According to the Cyprus Gas News website yesterday, natural gas production testing has begun in Block 12 of the Cyprus Exclusive Economic Zone. At the commencement ceremony, technicians from Noble Energy, the company conducting the operations, ignited the flare stack on the ENSCO 5006 drilling rig to demonstrate that natural gas is flowing steadily. Charalambos Ellinas, Chairman of the Cyprus Hydrocarbons Company (CHC), stated that Noble Energy technicians have opened the valves to allow the stored natural gas to reach the surface. It is reported that the natural gas reserves in Block 12 are as high as 700 billion cubic feet, enough to supply all of Europe for over fifty years.
At the same time, this is very positive news for those investing in property in Cyprus. Against the backdrop of domestic macroeconomic conditions and real estate market regulations, private capital investment in overseas property has become a trend. In 2012, Cyprus, an island nation in the Mediterranean, quickly ignited the domestic investment immigration market with its property investment immigration policy, which allows for the purchase of permanent property for 300,000 euros, grants permanent residency in the EU for the whole family within 2 months, has no residency requirements, and offers a simple and convenient investment method. As the only Chinese investment immigration agency received by the then-President of Cyprus (the rotating President of the EU), the Speaker of Parliament, the mayors of the three major cities, and ministerial-level officials from various major departments of the Cyprus government, Worldway successfully promoted the acceleration of the approval process for Cyprus property investment immigration and has established long-term strategic partnerships with all top local developers, helping a vast number of investors realize their dreams of overseas property investment immigration with thousands of ready-to-move-in properties in Cyprus.
It is not difficult to see that the returns on investment in Cyprus are already beginning to show results. With the development and utilization of natural gas, a large number of related enterprises and individuals are flocking to Cyprus (several large international energy companies, including the Bush family's energy company from the United States, have already entered Cyprus). Therefore, the economic development prospects for the entire country are becoming clearer. Investing in Cyprus now will yield significant returns within the next three to five years. It is beyond doubt that the development of oil and gas fields will bring another "golden age" to the Cyprus real estate market.
