What is the future of towers in Limassol?

Что ждёт небоскрёбы Лимассола после отмены программы "золотых" паспортов?
31 October 2020 Liza Medvetskaya

The consequences of the Cyprus Investment Program (CIP) cannot leave the investments unaffected concerning the enormous developments in Limassol.

As is well known, several investors, through the "golden passports," invested in buying apartments in towers as they preferred to own a property for long-term investment. On the other hand, some may have prepaid an investment that has not yet been implemented. 

However, the detainee is one, investments of hundreds of millions in Limassol are affected as the Cyprus Investment Program was permanently abolished yesterday, with land development entrepreneurs running until the last to apply.

To analyze the effects mainly on Limassol's massive developments, the vice president of the Association of Real Estate Appraisers, Poly Kourousidis said his opinion.

Mr. Kourousidis stated that the effects depend on each project separately. "It depends on what stage of development they are in where many projects have not started, and I believe that they will not start nor will they have any negative effect if they remain on the "ice." 

He explained that for some investments that have not yet started to be implemented, the most likely scenario is to make changes, differentiating their original design. 

Что ждёт небоскрёбы Лимассола после отмены программы

"Maybe some buildings will become smaller, differentiate. "For example, if someone were to build a 36-storey tower with 70 apartments, they could build a smaller building with smaller units, so that they could sell real estate to another category of buyers."

Asked to comment on what will happen next with the towers that have started to be erected and have gone on pre-sale, he said that everything depends on the percentage of pre-sales they made. 

"For example, if the pre-sales exceeded 50 percent and the money is there, then the project will be completed. However, if these are less than 30 percent, I estimate that they will not be able to be completed ".

As for investors, he clarified that Limassol has always attracted Russians, but those who live permanently can not buy apartments of 2 million, as was the case with the naturalization plan. He believed that this portion of investors could buy small apartments at much better and more affordable prices.

Source: philenews.com
Photos: DOM LiVE
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