Cyprus’ Limassol ascends as Europe’s new riviera, offering GCC investors
Following close to a decade of regeneration and development, Limassol, Cyprus’ second largest city, has become the jewel in the crown of the Mediterranean island. Landmark developments, such as Limassol Marina, My Mall, Dubai World Cruise Terminal, and a PGA championship golf course, as well as the spectacular high-rise residential developments of Blu Marine and Limassol Del Mar, delivered by the Leading Developer Leptos Estates, have transformed the city into a luxury destination that high-profile global celebrities and Ultra High Net Worth individuals from GCC region now call home.
Cyprus has established itself as a primary business partner for the GCC and Middle East as a result of the consistent efforts from its government and private sectors. With direct flight routes from hubs like UAE, Qatar, Kuwait and Saudi Arabia, the Country positions itself as the classic European investment destination for investors from GCC.
Pantelis Leptos, Co-President of Leptos Group of Companies, said, “We believe that the Middle East is one of the strongest economies in the world, with inward and outward investment abounding. Cyprus’s strong connections to this part of the world are growing stronger each year with the country becoming a clear bridge providing access and investment opportunities into and out of the EU, especially through the city of Limassol, which has become a popular destination with those from the UAE. We expect to see even more activity from property investors and businesses from the Middle East in Cyprus in 2024, which coincides with the completion of a number of key projects in Limassol that will make this an even more enticing destination.”
This transformation has also seen Limassol become the country’s highest performing property market, offering the highest rental yields of 7.8% for two-bedroom apartments and the island’s highest market values of the properties analysed. The city’s rapid growth has seen it achieve average rental yields of 7.8% for a one-bedroom apartment and a year-on-year increase in market value of 10.4% for both one-bedroom and two-bedroom apartments. Sales of high-end properties (valued over US$1.2 million) in Limassol increased in volume by 5.5% year-on-year, with a total of 948 transactions.
Leptos Estates, which develops large projects across the island, has also recorded the highest proportion of its sales across 2023 in Limassol. Specifically at three high-end developments, which are Limassol Blu Marine, Limassol Del Mar and Limassol Park.
Leading the way, sales at the developer’s latest, high-end development, Blu Marine, which recently launched its second tower (Zeus) after reaching 80% of sales in the first residential tower, Poseidon. Buyers come from 20 different nationalities and many are from the Middle East, Gulf and the Near East including the Levant. This region now contributes 20% of sales in Cyprus.
Blu Marine, which once complete will comprise of 238 homes and benefit from its own private beach resort, is one of several shaping a new veneer for the historic city, which includes a cherished old town that is a protected heritage site. The largescale development will also contribute significantly to the Cypriot economy and will be at the heart of the city, destined to be a world-renowned address, as well as a luxury destination for buyers to live, work, shop and dine in the new Aktaia Odos area.
The Mayor of Limassol refers to Aktaia Odos as ‘a city within a city’, which is part of a wider masterplan that will see over 1.5km of multimillion pound infrastructure investment, rivalling the regeneration of the French Riviera and creating a globally recognised luxury coastal destination that rivals any other in Europe.
Further attracting foreign investment Cyprus has typically kept a healthy tax rate for foreign companies in the hope to attract businesses, new ideas and initiatives to the island. This focus on attracting foreign investment has helped Cyprus become a prosperous place to both live and work, especially in the seafront city of Limassol, which in turn is driving the local property market and generating strong returns for investors.
Leptos Estates recently launched the highly anticipated Zeus Signature Collection, within the second luxury residential tower at Limassol Blu Marine. Properties consist of one, two and three-bedroom luxury apartments and will benefit from breath-taking views of the Mediterranean Sea. Prices start at US$927,533 +VAT for a one-bedroom apartment and US$1,643,025 +VAT for a two-bedroom apartment, with residents benefitting from access to a private amenity suite, multiple swimming pools and a dedicated beach at the front of the development.
Close to the new Limassol Golf Course, Limassol Park is surrounded by acres of green fields, offering residents the best of both worlds – a countryside location with direct access to all of Limassol’s amenities. Over 75% of the project area is allocated to landscaped gardens with meandering paths and ponds, which surround two large free-form swimming pools, children’s pool and playground. Homes at Limassol Park range in price from US$233,487 + VAT for a one-bedroom apartment to US$756,163 + VAT for a three-bedroom apartment.
Limassol Del Mar is a spectacular contemporary development, with modern architecture expressed through its unique high-rise curvilinear design, which fully capitalises on the plot’s 170 metres long sea frontage. Enabling every single apartment of this seafront development to benefit from breath-taking views of the Mediterranean Sea at every angle. Only 5 homes remain, including a one-bedroom apartment priced at US$1.46 million + VAT to a stunning four-bedroom penthouse priced at US$9.44 million + VAT.
Last Updated on 2 months by Middle East News 247