10/20/2009 1:05:00 PM
The Cyprus property market is set to skyrocket following the opening of the vastly improved and extended Larnaka International Airport on 7th November 2009 - and the anticipated rise in tourist numbers and boost to the economy couldn't have come at a better time as the country tries to shrug off the lingering effects of the global economic crisis...
The multimillion pound international airport additions will open next month, following the largest construction project of its kind in the Republic.
The Larnaka International Airport will give the island's economy a new impetus amidst the economic crisis and will significantly help the economic and tourist development in general, Androulla Christodoulou, Head of Services of Civil Aviation at Larnaka International Airport told news provider CNA.
Larnaca Airport desperately needed the extensions and improvements as it is used as a hub by passengers travelling between Europe and the Middle East.
The status of Cyprus as a major tourist destination also meant that that air traffic has steadily risen to over five million passengers a year - double the capacity the airport was first designed for.
Hermes Airports Ltd assumed management and control of Larnaka International Airport and Pafos International Airport on 12th May 2006, under a 25 year BOT (Build-Operate-Transfer) concession agreement with the Republic of Cyprus.
The Concession Agreement includes a £567 million plan to develop both airports through construction of a new passenger terminal building at each site and other associated infrastructure, including runway extensions.
The improvements to the airport make for easier access for international visitors, something which is always a bonus for holiday home owners, investors and buy-to-letters who have purchased property in the country.
It is also a sign that the Government is committed to improving the region's infrastructure, something which is essential to its long-term development.
The opening ceremony at the new airport will take place on November 7th and the first flights will take off on November 10th.
http://www.themovechannel.com/
