Cyprus: Pyla Property Boosted by New Disney Resort

Cyprus will be boosted massively by the Disneyland resort to be built on the island. The €800 million resort will be built by Russian conglomerates in the town of Pyla, and will become the "island's biggest ever single investment," according to Finance Minister Charilaos Stavrakis.

It goes without saying that the new Disneyland resort will be a massive boost to Cyprus' economy, which is already one of the strongest in today's Europe. The new resort will also massively boost the Cyprus property and holiday rentals markets. In fact even the proposal will add thousands onto the value of properties in and around Pyla as investors and holiday home buyers attempt to get in early.

Cyprus' year round climate will surely make rental yields on properties near the resort limited almost only by the imagination -- especially for people who already own and got their property comparatively cheaply.

Though the location has not been revealed the resort is expected to be built in the UN buffer zone near the Famagusta-Larnaca border.

Apparently the resort was originally cited for Serbia, but Cyprus' government presented their case professionally and won the project for Cyprus. Among the reasons for the change in site were Cyprus' stable political landscape, EU membership and year round sunny weather.

Surprisingly after going to the effort of winning the resort for Cyprus, the government has dragged its heels in giving its final approval for the project. However, a recent agreement between the Russian developers and Russian tour operators which promises to bring around 500,000 Eastern European tourists to Cyprus is thought to have bought the project's approval. It is now thought the Cypriot government will fast-track the project's approval in order that the "Disneyland of the Mediterranean" be completed by the time Cyprus takes the EU presidency in 2012.