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The Changing Face Of Cyprus

The Changing Face Of Cyprus

It is impossible to miss the glossy billboards on the highways and on the outskirts of every city in Cyprus, all advertising the high-end developments that are changing the skyline.

 

Undoubtedly, this latest real estate boom has impacted Limassol the most. Limassol Marina, with an overall cost exceeding €400 million, is home to numerous super-yachts berthed in front of luxurious villas and apartments with their own access to the beach. To the east of the Marina, the skyline is filling up with the towers, each combining residential and commercial features. And let’s not forget one of the most interesting projects in Limassol: Melco’s City of Dreams Mediterranean, the largest integrated casino in Europe. The €500 million project will create an estimated 4,000 local job opportunities during the construction phase and approximately 2,500 permanent jobs once it opens, and it is expected to attract 300,000 additional visitors to the island each year.

 

When it comes to buying property, the coastline of Paphos is the second most popular destination in Cyprus, especially with foreign buyers, where 2,630 sales contracts were drawn up in 2019, according to the Department of Land and Surveys. Elsewhere, Ayia Napa Marina, backed by the deep pockets of Egyptian business magnate Naguib Sawiris, has become the largest infrastructure and real estate development in the whole of the south-east part of Cyprus, with an estimated cost of €300 million, while, in Nicosia, the towers reshaping the capital’s image appear to have a different purpose as they intend to attract permanent residents rather than seasonal buyers.

 

In this issue, we present 13 of the biggest high-end real-estate projects under development in Cyprus, the people behind them and how they are expected to positively impact the cities in which they are located.

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