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Golf courses will boost Cyprus property market if licences are granted

Developers are hoping that a deal can be agreed over the cost of the licenses and that concerns about scarcity of water can be overcome.

The licence applications are expected to come before the Council of Ministers in mid February.

It is likely that they will insist that the water supply for the developments and irrigation for the golf courses must come from desalination plants that are run on electricity supplied by renewable energy.

Water supply is scare on the sun-baked Mediterranean island and new desalination plants have been needed. Last year some developments faced water rationing.

Also the developers will be carefully assessed when the price for the licence is set. Currently the minimum is €5 million. But this may be increased when the benefits to the businesses involved in the projects have been re-assessed.

Up to 14 licenses could be granted and are expected to be mostly in and around Limassol and Paphos. Others have been submitted for Tersefanou in Larnaca and another for the Ayia Napa municipality.

There is a lot of support for the golf developments and many people would like to see Cyprus become a major golf destination if the water supply difficulties can be resolved.

Recent research has shown that golf courses, casinos and marinas all boost tourism on the island.