So, who will be the lucky winner?
We have almost reached the end of the investor selection period for the casino resort. From what we understand, there are two options from potential bidders. The one would be in Limassol, in the greater Fasouri region, the other to the east of Limassol (near EAC power station), while another option that is gaining ground is the western region of Larnaca. From the surrounding circles, we are informed that from the three aspiring investors, two are rather looking at the choice of Larnaca.
If indeed this investment chooses Larnaca, this will give a serious i mpetus to the now undeveloped and largely unpreferred region, with corresponding effects on property values ??in the area. Without having relevant preferences, we hope that the choice will be Larnaca, because this “city of destruction” (see my previous articles), urgently needs high cost investments. The only remarkable developments were the plans by a foreign company to build two or three blocks of flats in the centre of town (nothing special for the other regions). Hopefully, this time round the people of Larnaca will use their brains and not start protesting again as a result of which the casino will end up elsewhere because they will never have another similar chance. Those who hope the port of Larnaca will become a cruise terminal need to keep on dreaming. Who will go on cruises in the Eastern Mediterranean with so many wars going on around us? What will the tourists visits when they arrive here, when neither Egypt nor Syria / Lebanon are open?
Too bad that the state will spend tens of thousands of euros again for yet another study (by foreign consultants) to find potential investors. Limassol tried to set up a link to Marseille and we saw the reaction from the French, that “at this stage it is not the appropriate time for a cruise connection between the two cities.”
So, if the casino resort project is based in Larnaca this will also help the golf project in Tersefanou, where the development seems to have been frozen, while there will be positive chain effects in the area, to the benefit of the Mouskis hotel (Aldiana) as well as the expected increased demand for local homes and the various related enterprises.
It is worrying that the buildings in most of the area have been worn down, while the signs of neglect are evident. To this end the casino project will help Mazotos and the greater region, Anafotia, Tersefanou, Ayios Theodoros, etc. It would not be unreasonable to expect a revaluation of current property prices (now there is almost no demand) of around 10-15% with the announcement of the location, plus a similar percentage increase with the start of construction work at the resort and its completion.
The choice of the site belongs to the investor and for us who live here, if it were a choice between Limassol and Larnaca it is obvious that Limassol dominates, but what do we know from such kind of business? Strange as it may seem, the “occupied” areas have begun to worry about the creation of the resort in the free areas, as the casinos north are rather low in quality, who expect that the average Cypriot gambler will stay with them due to the strict admission criteria in the casino resort in the Republic, while visitors from Turkey and some others will continue to support the casino clubs in the north.
Apart from potential large property owners in Larnaca with whom we are in contact, we were told that the coastal plots of 535,000 square meters they are asking for 250 euros / sq.m. which is an excessive amount for this area of ??Larnaca, but a quarter or a firth of similar coastal prices in the Limassol area. Therefore, the only difference for the new casino location will be in the cost of land acquisition, whether this will be around 250 million euros, while half the cost of the project will be covered from this difference.
I regret that Nicosia was left out of all this game as it would be a great opportunity to revive the capital. I understand that a foreign investor showed interest in the large estate owned by Kykkos in Nicosia (Engomi) but that this was has not chosen by the State for various reasons, although as I hear one of the shareholders is the prospective new president of the U.S., Donald Trump.
So we wait, because the selection of bidders is expected within the next few months and according to the location we wil see which area benefits most.