Investors being evaluated for 11 new courses
The Cyprus Tourism Organisation extended an open invitation to Russians last week to get involved in golf-related investment as Cyprus moves to create an additional 11 golf courses.
The call came from a representative of the CTO during a press conference held at the Russian Embassy to mark Russian Golf Week, held by the Russian Golf Association at Aphrodite Hills from April 2 to 9 and sponsored by Limassol-based Russian Commercial Bank.
Noting that the government is already evaluating applications for golf course development, the CTO’s Maro Kazepi said “there will be opportunities for Russian investors, for interested investors to cooperate with local investors in the development of this [golf] product”.
Last November the government received 29 bids for 11 golf course development licences. Around 15 are still in the running, according to Financial Mirror sources.
Although we understand that none of those bids were put in by Russian investors, not least because Russia plans to build 500 of its own courses, there does seem to be interest generally in using Cyprus as a warm weather spot for golf.
Russia’s Ambassador to Cyprus, Andrey Nesterenko, said at the conference that Russian Golf Week was also held to “assist tourism on the island” and to “show our close relations with the Cypriot people”. Russian Commercial Bank’s Chief Executive, Mikhail Kuzovlev, said that sponsoring the tournament last week met one of its strategic objectives, which was to “facilitate the development of tourism in Cyprus…to strengthen relations between the people of Cyprus and Russia and to encourage investment in Cyprus.”
He added that more and more Russians are realising the benefits of the opportunities for fresh air, exercise, time to talk to associates “and of course a drink afterwards in the golf house”.
Golfers spend 7 times more than other tourists
One of the reasons why Cyprus is planning to increase the number of golf courses from 3 now (plus three more in the UN buffer zone and British Bases) is because research has shown that golfers spend seven times more than the average tourist.
Moreover, the Russian market, which has already begun to use Spain as a winter home for golf, has yet to reach its full potential.
President of the Russian Golf Association Konstantin Koshevnikov said that at present, the major markets for golf in Cyprus are the UK (25-31%), Germany, Austria and Switzerland (up to 23%), while Scandinavia, the Netherlands and Belgium make up the next two biggest markets.
Fiona Mullen
