Individuals and investors, an increasing number of whom are citizens of AGCC countries, are turning to Cyprus for second homes and good property investment opportunities. The six member countries of the Arab Gulf Cooperation Council (AGCC) are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates (UAE). Luxury properties of all types are being sought, especially waterfront properties such as those to be found in the Limassol Marina, according to reports in the Trade Arabia News Service. There are 74 exclusive homes as well as over 150 luxury apartments located on the Limassol Marina, complemented by a full range of restaurants, shops, cafes, a ship’s chandler and other leisure facilities.
It is of interest that last year the European Union (EU) granted UAE citizens access to the Schengen Zone, allowing them to travel to Schengen Countries, and some non-Schengen countries such as Cyprus, without the red tape of having to obtain visas. This will smooth the way for incoming UAE investors in particular, and for any of those interested in obtaining Investment Citizenship via the government scheme to attract high end investors to Cyprus.
This all bodes well for the plans announced last week to commence negotiations to build another 1000 yacht luxury marina on the coast near Paphos, between Kissonerga and Peyia. According to Mr. Demetriades of the Paphos Chamber of Commerce and Industry, the marina site will cover some one hundred and fifty five thousand square meters of land, of which, 40 thousand square meters will be for property development. It is expected to help satisfy demand for yachting facilities, the increasing popularity of waterfront living, and have a positive effect on the local economy.
Sources: /www.tradearabia.com, www.goldnews.com.cy, www.dubaifaqs.com.
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