Volatile Dubai stock exchange sends investors towards Cyprus

Added: (Sun Nov 16 2008)

Pressbox (Press Release) - The rising number of tourists and property buyers from Dubai has pushed Emirates Airlines to launch new daily flights between the two countries

A rising number of nationals from Dubai and the UAE are taking their money out of the country and in to the nearby safe-haven of Cyrpus as the global economic downturn hits the UAE.

Stock markets in Dubai and Abu Dhabi plummeted earlier this week, wit the Dubai index dropping 7 per cent led by property and banking stocks.

Many analysts see Dubai as the weak link in the chain of growth underway in the Gulf as many of the international investors in the region are heavily leveraged and susceptible to interest rate fluctuations globally.

Property companies have been some of the hardest hit, with two of the UAE’s biggest firms losing almost 10% off their stock value.

“We have had a growing number of concerned Dubai investors contacting our offices of late as the speculation that is Dubai starts to be questioned,” said Derek Hatton, director of Morpheus Investments. “Cyprus is only a few hours flight away and as a member of the EU has a stable and accountable economy.”

Morpheus Investments is marketing a range of properties on the new €300million Larnaca Golf and Country Club which comprises of an 18-hole golf course, over 500 residences, breaking down to 285 two to four bedroom villas, 211 one, two and three bedroom apartments and 40 ‘hotel-style’ rooms in the complex. Alongside this will be a clubhouse, a village square and purpose built function rooms and spa facilities. Health treatment will also be available on site with minor cosmetic surgery being performed in the resort’s medical centre.

The developers of the golf course have also signed an exclusive contract with the Professional Golfers Association (PGA) which will manage the golfing facilities and develop a PGA academy on site. The agreement with the PGA is exclusive to the island of Cyprus.

Hatton added: “This golf course project has something for everyone, from the family buyer, through to the top-end investor and the latter are heading to Cyprus to store there money away from the uncertain conditions in the Emirate. Many Dubai nationals are also heading to Cyprus and setting up their business operations here as it has one of the lowest corporate tax rates in the entire EU.”

As a result, Dubai-based airline Emirates has launched daily services between Dubai and Larnaca International Airport, just 20 minutes from the Larnaca Golf and Country Club.

Nabil Sultan, Emirates' Senior Vice President, Commercial Operations, Europe, said: "We are very pleased to be able to announce that we are stepping up our operations to Cyprus. After 14 years of services, we are extending our commitment to the island and significantly improving connections to and from Dubai and beyond, opening up more possibilities for travellers, trade and Emirates SkyCargo freight throughout the broadening Emirates' network."

In addition to Cyprus’s European law and property rights systems, Morpheus Investments is now a member of the Association of International Property Professionals (AIPP). The body aims to improve the standards of professionalism in the international property market, helping the industry and the public.

AIPP Members voluntarily sign up to follow the AIPP Code of Conduct . This was established to help consumers know who the professional property companies are and illustrates a sign of commitment from each member.

Ends

-editors notes-

Morpheus Investments was formed in 1996 and sells a range of exclusive Mediterranean-style villas and apartments in the regions of Larnaca, Tersefanou and Kiti, ranging from £60,000 to £550,000.

For more information, further comment or images, contact

Derek Hatton, director of Morpheus Investments
Derek@hattonmail.co.uk
08000 751 777
www.morpheusinvestments.com