Disney holiday resort to be built in Cyprus - 19th January 2009

The Cypriot government has confirmed that a Russian investor partnership is planning to build a €800 million Disneyland holiday resort near the town of Larnaca, Cyprus. 

The project will be the largest foreign capital investment ever made in Cyprus, according to Charilaos Stavrakis, the Minister of Finance. 

The holiday resort is in the final stages of planning approval, with permission expected to be granted shortly. More than 1 million extra European tourists are predicted to arrive in Larnaca to visit the new attraction every year, along with the hundreds of thousands of other worldwide visitors that will make their way to the Mediterranean island to enjoy the resort.

The consultants working on behalf of the investors believe that the theme park will bring many benefits to Cyprus; it will create 3,000 new jobs and, more importantly for the economy, attract half a million high purchasing power tourists annually from the former Eastern bloc countries.

The proposed theme park will cover an area of some 600 donums (around 80 hectares) and could be situated in the UN buffer zone that currently separates the Greek & Turkish Cypriot communities. If given the go ahead, the theme park will have two main entrances - one on the southern side and one on the northern and will have Turkish-themed attractions. It will seek to gain the reputation of being the ‘Euro Disney of the Mediterranean’. 

Simon Conn, Conti's Sales & Marketing Director, says:
"This is very exciting news and should provide a boost to property owners and prospective buyers in the Larnaca area, in terms of property values and resale prospects. The new resort, together with the forthcoming completion of the district’s new marina and airport, will attract even more tourists and provide great rental opportunities for property investors."