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Further development in limassol

03.01.2019

On the seafront of Limassol, dotted with luxurious towers and new developments, there is almost no space for new projects, so investors are switching attention to the area between the new marina and the old port.

Although interest in the prime areas of Limassol does not seem to disappear soon, some property experts expressed fears that uncontrolled licensing of towers and other objects could have unpleasant consequences, leading to lower prices and social problems for the second city of Cyprus.

One of the areas for which major projects are aimed is the Pirgos district, where in recent months investors have been acquiring significant properties. Recently, Lebanese investors paid 40 million euros for the land on which the old cement plant was once located. The property was sold by the Bank of Cyprus, which acquired it as part of the debt to asset swap with previous owners. Lebanese investors have not yet announced what project they are planning to build there.

Cypriot Planetvision Properties, together with the British company Oxley Property (Oxley Planetvision Properties), has bought property to the east of Limassol in the amount of 30 million euros. The consortium has an agreement with the French AccorHotels to create the first Sofitel on the island. Oxley Planetvision Properties has appointed AccorHotels, the world leader in hotels, and its luxury brand, Sofitel, to manage the new 245-room resort in Limassol. Sofitel Limassol Resort and Residences, which is expected to open in 2022.

Oxley Planetvision will also be building two towers in the vicinity, of 97 and 105 meters tall, with a total 151 luxury apartments in a project to be completed by 2021. Also in the vicinity, a Russian businessman has also bought property near the Parklane Hotel (ex Le Meridien) worth EUR 40 million. The property was sold by Anolia Holdings, a Hellenic Bank subsidiary that obtained the property after a debt-to-asset deal made with the Church of Cyprus.

The Russian company Zaria presented plans for the construction of two towers, Zaria Residences Sunset and Sunrise, of 18 and 16 floors, respectively.

Real estate agents say investors are eyeing the western side, especially the areas adjacent to the integrated casino resort, as well as the industrial zone to the west of the new marina.

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