Cyprus golf resort sold for €290 million

The resort was purchased by an unnamed Hong Kong investment conglomerate, revealed Dolphin Capital. The investor, which specialises in emerging markets, announced the sale last week.

The resort, which is located 10 minutes from Paphos International Airport, is one of Europe’s largest luxury beachfront residential developments, including 3,000 properties and world-class resort facilities.

For golfers, two 18-hole competition courses designed by pro golfer Tony Jacklin will be on the estate, alongside the five-star Nikki Beach Hotel and Nikki Beach Club.

Miltos Kambourides, Managing Partner of Dolphin Capital Partners Limited, says, “In line with our strategic objectives for 2013, we are pleased to execute this landmark transaction, which has enormous benefits not only for Dolphin but also for the Cypriot economy in general.

“In a period of very challenging market and operational conditions in Cyprus due to the current banking crisis, the sale of Venus Rock for a significant cash consideration, demonstrates the quality of Dolphin’s real estate portfolio and proves the resilience of the Cyprus property market.

“We look forward to establishing a strategic partnership with the Purchaser of the Venus Rock project and expanding the relationship to other Dolphin assets.”

Dolphin has already received a non-refundable deposit of €2 million. Another €10 million is to be paid by the end of June 2013, with the remaining €229.5 million due within six months.

The Hong Kong group’s investment arrives as demand from Chinese investors grows, encouraged by the Cypriot government’s recent Change in laws to offer permanent residency to non-EU property buyers.

Is the Cyprus property market recovering from recession? Listen to TheMoveChannel.com’s May podcast, which discusses the island’s real estate with estate agents and currency brokers.