2020 Cyprus Country Report
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.
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Foriegn Direct Investment<br />
Limassol. Owned and operated by Parklane<br />
Hotels Limited, the property marks Marriott<br />
International’s entry into <strong>Cyprus</strong>. Another major<br />
international deal in recent years was South<br />
African Atterbury acquiring two of the country’s<br />
flagship Nicosia retail outlets, the Mall of <strong>Cyprus</strong><br />
and the Mall of Engomi, for €200 million.<br />
In July <strong>2020</strong>, Hyatt Hotels Corporation announced<br />
a management agreement with Anolia<br />
Holdings Limited for the launch of the first Hyatt<br />
hotel in <strong>Cyprus</strong>. The 300-room luxury resort<br />
Grand Hyatt Limassol is expected to open in<br />
2025. The new beachfront resort will also be a<br />
key element of Zaria Resort, a mixed-use luxury<br />
development, comprised of residential apartments<br />
and private villas totaling more than 80,000<br />
square meters. The announcement of Grand Hyatt<br />
Limassol follows a significant expansion in Hyatt’s<br />
brand footprint in Europe over the last year, and<br />
<strong>Cyprus</strong> has proven to attract travellers from Hyatt’s<br />
key strategic markets including the UK, Russia,<br />
Greece, Germany and the Middle East.<br />
EXPANDING PROPERTY MARKET<br />
<strong>Cyprus</strong> continues to be on the top of the list for<br />
investors, holiday-home seekers, expats and retirees,<br />
with the traditionally popular areas of<br />
Paphos and Limassol leading the way. One of<br />
the latest projects is the Sofitel Resort & Spa, a<br />
joint venture between Singapore-headquartered<br />
Oxley Holdings and Planetvision on the Limassol<br />
beachfront. The project will be the first Sofitel<br />
Resort with branded residences in Europe and is<br />
expected to be completed by 2022.<br />
Health and wellness developments are increasingly<br />
popular, and a prime example of<br />
this is the Eden Seniors Resort in Larnaca<br />
which opened its doors in 2018. The project,<br />
developed by the Cypriot-Lebanese joint<br />
venture Eveningfall Investments Ltd, is a wellness<br />
and rehabilitation centre, with spa and<br />
relaxation facilities for the elderly. In 2021,<br />
Paphos is due to see the first dedicated retirement<br />
village in <strong>Cyprus</strong> – a segment that has<br />
much potential in <strong>Cyprus</strong> along with rehabilitation<br />
related projects. The €16 million retirement<br />
village, branded Lazaris Mill, will consist of 82<br />
individual apartments, ranging from studios<br />
to larger flats and a small 24-room hotel, and<br />
provide both necessary and bespoke facilities.<br />
Until now, no retirement villages were available<br />
on the island and whilst common in many other<br />
countries, this project is a first for <strong>Cyprus</strong>.<br />
The high-end residential property segment<br />
accounted for 20% of the total transaction value<br />
of real estate in <strong>Cyprus</strong> during the first half of<br />
2019, with a keen interest from foreigners. For<br />
the whole of 2019, 66% of properties were acquired<br />
by non-EU buyers.<br />
NEO, Pafilia<br />
FDI LIABILITIES (INVESTMENTS IN CYPRUS) Source: Central Bank of <strong>Cyprus</strong><br />
8,511<br />
47,099<br />
23,419<br />
28,909<br />
53,807<br />
19,586<br />
38,828<br />
26,118<br />
7,722<br />
16,216<br />
4,684<br />
21,174<br />
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019<br />
28 <strong>Country</strong> <strong>Report</strong> CYPRUS <strong>2020</strong>