying money for the land earmarked for development and through the sale of properties built on it.

The area allocated for the complex is close to the commercial hub of the capital and is expected to cover 50,000 square metres of construction.

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johnny smith 9 years ago

Fantastic opportunity for investors with Qatar investments going into Cyprus which is a beautiful place to invest. I believe it is going to be a world class development and will boost Cyprus Real Estate Market

Norman 9 years ago

There are incredible investment opportunities in Northern Cyprus. The link to the wealth of Turkey, and its unspoilt countryside make it a real winner.