Cyprus Sees Its Largest-Ever Real Estate Transaction Exceeding €130 Million
In a landmark move for Cyprus's property sector, a major acquisition has been finalized, reshaping the island's real estate landscape. The Columbia Group has officially acquired the sprawling Secret Valley estate—previously known as Venus Rock Golf Resort—for a reported amount exceeding €130 million. This makes it the most significant property sale ever recorded in Cyprus.
The seller, the Bank of Cyprus’s Real Estate Management Unit (REMU), parted with what was considered its most prized asset. This transaction follows nearly four months of intense negotiations and represents a turning point in the local market, highlighting a new level of confidence in large-scale investment opportunities.
A Strategic Investment by a Leading Group
The buyer, Columbia Group—an internationally active, Cyprus-based conglomerate involved in shipping, hospitality, and property development—has taken a bold step into high-end tourism and residential development. The group's Chairman, Heinrich Schoeller, is said to have handpicked the Secret Valley site for its exceptional location and long-term value.
This is not Columbia Group’s first foray into luxury hospitality. It already operates the renowned Columbia Beach Resort in Pissouri, recognized as one of Cyprus’s premier seaside destinations. With the addition of Secret Valley, the group is expanding its reach and influence in the premium tourism and real estate sectors.
Transformative Plans for a Prime Coastal Location
Located between Limassol and Paphos, and just 10 minutes from Paphos International Airport, the 5-million-square-meter property includes over 800 meters of coastline. Surrounded by lush greenery and offering unobstructed sea views, it sits adjacent to Aphrodite Hills and already houses an established 18-hole golf course.
However, the true value lies in the site’s extensive development rights, which include:
A beachfront five-star resort with an exclusive beach club
Up to 3,000 luxury residential units, including villas and high-end apartments
A second international-standard 18-hole golf course
A boutique marina for recreational yachts
Commercial and leisure facilities, including restaurants, shops, and a mall
Infrastructure enhancements, including a new desalination plant to ensure self-sufficiency
The vision is to create a self-contained luxury destination—effectively a small city by the sea—that will attract both local and international investors and tourists. Once completed, the project is expected to be among the largest coastal luxury communities in Europe.
A Major Milestone for Bank of Cyprus
For the Bank of Cyprus, the deal represents a strategic milestone. The divestment not only releases capital but also signals the market’s readiness to absorb ultra-high-value properties—a feat that was seen as improbable just a few years ago. Secret Valley came into REMU’s ownership as part of a loan restructuring agreement with Aristo Developers and has since been its most high-profile holding.
This sale marks the largest divestiture ever recorded by REMU, aligning with the bank’s broader objective of significantly reducing its property exposure and refocusing resources on core banking operations.
Looking Ahead: A Billion-Euro Vision
Columbia Group's prior success with the Columbia Resort equips it with the operational expertise and infrastructure needed to bring this new venture to life. The group is expected to fully leverage the site’s development licenses and unlock its full potential through a project anticipated to surpass €1 billion in overall value.
With this transaction, Secret Valley is poised to become a flagship for luxury, sustainability, and strategic investment in Cyprus—breathing new life into one of the Mediterranean’s most enviable coastal sites.
