The tourism and hospitality industry has seen significant investment, with luxury marinas in all coastal cities, golf courses, leisure & theme parks, high-end resorts being developed across the island. The Ayia Napa Marina with an estimated investment of €220 million, is currently under construction and expected to be fully completed in 2021, while a number of multiple multi-million developments are in the planning stage including the Paralimni, Paphos and Larnaca Marinas, expected to exceed €1 billion in total investments.
As a marker of success, is the decision by theHong Kong-based Melco International Resorts and Entertainment to choose Cyprus for expanding its flagship brand name outside Asia for the first time, investing more than €600 million for Europe’s largest integrated casino resort, which is expected to attract an additional 300,000 inbound tourists annually.
Tourism-related construction activity is highly indicative of the shift towards large scale, high value developments, further strengthening the already strong hospitality industry. Hotels represented the 12% of the total value of building permits issued and 20% of the big developments projects’ value in 2018.