Cyprus to benefit from new luxury development

The Cypriot property market has received a much-needed boost after news emerged that a Middle Eastern organisation is going to start work on a multi-million-dollar luxury development.

It has been revealed that Qatar and Cyprus will begin construction on a USD150 million hotel, office and residential complex in the country's capital city, Nicosia, by the end of this year.

Real estate and property consultant Antonis Loizou told the Cyprus Mail that the development will bring with it a number of benefits for the country.

"The first and main one is that it is an expression of confidence to the Cypriot economy, which is good," Mr Loizou told the news provider.

"At this point interest from Arabic countries to buy properties in Cyprus is very limited. This will open doors in oil-rich countries."

New figures from the Cypriot Department of Lands and Surveys showed that property sales in the country were up 37 per cent year-on-year during March.

However, the statistics also demonstrate the hesitation in foreign buyers to invest, with many still staying away from the island.

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