Limassol seems to have a leading role in growth rates as investment projects are in excess of €1 billion for the period 2017-2019. The projects include among others the The Oval, the ONE, the Parklane Luxury Collection and Spa, as well as the Lanitis Seafront. Along with the development of marina and old port, as well as the Olympic Residence, all these construction and property schemes constitute the forefront of the Cypriot economic development.
Primary and special mention needs to be made to the resort casino, this mammoth investment of over €500 million, which is by far the largest development planned in Limassol, and in Cyprus, too. The casino-resort that has just been green-lighted for construction in Limassol is, according to estimates, the largest investment of the past few years in Cyprus, expected to exceed €500 million and offering 4,000 new jobs during construction and development, and 2,500 more for its operation. The Melco-Hard Rock Resorts Cyprus consortium fulfilled all the competition requirements for the construction of the first casino-resort of this size in Europe, which will include two large conference halls, able to host 5,000 attendees.
Golf course and Technology Park
Along with the casino-resort, a large golf course in the nearby Fasouri area is planned, valued at €350 million. LCCI (Limassol Chamber of Commerce & Industry) president Costas Galatariotis called it a project of “high aesthetics”, which will stretch over 1,400 acres, and will include housing and tourist development with an emphasis on green and ecology. The progress made with the investment of €200 million for the Technology Park in Pentakomo is also considered an important development.
Moreover, The Oval which is currently at the final status of construction is an iconic new building on the Limassol skyline, with uninterrupted views across the Mediterranean, setting new standards in workspace design. It’s the tallest commercial building in Cyprus at 16 floors and with 2 underground parking areas. The investment exceeds €25 million, and foreign funds for The Oval’s fruition have already been secured by strategic investors.
Del Mar and ONE
Significantly, large developments are planned in Limassol after 2018. During the summer of 2019 the first phase of the ambitious Limassol Del Mar is expected to be completed, with the total value of the project estimated at €350 million, and at least 40% of apartments in the development already sold. The project is a result of a Leptos – D. Zavos consortium, and spans over 170 metres of a beachside view in the heart of the Limassol beach avenue, on a 34,000 square metre plot. It will feature 168 luxurious and spacious apartments of two to four bedrooms, offer five-star hotel services, a gym and a club house. It will also boast a spa, sauna, internal and external pool, and provide management, rental, and security services.
Limassol will also gain one of the largest and luxurious projects in Europe, also being the tallest residential beachfront building in the Mediterranean, standing at 170 metres and 37 storeys tall. Titled ONE, the construction of the ambitious residential building has been taken up by Pafilia Company, at a cost of €60 million. The ground floor will feature retail stores and a restaurant, along with a stunning lobby. It will consist of 84 luxury apartments, including two-storey apartments, and a three-storey penthouse with a private pool.
A promising future
The Cypriot economy has in recent years returned to growth and prosperity. In line with this the construction and property development are accelerating throughout Cyprus with Limassol being at the heart of some impressive investment schemes either completed or planned. This vital role played by the town, for the benefit of the Cyprus economy as a whole, is being continuously upgraded.