Developers no Longer Want to Erect High-Rises in Limassol

Девелоперы больше не хотят строить небоскребы в Лимассоле
5 November 2021 DOM LiVE
1310

After the suspension of the Citizenship by Investment program, a significant number of projects for the construction of new high-rises in Cyprus are only on paper.

Most developers, especially in Limassol, understanding the new realities, decided to drastically reduce the height of buildings.

According to the head of the technical service of the Limassol Municipality, all pending applications for the construction of high-rises have been frozen today. At the same time, there were almost no new applications from developers.

At the same time, the redesign of developments occurred in the following projects:

  1. Trilogy Limassol Seafront. The project involved the construction of three high-rises (36, 37 and 39 floors). Today, two towers are at the final stage. And the third one will be transformed into a low-rise building. The Cybarco has already submitted documents for obtaining the appropriate permit to the Department of Town Planning.
  2. Limassol Neo. At the initial stages, the developer's plans provided for the construction of four high-rise residential buildings (43, 38, 31 and 25 floors). However, due to recent developments in the country, Pafilia Property Developers decided to change the use of high-rises. Instead of a residential complex, it will have apartments, offices and hotel rooms.
  3. Limassol Blu Marine. As for this large-scale project, work on it has slowed down significantly, but it is still ongoing. The first phase is expected to be completed in 2022. The project provides for the construction of buildings that will house offices and residential apartments, where they will offer a wide range of world-class services.
According to the head of the technical service of the Limassol Municipality, earlier the Department of Town Planning issued permits for the construction of five more similar developments, but the construction of facilities has not yet begun.

It is worth noting that the largest number of high-rise buildings in Limassol today is concentrated in the municipality of Germasogeia. The most interesting among them are:

  1. Limassol Del Mar. The complex, which consists of two high-rises (17 and 27 floors), is at the final stage of implementation. The total building area is 40 thousand m2.
  2. The Icon. The high-rise has been commissioned. Its height is 125 m (21 floors). The Imperio company was engaged in the construction of the building.
  3. Sky Tower. The 23-story (98 m) tower belongs to the Prime Property Group company. The final work on the project is currently underway.
  4. High Life i100. The tower of the DTA Group company has been put into operation. Its height is 23 floors.
  5. Chr. Athanasiou. Athanasiou Tower is a stunning modern high-rise building with ultra-modern architecture, striking exterior and a surprisingly fresh and detailed approach to design. The building with a height of 13 floors has already been put into operation.

As for other areas of Limassol, a few days ago a foreign company submitted a new application to the municipal Council of Mutayaka for the construction of a 17-storey building. In addition, the construction of the 30-storey Ritz-Carlton tower by Leonetti Co Ltd on the coastal territory of this area is progressing slowly but steadily.

In the municipality of Agios Tychonas, the Four Seasons Hotel received permission and erected a 12-story building. The same was done by the owners of the Mediterranean Hotel, who also built a 10-storey tower near the hotel The Mediterranean Residences.

Also in the area of Agios Tychonas, there is a 10-storey iHome tower. Finally, the project called Infinity Towers, which includes two high-rise buildings of 23 and 18 floors, is still in question.

Девелоперы больше не хотят строить небоскребы в Лимассоле

More detailed information about new projects in Cyprus can be found on the DOM Real Estate Portal. The website has more than 20,000 properties in Limassol, Paphos and Larnaca - from residential to commercial. Choose and contact professionals who will help you make the right choice!
Source: stockwatch.com.cy
Photos: pixabay.com, DOM
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