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arA Bright Future
Beyond the booming real estate market and the robust, year-round tourist industry, there are plenty more large-scale projects in the pipeline for Cyprus that aim to stimulate and diversify its promising economy even further.
Tourism
For an island as small in size as Cyprus, its tourist numbers really are quite staggering. In 2017 alone, there were a record 3.5 million tourist arrivals; an impressive number for an island with a population of just one million. Cyprus has always been a major tourism destination, and in an effort to keep up with increasing demands, the Cyprus government has made concessions including allowing hotels to increase their floors to allow for greater capacity, and has granted licenses for the operation of new four and five star hotels within the next year.
For an island as small in size as Cyprus, its tourist numbers really are quite staggering. In 2017 alone, there were a record 3.5 million tourist arrivals; an impressive number for an island with a population of just one million. Cyprus has always been a major tourism destination, and in an effort to keep up with increasing demands, the Cyprus government has made concessions including allowing hotels to increase their floors to allow for greater capacity, and has granted licenses for the operation of new four and five star hotels within the next year.
Oil and Gas Developments
Cyprus continues to further develop its burgeoning oil and gas sector. The significant discovery of natural gas reserves in Cyprus’ Exclusive Economic Zone (EEZ), along with the close proximity of the Zohr gas field in Egyptian waters, has attracted international attention. The potential impact of these hydrocarbon discoveries are set to have significant socio-economic and geopolitical impact on the island’s future.
Cyprus continues to further develop its burgeoning oil and gas sector. The significant discovery of natural gas reserves in Cyprus’ Exclusive Economic Zone (EEZ), along with the close proximity of the Zohr gas field in Egyptian waters, has attracted international attention. The potential impact of these hydrocarbon discoveries are set to have significant socio-economic and geopolitical impact on the island’s future.
Casino
Europe’s largest casino is opening its doors in Limassol in 2021, a move which further generated demand for lucrative Limassol real estate. The casino will encompass a fully integrated resort, featuring a five star hotel, luxury villas, 11 restaurants and cafés, a retail area, wellness center and sports center.
Independent studies on the economic impact of the casino have indicated that its operation will reach approximately 700m EUR per year in its second year of operation, accounting for four per cent of the island’s annual GDP.
Europe’s largest casino is opening its doors in Limassol in 2021, a move which further generated demand for lucrative Limassol real estate. The casino will encompass a fully integrated resort, featuring a five star hotel, luxury villas, 11 restaurants and cafés, a retail area, wellness center and sports center.
Independent studies on the economic impact of the casino have indicated that its operation will reach approximately 700m EUR per year in its second year of operation, accounting for four per cent of the island’s annual GDP.