Every year, foreign and local investors make an invaluable contribution to the Cyprus economy, to regional and national development.
Foreigners construct hotels, residential complexes, infrastructure projects, training centers that have the potential necessary for the development of the country's economy, especially now, during the coronavirus pandemic. By the way, the COVID-19 pandemic and the cancellation of the passport program have caused serious damage to the property sector in Cyprus. However, the country's government does not lose hope for a speedy recovery of this segment of the economy. Large projects are still being approved and implemented in the country.
Some of the largest development projects approved by the Department of Environment in 2021 include:
The project will be built in Pyrgos, Limassol. According to the release, the Halemo LTD intends to build two residential buildings - Block A and Block B, as well as four commercial buildings - Block C, D, E and F. The area of the proposed building will be 25,762 m2, the area of buildings will be just 9,694 m2. The project will be located in a tourist area outside the densely populated area.
The residential part of the complex includes 44 apartments, a tennis court and an outdoor swimming pool. Commercial part is 16 stores with storage rooms for each and 6 offices. As well as a spacious parking lot for 251 cars, 8 of them will be allocated for people with disabilities.
A new 3-star hotel will appear on the coast of the Ayia Napa resort. According to the project, the building will have 34 rooms with 68 beds. It will be erected on a plot of 1,865 m2 in the tourist area T1c and Ev.
The area of the hotel building will be 1030 m2, and the height will be 5 floors.
The hotel will include:
- 20 standard rooms, 4 disabled rooms and 10 suites
- hall, lounge area
- outdoor pool with rooftop bar
- fitness room and massage room
- playroom for children
- dining room
- a restaurant
- 3 shops
- public areas
- utility rooms.
For the convenience of hotel guests there will be a spacious parking lot.
The skyscraper will appear in the most prestigious area of Limassol - in Germasogeia. The construction of the building on a 2,975 m2 area will be carried out by the Property Gallery development company.
The total height of the building will be about 65 meters above ground level. The 16-storey high-rise has 29 apartments, including several duplex ones. At the same time, 13 floors of the skyscraper will be above ground, another 3 will accommodate a basement, a mezzanine, a mechanical floor.
The building project looks like this:
- Basement: parking for 30 cars, storage rooms, mechanical rooms, gym and spa with pool.
- Ground floor (1st level): reception area, 26 parking spaces, mechanical equipment, outdoor recreation area (with playground and artificial water features), retail space: 2 shops, landscaped green area.
- Mezzanine (2nd level): auxiliary and sanitary facilities.
- Mechanical floor: mechanical installations and pool.
- 1-12 floors: residential apartments.
- 13th level: roof garden and common areas.
An 11-storey building will appear in the center of Larnaca, on Grigoriou Afxentiou Avenue. The project will be located 1.3 km from Larnaca Marina and the nearest beach, 50 meters from Larnaca City Library and Municipal Theater, 250 m west of the American Academy School, 500 m from Pancyprian High School and 300 m west of Old Hospital in Larnaca.
Its height will be 45.35 m. 23 luxury apartments will appear in the building, and 38 parking spaces will be provided to its residents. The complex will feature an extravagant architectural design and breathtaking panoramic views of the sea and Salt Lake.
Hotel in Kato Pyrgos
The construction of a small hotel complex within the administrative boundaries of Kato Pyrgos will start soon. The building site is adjacent to the main road Pachyammos - Kato Pyrgos. The new exclusive hotel complex will be a two-storey building with a basement of 250 m2. In total, the building will have 9 rooms.
Another project which got this year the green light from the Department of Environment is a cheese dairy in the village of Analiontas (Nicosia region). The project involves the construction of a small cheese factory. The remoteness from the borders of the residential area of the village is 1.5 km. It is known that there are livestock farms within a radius of about 1 km from the future plant. There is already a warehouse on the site, access to the object will be provided by a public road. In the adjacent territory to the warehouse there is an olive grove with 180-200 olive trees.
The CYCLOPS project is carried out within the framework of the tasks outlined in the memorandum of understanding between the US and Cyprus to cooperate in the field of defense, which was signed in September 2020 by the countries during the visit of US Secretary of State Mike Pompeo to the island.
A 1295 m2 training center is being built in the Larnaca region. The land was allocated by the government of Cyprus, the US government has pledged to cover all costs for the construction of the new training center, as well as the improvement of the surrounding area, to provide equipment, instructors and other support.
According to preliminary data, the cost of the project is estimated at €5 million. The implementation period should be no more than 1 year.
The training center will include several platforms for hands-on training and will cover areas related to the handling and storage of hazardous chemical, biological and radioactive materials, seaport security, and cyber security and border control.
CYCLOPS will enable partners to learn best practices for securing critical infrastructure, as well as participate in cross-border cyber investigations aimed at countering cybercrime.
According to the release, the building includes: offices, classrooms, laboratory, auxiliary rooms, reception, cafeteria, security post. In addition, the development plan includes a spacious open-plan parking and a park. Photovoltaic panels will be installed on the roof of the building. The training center will be designed for a total of 100 people.
15 new breakwaters
New breakwaters will soon be built in the cultural capital of Cyprus - Paphos. They will be placed between the municipal baths of Paphos and the tourist beach of Geroskipou. There are mainly four- and five-star hotels in this area. The project cost is estimated at €10 million.
The goal of the project is to protect the coast from erosion and to preserve the sand on the beaches, which is washed out by the sea waves. A study was carried out on the impact of breakwaters on the ecosystem of the coastline. According to its results, breakwaters are the optimal tool for protecting beaches.
The Cyprus Department of Environment recently agreed to demolish the Asimina Suites Hotel in Paphos. In the near future, a new exclusive residential complex will begin to be erected here, it will include three 9-storey buildings.
The height of each skyscraper will be 34 meters. Construction will be handled by Constantinou Bros.
The new project will appear on the coastal site in the area of the municipality of Geroskipou. The luxury complex will be adjacent to the Pioneer Hotel, currently operated by Constantinou Bros. The mixed-use project involves the construction of three nine-storey residential buildings called Asimina A, B and C. In total, the complex will have 57 apartments.
From the first to the eighth floor, high-rise buildings will have two three-room apartments, and on the ninth floor of each building, there will be five-room luxury apartments.
For the convenience of the residents of the complex, there is a spacious underground parking for 86 cars, 5 of which will be for people with disabilities. The complex will also have an outdoor pool and a green area of 2,870 m2. The area of the plot on which the high-rise buildings will appear is 14 844 m2, and the area of buildings is estimated at 11 265 m2.
According to the developer, the construction of the new complex will take no more than 12 months.
Construction of the Astromeritis - Evrychou motorway
Finally, on 17 March, a proposal from the Ministry of Transport, Communications and Public Works for the construction of the Astromeritis-Evrychou highway was approved.
The project, which has a budget of €70 million plus VAT, provides for the construction of a four-lane highway with a length of 11.3 km with a roundabout, four ground and underground pedestrian crossings. The route will start from the existing Troodos road south of Astromeritis and end at an intersection in the direction of Kalopanagiotis - Kykkos.
You can find out more information about new projects in Cyprus on the DOM Portal. The website also has over 20,000 real estate properties in the country, both residential and commercial. Choose and contact professionals who will help you make the right choice!
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