25.05.2022
The property sector in Cyprus is poised to receive a huge boost thanks to the development created by the investment of Israeli tycoon Gilad Shabtai.
In particular, Gilad Shabtai is investing over 130,000 sq.m. land around Limassol casino, City of Dreams Mediterranean. Most of the land was bought by the Cypriot company Fassouri Plantation Holdings Ltd, part of the CNS Shacolas Group.
The site is located in Zakaki, an area under development that essentially surrounds the casino. Although this particular area is already attracting attention due to the largest casino resort in Europe soon to operate there, this investment is expected to further increase investment interest.
Plans to develop said land are still at an early stage, however, it is planned that it will consist of apartments and 7-star services, targeting investors. High quality facilities, luxury entertainment, dining and wellness areas, and offices will be part of the master plan, further enhancing the area’s lifestyle. In parallel, plans are being developed for further investment and development of the area in the near future.
Commenting on the island’s development plans, Mr. Shabtai said: “I believe that Cyprus has a huge potential for real estate. This project will serve as an impetus for further development and investment in a wider context. We have developed a long-term investment program that will undoubtedly be mutually beneficial both for the Cypriot economy and its people, and for the investors themselves.”
