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Cyprus is to be the site of Europe’s latest Disneyland and the ‚¬800 million project will be built by a Russian conglomerate.

To be located in the Cypriot town of Pyla, the project is scheduled to be the largest ever single investment made on the island, according to Finance Minister Charilaos Stavrakis. Although the exact location is not yet decided, reports state that the project will be located on leased state land near the UN buffer zone between Turkish and Cypriot posts close to the Larnaca-Famagusta border.

Originally, the Disney investors were looking to locate the theme park in Serbia and reportedly, a deal was close. However, after a delegation from Cyprus presented the advantages of their island in such a professional manner, they won the resort. Among the key points that led to the victory was Cyprus’ proven political stability, its membership in the EU and perhaps most importantly, the island’s year-round sunny weather.

According to sources, the Cypriot government had been slow to give the project final approval. However, a recent agreement between the Russian developer and Russian tour operators that promises to bring an extra 500,000 eastern European holidaymakers to the island has been instrumental in garnering final support for the project. Many expect that the government will now fast track the approval project in an attempt to complete the “Disneyland of the Mediterranean before Cyprus ascends to the European presidency in 2012.

The development will involve 3,000 workers from both the Greek and Turkish parts of the island in response to Turkish Cypriot complaints that the development will only aid the south. James Gonzalez, Market Analyst at Obelisk, sees the Disney complex as a way to expand the island’s appeal. “Cyprus has been a favourite resort for retirees for years, he said, “but the construction of a Disneyland will attract younger visitors and families. It can only be positive news for the whole island.

The area of Larnaca is already preparing for the future. A new marina capable of handling large cruise ships is already under construction and the airport is also being expanded.

News submitted by Alison Kane, Obelisk International

Post from: Overseas Property Blog

Mediterranean Disneyland Coming to Cyprus?