We have all seen the billboards along the highway in all the cities and on Cyprus's outskirts, which feature the large-scale land developments that change the residential map.
Although aesthetically pleasing, the latest luxury housing developments in Cyprus have one thing in common: creating a new lifestyle destination in the eastern Mediterranean.
Tourism-related real estate investments remain the dominant element of this trend, as evidenced by the numerous multimillion-dollar agreements concluded between local companies and foreign investors to transform the island's coastline over the past five years.
The Cyprus Investment Program, which is once again on the world stage, has been a significant incentive for Russian and Israel investors seeking EU access - including obtaining a passport - to channel vast sums of money into the Cyprus real estate sector. It is also worth noting that the COVID-19 pandemic, despite causing delays in delivering most projects, obviously did not reduce the desire for investment.
Undoubtedly, the latest "explosion" of real estate has affected Limassol more.
With a total cost of over € 400 000 0000, Limassol Marina hosts numerous large yachts moored in front of luxury villas and apartments with their access to the beach. To the east of the Marina, the horizon is filled with towers, each combining residential and commercial features. And let's not forget one of the most exciting projects in Limassol: Melco's City of Dreams Mediterranean, the largest integrated casino in Europe. The € 500 000 000 project will create about 4 000 jobs during its construction phase and about 2 500 permanent jobs once it opens and is expected to attract more than 300 000 visitors to the island each year.
In terms of real estate, the Paphos coastline is the second most popular destination in Cyprus, especially for foreign buyers, where 2 630 sales contracts were drawn up in 2019, according to the Land Registry. At the same time, Ayia Napa Marina, an investment backed by Egyptian tycoon Naguib Sawiris, is the most extensive residential development and largest infrastructure project in the south-eastern part of Cyprus, with an estimated cost of € 300 000 000. Nicosia, the towers change the face of the capital to attract permanent residents instead of temporary buyers.
