Cyprus-Forum.com

[iceman]

Roman Abramovich, one of the world's richest businessmen, has added northern Cyprus to his investment portfolio. Abramovich is about to finish his $30 million real estate investment in the Arapköy (Klepini) region. The investment, named Chelsey Village, imitating the name of the British football team Abramovich owns, aims to attract Russian property investors to northern Cyprus.

Abramovich, who last week vacationed in Turkey's Bodrum, Marmaris and Istanbul aboard his luxurious yacht, Le Grand Blue, reportedly became interested in northern Cyprus three years ago. The Russian billionaire bought a piece of land in the Arapköy region, a popular area for villa construction, for $5 million through intermediaries from a Turkish Cypriot company. The Chelsey Village project was launched last year. As the project is near to complete, villas are being sold mainly to wealthy Russians, most of whom buy the property before the finishing touches have been made.



Potential for tourism:

Abramovich, who most recently visited nothern Cyprus two weeks ago, has seen the tourism potential of the nothern part of the island. A businessman, who observes the Russian billionaire's investments, said on the condition of anonymity that Abramovich had explored the possibility of building a 38-storey hotel in Kyrenia (Girne), but gave up on the plan.

The Russian billionaire also plans to invest extensively in Turkey. His first yacht visit to the country took place in 2005. Abramovich started investing in Turkey by acquiring Istanbul Safisa Hotel in Antalya's Kundu region. The luxurious hotel, which targets Russian clientele in Antalya, is expected to open this year. According to the building plan, the hotel will have 572 rooms and capacity for 1,258 beds. Turkish press reports have indicated that Abramovich has also purchased Keyland Hotel in Marmaris. But the hotel is practically a frozen investment, because its construction has been halted for the past 15 years.

Abramovich, who had bought the London mansion of Turkish businessman Halis Toprak for $93 million, is reportedly also interested in the 21-acre land of Toprak in Kusadasi another popular Turkish resort. Allegedly, Abramovich is ready to pay $350 million for the piece of land.

The billionaire is also claimed to be interested in acquiring a mansion for himself on the Bosporus.

In northern Cyprus, the news of Abramovich' plans got a mixed response. Mehmet Atakan of CMG property development in Kyrenia said the plan to build and sell villas for Russian property investors could have negative implications for the local economy. "In investments where a foreigner constructs property and sells it to another foreigner, keeping the profit himself, the impact on local economy can hardly be positive," he said.

Hüseyin Aka, branch manager at Century 21 Mediterra in Kyrenia, on the other hand pointed out that the investment may also increase the understanding of the situation of northern Cyprus abroad. "Any investment in northern Cyprus is good. I believe that this project will keep the local economy going, espeically if the project employs local labour force and tradesmen to sell the villas. I believe that it will also increase understanding of the situation of nothern Cyprus," he said.

Reeta Çevik of the Turkish Daily News contributed to this report.

http://www.turkishdailynews.com.tr/article.php?enewsid=81427

[joanna]

Well thats a bit silly isnt it? doesnt he realise that this side of the island is full of Russians? He'd have been better off buying a piece of land on the outskirts of Limassol where L'Meridien is, as thats where the vast majority of them live!

[humanist]

That confidence building, well done Mr Talat, you'd rather sell your country to a Russian than allow your own compatriots the rightful owners return to their land. Your a bigger idiot than I thought.

[DT.]

That confidence building, well done Mr Talat, you'd rather sell your country to a Russian than allow your own compatriots the rightful owners return to their land. Your a bigger idiot than I thought.

well said....chauvinist, glory-loving, play-acting, idiot.

Lives for the fact that he gets to strut around pretending he runs something.

[oranos64]

good luck to him ...nice guy ... all that proves is ...as i said before ..by the TCS selling off land to foreigners in the belief that the GCS wont sue and wont try to take the big buiness to court ...to get land and property back ...

to be honest like i said before ..if there is ever a peace deal in cyprus that all parties agree to and does not cost billions in compensation ... i will have a sex change

peace ...never ........this island is sinking under corruption and greed ....i hope all parties die painfully ...

[humanist]

DT, pls do not get me started. if it were up to me I'll close the check points and throw away the key, I can understand the moron giving his country away to Turksy and its army but this is beyond my comprehension.

[Nikitas]

There is a funny side to this "big deal".

There is now a resurgence of the Orthodox Church in Russia, according to CNN. Investing in north Cyprus will at least guarantee to Abramovich and his rich buddies that there is no shortage of Orthodox churches for their Sunday mass! Maybe they can buy a church or two as well! Bless them!

Give it time, someone will figure out this angle too! Northern Cyprus seems to be full of angles!

[JM]

The real funny thing is, Roman Abramovich has absolutely nothing to do with Chelsey Village in Cyprus, nor any of the Turkish projects listed in that article.

(It's also unlikely Abramovich would be visiting an Orthodox church... he's Jewish!)

Which brings me to another point: does anyone know who is spreading the rumors of his involvement? Anyone out on the island have, by chance, a contact for the developers of Chelsey Village?

[Piratis]

So what are you suggesting JM? That they are building something with the name "Chelsey Village" in the occupied areas and they are trying to give some legitimacy to it by claiming that Abramovich is behind it?

Don't they know that illegally exploiting Greek Cypriot land in the occupied areas is a criminal offense regardless of who is doing it?

[humanist]

Piratis with all that money he doesn't care, he can buy anything.

I