The multi-storey residential buildings construction industry in Limassol is proving to be resilient, as despite the initial numbness caused by the abolition of the Cyprus Investment Program, the construction of most buildings has apparently remained unaffected.

Pafilia's Limassol One is almost complete. However, the construction site in the group's other major project, Limassol Neo, has been underperforming in recent months, in view of the company's final decisions on the future of the project. Within the boundaries of the Municipality of Limassol, work continues feverishly in two of the three towers of the Trilogy Towers of Cybarco and in the Blue Marine of Leptos Estates, which is in the foundation phase.

Germasoyia and east coast

Speaking to "Entrepreneurial Limassol", Germasoyia Mayor Kyriakos Xydias, stated that the concern that was initially caused by the abolition of the CIP "lest some of the big developments remain unfinished", was followed by satisfaction "when we found that at least when it came to projects that were licensed and under implementation, works continue normally ". The final touches are already being added to the Del Mar, of the Cypeir consortium, the Sky Tower of Prime Property, The Icon of Imperio and the i100 of A. Athanasiou.

On the other hand, stagnation has been observed for months, at the 26-storey Marr Tower. "It is the only case that has troubled us, Kyriakos Xydias pointed out, as the works have been stopped and there was concern that the area would be burdened with an eternally unfinished tower. However, recently the property was sold by the Russian company Marr, which left the Cypriot market, to a Ukrainian investor with the aim of completing it.

In Agios Tychonas, the 27-storey Dream Tower of Property Gallery, the mini towers: 180 ° Limassol Residence and Symbol Residence and mainly, the 30-storey Olympic Resort (Ritz-Carlton Residences) in Mouttayiaka, are in progress.

Despite the general freeze of new investments in new towers, the 18-storey Clelia, worth €11 million, of CLELIA HATZIOANNOU & VM ESTATES LTD, is before the Environment Department for public consultation with a view to obtaining a license. At the same time, work is well in progress on Pareklisia’s all four multi-storey buildings - Ararat, Chill, Sabai and Marco Polo.