The crash in the luxury real estate market in Limassol, leads the development entrepreneurs in search of other solutions for the utilization of the two thousand luxury apartments that are in danger of being left unsold, after the end of the investment program. According to the new edition of PwC "Cyprus Real Estate Market", sales fell by 78% in the first half of 2020 and the figures do not yet include the market downturn since the end of the program. Many entrepreneurs are considering changing their plans and consider short-term rental instead of selling apartments, while others may post them on Airbnb platforms. It is extremely possible to change the use of apartments into offices, but also to reduce the sizes, in order to create smaller apartments at a lower price. The promotion of headquartering, ie the transfer of headquarters of companies with a real presence in Cyprus, which will be interested in renting or buying luxury apartments or offices, also holds great expectations.
In progress and on hold
Within the boundaries of the Municipality of Limassol, four multi-storey residential developments are under construction. These are Pafilia's Limassol One coming to completion, Cybarco's Trilogy Towers, while Pafilia's Limassol Neo on the seafront and Leptos Estates' Blue Marine in western Limassol are placing the foundations. In Germasogeia, the construction works of Del Mar of the Cypeir consortium, the 23-storey Sky Tower of Prime Property, The Icon of Imperio and the i100 of A. Athanasiou are at an advanced stage. On the other hand, the 26-storey Marr Tower has been stagnant for months.
In Agios Tychonas, work is intensively continuing on the 27-storey Dream Tower of Property Gallery that started just a few months ago on the site of the former Arsinoe Hotel, on the mini towers: 180 ° Limassol Residence and Symbol Residence on the beach, as well as the 30-storey Olympic Resort in Mouttagiaka, which started to rise despite the fact that it started only at the beginning of 2020. Almost at the same time, three high-rise buildings started this year in Parekklisia, that is Ararat, Chill and Sabai Residences, while Marco Polo is in the foundation phase.
On the other hand, the construction of Infinity Towers, by Prime Property, is doubtful. Also, in renegotiation with Sofitel is Oxley Planetvision for the creation of Sofitel Hotel Resort & Residences on the beach of Pyrgos, while the 37-storey Aura of the Shacola Group, the Loel High Rise Residential Project and the Grand Hyatt - Zaria Resort are still in the licensing stage.
