Located on the southern coast of Cyprus, Limassol is a tale of two cities. Here dynamic modern structures stand harmoniously alongside remnants of its multicultural past, from the Venetians to the British Empire.

In recent years the city’s skyline has been transformed from typical Mediterranean seaside city to something more akin to Manhattan. And as tourism continues to boom, more and more overseas property buyers seek residency and Limassol’s status as the islands international business centre grows, development there continues to reach for the sky. Particularly when it comes to residential property, with yet more giant structures set for construction in the near future.

The €250 million project will comprise four residential towers ranging from 25 to 43 stories, with the tallest reaching 173 metres.

If modern high-rise living in the island’s most cosmopolitan destinations appeals, see what else Limassol has in store.

Limassol Neo

The environmental authorities recently gave permission for the construction of a new high-rise development on land adjacent to the Limassol Municipal gardens on the seafront promenade. Scheduled for completion in 2024, the €250 million “Limassol Neo” project will comprise four residential towers ranging from 25 to 43 stories, with the tallest reaching 173 metres.

As well as 345 apartments, the project will include a club house and 2,100 sqm of commercial development: restaurants, shops, parking for 1,473 cars, a public green, a public square and other landscaped areas. It is estimated the development will house around 740 residents, most of whom will use the apartments as second/holiday homes.

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Pafilia, the property developers responsible for the Neo project, are currently constructing Limassol Landmark: a 29 storey tower and two smaller buildings containing 233 residential units, 14 shops and three restaurants.

Tallest tower in Cyprus

The Shacolas group has issued a town planning licence to construct a 197-metre-high tower. Made up of luxury apartments, the tower would become the island’s tallest building. Named Limassol Aura, it will consist of 137 two-to-four-bedroom apartments and one five-bedroom penthouse with panoramic views of the Med.

 

The Limassol skyline is undergoing a radical transformation.

At 170 metres and scheduled for completion in 2019, “Limassol One” is the tallest building currently under construction in the city, and will become the tallest seafront tower in Europe.

In addition to the Pafilia and Shacolas projects, 23 towers have been granted planning permission in the city and 52 applications to construct high-rise developments are pending.

Residence for investment programmes

Apartments in Limassol’s high-rise luxury developments are proving popular with overseas buyers seeking to take advantage of the island’s residence for investment programmes. Introduced in the wake of the 2013 economic crisis, the scheme provides two options for investors:

• Permanent residency for you and your family in return for investing in a new-build property equal to or above €300,000.
• Permanent citizenship for you and your family in return for investing €2 million in residential property on the island.

Planning regulations

Strict planning regulations are helping ease concerns that high-rise developments could have a negative impact on the local environment. Under new rules, studies of their impact on the local micro-climate must be conducted in relation to sunlight, shading, airflow, thermal effect, reflections and light pollution. As well as any other necessary studies that may be required in accordance with environmental legislation. While the architecture and general aesthetics of the building should be of exceptional quality and the design timeless.

Strict planning regulations are in place.

According to Interior Minister Constantinos Petrides “There are advantages to high rise developments as they leave larger open spaces. And contrary to common belief, they do not create a visual wall along the sea but afford better visibility than lower wider ones.”

Rising property prices and sales figures

Ambitious, cutting-edge developments like Limassol Neo and Limassol Aura are expected to maintain positive trends experienced in the Cypriot property market in recent months, where sales and prices are rising. These projects and others already under construction are expected to maintain the upward trajectory as more and more luxury properties are listed.

If you’ve been inspired to buy in Cyprus this summer, call our friendly Cyprus Resource Team on 020 7898 0549 or email cyprus@propertyguides.com. If you are ready to buy we can put you in touch with a currency specialist, lawyer and estate agent.

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