SATURDAY, 6 JUN 2020

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2019_728x90px
GloriaJeans_266x90px
IMH LTD

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

IMH LTD
GAP_Group_2019_468x60px

REAL ESTATE

brought to you by Deloitte

The Limassol Real Estate Market

The Limassol Real Estate Market

The past few years Limassol has experienced development in an astonishing rate. The post-crisis era brought a series of governmental reforms for financial recovery. Part of these reforms was the intensification of the naturalization plan, which created massive foreign demand in the citizenship by investment scheme. Limassol was the town that attracted most of the new foreign demand. Consequently, there was a boom in the construction industry which included the development of a number of projects, such as the high-rise towers along the coastal avenue of Limassol, which shifted the dynamics of the local real estate market. Prices skyrocketed as high as €15,000 per m2 and applications for developing high-rise tower started to build-up.


Towers

There are currently a number of high-rise towers along the coastal avenue of the Limassol Marina and as far as the coastal part of Moni. Some of the most notable projects include the One, The Oval, Oxley Towers, Zaria Residences Sunset, The Tower at the St. Raphael Resort, Park Tower at Parklane, Dream Tower, iHome Towers, A Tower, Olympic Resort, Skt Tower, Limassol Del Mar, The Icon, i100, Marr Tower, The Highgate, Total Tower, Aura, Landmark, Neo Towers, The Gallery, Arc Ship and the Trilogy. Some of these towers will reach as high as 45 floors and the cost of their development is expected to reach record levels for the local market. For instance, the expected cost for the Trilogy Tower’s construction will be over €350 million. Of course, it remains to be seen how the Cyprus passport program will unfold, as strict criteria were applied in May that resulted in a dramatic fall in “passport‟‟ sale transactions. Some of those projects might not eventually proceed with development if the market demand drops at lower than expected levels, or in the unlikely event the government is forced to discontinue the program.
 

Market Driving Forces

However, the Limassol Real Estate Market has been diversifying. There has been increased demand across all types of properties within Limassol, including Grade A office spaces, apartment units, industrial and retail spaces. Construction for all types of properties is on a continuous rise. However, it is a well-known fact it takes time for supply to meet demand in the real estate industry. This imbalance created an uncontrollable increase in rents.  The increased level of demand for these types of properties arises from a variety of factors, including the close proximity of the Limassol Marina with the Historical centre and the Cyprus Technological University which brought an influx of students in the area competing for a limited number of residential units that are allocated to the rental market. Not to mention that a decent percentage of these available units tend to be allocated to the short-term rental market through electronic platforms, such AirBnb, which are absorbing available stock creating further imbalances and rental increases. In addition, demand comes from numerous international companies that have been established in Limassol over the past years, some of which need accommodations for hundreds of employees.


West Limassol

Lately, the focus has shifted to the west part of the town as well, which has been characterized as underdeveloped in relation to the east coastal part of the town which comprises multi-storey luxury tower developments and 5-star beach hotels. The west part of the town is gradually gaining in value and significance with the plan for infrastructure developments, including the proposed road which will connect the Limassol Marina and the Old Port with the new Port and consequently, the “My Mall” shopping centre and the proposed Casino development„ City of Dreams Mediterranean, which is expected to operate by the end of 2021. This is a development worth of €550,000 million and is expected to create around 4,000 new employment opportunities and attract 500,000 million additional tourists to the area.

MORE ON REAL ESTATE

FROM AROUND GOLDNEWS

   

Optimising Productivity After Resuming Construction Works At Pafilia

Pafilia Property Developers has resumed construction work on all of its projects following the government's opening of construction sites. Despite the new ...
   

Minthis Restaurant Reopened To The Public

The Restaurant at Minthis reopened to the public from Monday, June 1. The restaurant is within the contemporary Clubhouse at the Aphrodite Hills resort, ...
   

SAP Business ByDesign: A Time-Tested Solution for Fast-Growing Businesses in Cyprus

A business does not have to be big, to be ‘smart’ - regardless of  size, type and sector, every business can utilize ‘smart’ ...
   

Consulco: Ranked as a Top Tier Performer in London Real Estate by Morgan Stanley

Following the recent assessment by Morgan Stanley Capital International, Consulco ranked 15th amongst the 160 competitors that specialise in retail ...
   

Insignia Launches First Ever Clean Payment Card

Perhaps the most unavoidable form of germ transmission occurs through the ordinary use of money and credit cards. Despite the increase in electronic ...
   

A New Global Methodology To Define Cities And Rural Areas

Have you ever asked yourself how Sustainable Development Goal indicators on sustainable cities and communities can be compared if countries across the world ...
   

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

Cyprus announced a financial support package of € 700m, equivalent to 3% of the GDP which includes a series of measures, covering health, finance and ...
   

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Measures to support employment, workers and vulnerable groups of the population  from the effects of the coronavirus protection measures, which are ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Limassol_Business_Summit_10/03-23/06_300x250px
GloriaJeans_300x250px

IMH LTD