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Posted On: 18/10/2009
Yet more good news for the Cyprus property market was unveiled this week in the shape of a new airport to serve the island.
Androulla Christodoulou, head of Services of Civil Aviation at Larnaca International Airport told CAN, that the new international airport will offer the country’s economy and tourism sector a fresh momentum, following the recent economic turmoil.
The new airport, which is scheduled to open on 7 November, will feature a multimillion pound new passenger terminal building, following the largest construction project of its kind in the Republic.
Christodoulou said that Larnaca serves around 5.6 million passengers annually and added that she hopes that the “new terminal building will give a new boost for the economy general, as we are in the midst of a world economic crisis and will significantly help towards the tourism and economic development of Cyprus in general”.
The Cyprus property market has been among the worst affected in Europe, if not the world, because it became so heavly dependent on foreign buyers, which have all but disappeared since the downturn began.
However the island has a bright future: golf tourism and golf property was one of the main draws to the island for foreign property buyers, so the news that permission has been granted to develop some 14 new golf courses on the island. Walt Disney has also chosen Cyprus as the site for the second Euro Disney.
The new airport at Larnaca is simply more good news. New airports and flight routes are always good news for the local property market. They increase accessibility, and more choice tends to mean better prices.
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