Resicom – Holiday Investment – 04-21 – LB

A Towering Investment in Limassol

Further to the news last week that the City of Dreams Mediterranean integrated casino resort in Limassol has finally got underway, it seems that is not the only new development planned for the Cypriot resort.

Another developer, Pafilia, has been given the OK to construct four high rise residential towers in the resort town, the tallest of which will reach 173 metres.

The four new residential towers of 43, 38, 31 and 25 storeys will be situated next to Limassol Municipal gardens on the seafront promenade and opposite the zoo.

The construction of the four new towers will offer a total of 345 new residential apartments that the developer expects to be purchased as investments or second/holiday homes.

As well as offering residential apartments, the €250 million development will include a club house, commercial areas of 2,100 square metres including restaurants and shops, parking for 1,473 cars, a public green area of 3,990 square metres, a public square of 4,871 square metres, and landscaped areas.

The new residential development, due to be known as ‘Limassol Neo’ should start construction in March next year, and if all goes to plan will be completed in 2024.

Pafilia are not new to developing in Limassol, having already completed the ‘Limassol Landmark’ development which consisted of a 29-floor tower, two smaller buildings with 233 residential units 14 shops and three restaurants.

In addition, a further 23 towers have been granted permission in Limassol for other developers, and a total of 52 applications have been submitted.

Along with the huge Las Vegas style casino resort reported on last week, it seems that Limassol is seeing a lot of investment intended to really put it on the map in Cyprus.

Overseas property investors could take advantage of the increase in tourism expected as the popular Cypriot resort expands.

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