A new Disneyland could be built in Cyprus. A Russian conglomerate is applying for planning permission to build the resort in the town of Pyla.
If the plans for the Disneyland in Cyprus are approved, it will be the largest ever single investment made on the island, reports Overseas Property Professional (OPP). It is hoped that the project would boost the tourism market for those considering buying holiday homes in Pyla and its surrounding area.
The new Disneyland resort would be built near the UN buffer zone between Turkish and Cypriot lines around the Larnaca - Famagusta border. The Russian investors had originally thought of locating the new Disneyland in Serbia, but decided upon Cyprus after a delegation from the island highlighted its political stability, EU membership and year round sunshine.
Property professionals have spoken in favour of the project. Derek Hatton, director of local agency Morpheus Investments, told OPP: "A great number of buyers are rightly being cautious at present and are making sure that before buying a property, for whatever reason, that the area is sustainable and has plenty going on to ensure its resale potential and capital growth in the future."
Hatton added that the planned Disneyland wasn't the only development to attract potential investors: "Fortunately for us who are marketing the Larnaca Golf and Country Club, which is currently under construction, there is the new marina being built here...and the airport is also upgrading its capacity. If this receives the final stamp of approval, I expect sales to rocket here."