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First marina apartments delivered

The first ninety four apartments on the new marina development in Limassol have been delivered marking the completion of beginning of the project’s operation; the first yachts are anticipated to arrive in March.

limassol-marina

Photo: http://www.limassolmarina.com

LIMASSOL Marina has welcomed its first residents with the turn of the year. The delivery of the 94 luxury apartments and penthouses at Nereids Residences marks the beginning of the project’s first operational year.

According to a press release, Mr Takis Palekythritis, General Manager of Limassol Marina Ltd, expressed his pride in this important first stage of completion. “We have delivered on time and we feel very proud to be among the best-selling developments in Europe, having achieved sales in excess of €86 million. We are very pleased to have attracted a good balance of high calibre local and international buyers and we are confident of the positive impact this will have on local businesses and the Cyprus economy as a whole.”

A landmark project for Cyprus, Limassol Marina has been changing the face of Limassol town and embarking on a long anticipated transformation of the nearby area. Playing its own part in boosting the economy and image of the island, Limassol Marina is one of the few developments that succeeded in raising awareness and capturing unprecedented interest on a global scale.

With 90 per cent of the project’s marine works and 50 per cent of the residential development and infrastructure already completed, 2013 will mark a new era for Cyprus. Construction of the unique Peninsula and Island Villas, with direct access to the beach or their own private berths, is progressing well.

The first yachts are expected to arrive in March, apartments at Thetis Residences are due for delivery in June and the commercial area will be ready to open its doors to the public this summer.

Readers' comments

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  • Costas Apacket says:

    andyp – Also it doesn’t state anywhere that you would be required to pay any ‘burdens, charges or encumbrances belonging to the vendor if you wished to pursue your rights to seek specific performance.

  • andyp says:

    “From the minute your Contract of Sale is deposited at the Land Registry Department, you the purchaser can prevent the owner/developer from transferring the property elsewhere or changing it. Furthermore no burdens, charges or encumbrances can affect your right to seek specific performance after the contract has been deposited with the Land Registry, since you are the beneficial owner.”

    Did the interior Minister not say something very similar in a response to the EU some years ago?

    As a great many of us found out the bold statement failed to mention pre existing encumbrances! In addition as we all now know we are not the beneficial owners of our properties until title deeds are in our names.

  • martyn says:

    This to me seems the right kind of “Top End” development Cyprus really needs, seems like quality design and construction, a potentially very good location – but with a sizeable proviso that it will need all the other components of what is a massive overall, integrated development to be successfully completed and ‘sold’ .

    I have commented previously on other pages of this Forum about the Contracts < Title Deeds aspects, particularly with relevance to the out-of-date, and generally acknowledged to be flawed, property and, sadly it seems much abused, property registration processes, and the associated double-security aspects (land mortgaged to bank then, often then also mortgaged again to the Purchasers) and – as I believe we all know by now – the long, long waits, often up to 10 years, that Purchasers can experience before they ever get their hands on their Title Deed.

    It seems Cybarco, developers of Nereids, are doing all they can within the flawed system/processess in Cyprus, to assure Purchasers about Title, Title Deeds – and, especially the ability, or not, of Purchasers to sell-on their properties!

    I quote from Cybarco's current on-line brochure on Buying Property in Cyprus:

    "When the Title Deeds are issued (a few years after the completion of the project / property), they are always in the name of the Developer (Cybarco), and then Cybarco transfers the Title Deed of each unit in the name of the purchaser. From the minute your Contract of Sale is deposited at the Land Registry Department, you the purchaser can prevent the owner/developer from transferring the property elsewhere or changing it. Furthermore no burdens, charges or encumbrances can affect your right to seek specific performance after the contract has been deposited with the Land Registry, since you are the beneficial owner."

    It seems from the Press comments that <94 Purchasers have found the above statement to be re-assuring enough for them to proceed to actual Purchase and presumably many/most of these have been confident enough to sign up on the strength of the Statement. It would be interesting to make a Risk Assessment on all this, particularly given the bracketed words "(a few years after the completion of the project / property)". It would be the Risk of 'the project" failing that would need particular attention – for instance would this be simply the Nereids project or the whole Limassol Marina project?

    I do hope that current Troika involvement, and hopefully a completely new Government with commitment to radical and forward-looking change, leads to early and fundamental up-dating and rationalisation of Cyprus Land & Property Registration law and the related legal, financing and security aspects. Cyprus needs large 'game-changing' prestigious projects such as Limassol Marina, alongside some of the better smaller company and 'momma & poppa' projects, if it is to ever overcome its now generally discredited property and development image across all-important International markets. It won't be just MedGas that wins the country a progressive and profitable future. The currently shambolic property, development, legal and financing parameters must be completely overhauled too!

  • steve says:

    They may have been delivered by the developer but have any actually been sold. I agree with Elizabeth in so much as without completion certificates they will be breaking one of the many CAP laws if they move in. Bet that wasn’t explained by the solicitors

  • Elizabeth says:

    I bet they don’t have completion certificates!

  • Adrian says:

    I wonder if they all have Completion Certificates,even if they are high end buyers it would still be illegal to occupy these beautiful apartments.
    It would be interesting to track this project to see how long before the new owners have the title deeds.It should not be too long with the new regime of enthusiasm in the land registry
    Must go now ,I have to research if the bank can take possession of my yacht at the marina if the developer becomes a non performing loan!!

  • jon frazer says:

    Can anyone say whether the apartments for sale are being offered with title deeds?
    If they are, then how come they have jumped the queue ahead of 130000 others?
    If they do not have deeds, what is the anticipated wait? I can’t imagine that the lawyers of high-end buyers would allow their clients to be kept waiting for ten years.

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