A Hungarian entrepreneur is planning to invest 7.5 billion euros in order to turn Paphos into a luxury tourist destination that resembles Dubai. His ambitious plans include the construction of an artificial island, as well as three or four large hotels and a marina for luxury yachts.
The investment concerns the area of Yeroskipou and the land belongs to the Church of Cyprus. The issue was discussed at a government meeting attended by the Cypriot Minister of Interior Socrates Hasikos and Agriculture, Natural Resources and Environment Nicos Kouyialis, with the participation of Archbishop Chrysostomos, who appeared confident that this huge investment will be implemented soon.
The Hungarian investor seeks to attract wealthy businessmen from his country, who will transfer their companies to Cyprus and permanently reside on the site he is planning to create.