The vibes of the market and the great demand for housing, has driven construction companies towards small and large investments. The expected arrival of hundreds of foreign workers in Limassol in 2019 is likely to exacerbate the housing crisis in the city. This will cause a further increase in the demand for housing and, therefore, a new increase in the prices of rents, mainly for apartments but also for houses. As estimated growth in demand and price increases will not only be limited to areas popular to foreigners such as eastern Limassol, the city center and last but not least the Zakaki area, but will further entangle the entire property market.
Construction companies receiving market signals in combination with the improving housing-related lending conditions and increasing inflow of investment funds, are putting in place new or old business plans. Entrepreneurial Limassol has been told that in 2016, 59 building permits were issued for the creation of apartment buildings within the boundaries of the Limassol municipality. In 2017 their number increased to 63 and in 2018 to 72.
For houses the growth rate is slightly lower. Specifically, in 2016 142 licenses were issued. They increased in 2017 to 160, and dropped in 2018 to 153. Furthermore, with regard to the sale of properties, Limassol has the biggest volume, as in 2018 3,411 sales documents were deposited, against 3,187 in 2017, recording an annual increase of 6%.
Moreover, only in the borders of the Limassol municipality, three high-rise buildings are currently under construction. These are, the 37-floor Limassol ONE of Pafilia, the Cybarco Trilogy Seafront Towers with 39, 37 and 36 floors on the coastal front and the 15-floor Cedars Oasis Tower by Chapo located on Makarios Avenue.
Building permits have also been given to five similar developments. That is the Limassol Neon by Pafilia, the 18-floor Highgate of Lanscope and the 18-floor Total Tower PG Economides Properties at the beachfront, the 22-floor Neocleous Tower on Makarios Avenue and the 13-floor Port Gate Tower near the Omonia and Roosevelt Avenues. Waiting for permitis, is Leptos Estates for the 33-floor Blue Marine in the Karnagio area, the Shacolas Group for the 37-floor Aura, the Gallery in the Molos area, and finally a yet unnamed development on the coastline, that requested a building permit last December.
