Developers are showing increased interest in the areas of Germasogeia, Agios Athanasios and Agios Tyhonas.
This was announced recently by the mayor of the eastern part of Limassol, Kyriakos Xydias.
Xydias stressed that the pace of construction of luxury residential complexes will only increase in the near future, based on the number of applications received. He also pointed out that this part of the city has the largest number of high-rise buildings. Among them are: The Icon, ONLY Tower, Limassol Del Mar, The Ritz-Carlton Residences and others. However, no new skyscrapers are planned here, as the Cypriot market is no longer geared towards such projects after the end of the passport programme.
Xydias expressed concern that many of the high-rises in his municipality could become "ghost buildings" due to serious maintenance problems. There is no law on who should manage these buildings. At the same time, the owners of flats in high-rise buildings have to pay between 1,000 and 1,500 euros a month - the total cost of the building. Xydias emphasises that the municipality has no influence on the situation in case of problems.
Another serious problem highlighted by the mayor is that apartments in some high-rises are being offered as hotel units for short-term rentals on platforms such as Airbnb.
This creates serious competition for local hotels. Xydias pointed out the need to find a mechanism to avoid unfair competition between 'towers' and licensed hotel complexes.
The mayor said that the northern neighbourhood between Germasogeia and Agios Athanasios, with its impressive cluster of schools and the German Medical Institute, has also seen a large increase in new projects, which is only expected to increase. Xydias points out that this is a special development zone, governed by a local plan approved in 2013. Investors are now actively buying up large tracts of land here. According to the mayor, this will lead to new applications for large projects. And in the next few years.