Large investment in Agia Fyla, by Israeli entrepreneur

The creation of a combined development in the fields of health and education is planned in an area of ​​733 thousand square meters, north of Polemida Forest and south of the private school Heritage. This piece of land was recently sold by the Property Management Department of Bank of Cyprus (REMU) to Israeli businessman Yakir Gabay, for the amount of €28 million.

The area, which is located 250 meters east of the Limassol-Platres road and 350 meters southeast of the Heritage Private School, consists of two parts. Complex 1 consists of six pieces, with a total area of ​​682.264 sq.m. and is accessible via a registered dirt road. Complex 2 is a piece with a total area of ​​50,503 sq.m. The land falls into a planning zone with a building coefficient of 10%, coverage coefficient of 10%, with two floors and a maximum height of seven meters.

It should be noted that the Israeli businessman owns 10% of the German real estate company Aroundtown SA, which has a portfolio of commercial real estate worth $30 billion in Europe. The value of the property has risen further thanks to the ongoing construction of the new Limassol-Saittas motorway  (Phase 1, to Palodia), which is expected to be completed by December 2023.

On the opposite side of the road, to the side of Polemidia, another complex development is planned, in the field of education, with a ready masterplan, that is located in an amphitheatric valley of 243 thousand sq.m. The project, which has been under preparation for years, has recently passed into the hands of a Russian investor and plans have been submitted to the Town Planning Department for the preliminary works.


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