On the seafront of Limassol, dotted with luxurious towersand new developments, there is almost no space for new projects, so investorsare switching attention to the area between the new marina and the old port.
Although interest in the prime areas of Limassol does notseem to disappear soon, some property experts expressed fears that uncontrolledlicensing 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 thePirgos district, where in recent months investors have been acquiringsignificant properties. Recently, Lebanese investors paid 40 million euros forthe land on which the old cement plant was once located. The property was soldby the Bank of Cyprus, which acquired it as part of the debt to asset swap withprevious owners. Lebanese investors have not yet announced what project theyare planning to build there.
Cypriot Planetvision Properties, together with the Britishcompany Oxley Property (Oxley Planetvision Properties), has bought property tothe east of Limassol in the amount of 30 million euros. The consortium has anagreement with the French AccorHotels to create the first Sofitel on theisland. Oxley Planetvision Properties has appointed AccorHotels, the worldleader in hotels, and its luxury brand, Sofitel, to manage the new 245-roomresort in Limassol. Sofitel Limassol Resort and Residences, which is expectedto open in 2022.
Oxley Planetvision will also be building two towers in thevicinity, of 97 and 105 meters tall, with a total 151 luxury apartments in aproject to be completed by 2021. Also in the vicinity, a Russian businessmanhas also bought property near the Parklane Hotel (ex Le Meridien) worth EUR 40million. The property was sold by Anolia Holdings, a Hellenic Bank subsidiarythat obtained the property after a debt-to-asset deal made with the Church ofCyprus.
The Russian company Zaria presented plans for theconstruction of two towers, Zaria Residences Sunset and Sunrise, of 18 and 16floors, respectively.
Real estate agents say investors are eyeing the westernside, especially the areas adjacent to the integrated casino resort, as well asthe industrial zone to the west of the new marina.