It seems that Limassol has all going for it and the town is fast changing from an ordinary Cyprus town to one which will have major attractions over the next 2-3 years. The town has been fortunate enough to have a most successful Mayor who, he seems, he knows the “ins and outs” of the Government and is “an artist” in attracting E.U. funds. The Municipality together with the local Chamber of Commerce are acting as one and are demanding more and more for this town and Limassol is one or more steps ahead from the other towns.

• The Limassol marina is under way and out of the total 4 marinas to be build it has gained ground, ahead of the Larnaca Marina and port project of at least 2 years.

• The published promenade plan, which includes “over the sea” footpaths and added parking is also prepared to commence works within the year (now out to tender).

• The Limassol Zoo will be upgraded through contribution of the offshore Cos and works are under way.

• The beach works have been completed as well as the numerous beach cafes, which are a major source of income for the Municipality.

• The Garillis “river” bed will become over next year a linear park extending for over 5 kms and tenders are out.

• The old city has secured millions of Euros to have its infrastructure improved.

• The town is the first to undertake multi storey buildings of 15-30 storey height and one of the first projects (Olympic Tower) is under way, whereas Pafilia with its 35 storey project across the beach is expected to commence next year.

• Plans are under way to construct a new seaside road from the old harbor to the new one and the area west, where most of the factories are, will be rezoned for office uses of a high rise nature, expecting to become a kind of Manhattan for Cyprus. Already there are modern offices built.

• The old port is out to tender for its conversion into a Greek island style fishing harbor with entertainment and restaurant/bar facilities.

• Etc etc

So the town is changing and these and other projects will have a wider affect in its property market and value. The town has now the highest property values in terms of offices (approximately €7.000/sq.m.) and apartments (approximately €10.000/ sq.m.) both relating to beach properties and it has retained over the years its no.1 position favorite of the offshore Cos. Foreign language schools are full up and at the moment there is a sort of shortage of accommodation in order to satisfy demand. A new college is programmed to be developed north of Limassol (along the Platres road) and it is noticeable that foreign permanent home seekers find Limassol as the most attractive city. Limassol east is the favorite location (Ayios Tychonas, Pareklisha etc villages) in terms of housing, whereas north of the town areas such as Paramytha etc are growing in interest.

Property values for not on the beach villas have a range of around €3.500/sq.m., depending on quality and garden size (as well as the sea views offered). This cosmopolitan development will show “its teeth” and affects on the town shortly and that will help the local property market, making, as the Mayor says, the new cosmopolitan Beirut of the Middle East. What we must also consider is the increase in traffic and the problem of congested roads as well as the lack of within the town parking, because if this is not resolved, the old town will come to a halt. We often compare the old city of Limassol with that of Nicosia and although we understand that nothing can beat the sea views and the beach, copying to an extent Limassol’s Municipality by that of Nicosia, will help the latter tremendously.

www.aloizou.com.cy

www.aloizou.ro

www.aloizou.ru

ala-HQ@aloizou.com.cy