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The sky’s the limit

THE RISE in real estate prices, coupled with an unprecedented development boom, have been established as an entrenched reality in Cyprus over recent years. Limassol is currently host to numerous exclusive residential projects, including a project marketed as “the most exclusive in the Mediterranean”, offering accommodation for sale up to a staggering €12.5 million. The […]

THE RISE in real estate prices, coupled with an unprecedented development boom, have been established as an entrenched reality in Cyprus over recent years.

Limassol is currently host to numerous exclusive residential projects, including a project marketed as “the most exclusive in the Mediterranean”, offering accommodation for sale up to a staggering €12.5 million.

The Residence, is a development comprising 57 luxury properties, located on a blue-flag beach, right opposite the yachting marina of St Raphael five-star resort in Limassol. The project is a partnership between development company Solon Piitarides Developments Ltd and UK-based architects Scott Brownrigg. It is scheduled for completion by March 2009.

This residential development is definitely the most exclusive in Cyprus, even in the whole Mediterranean,” said George Englezos, Sales Executive for The Residence.

There are infinite features that set this project apart from anything else. The architect is world-famous Scott Brownrigg. The specifications are also superior. We have used the highest standard in technology and in materials. Its location on the beach and next to the marina is advantageous. And this area is presently considered the best area in Limassol,” Englezos said.

The 57 properties offered in the Residence include 12 villas, as well as two-, three- and five-bedroom apartments. The prices start from half a million for a flat, to €12.5million for a villa. “Prices are in fact negotiable and do change,” noted Englezos.

Nine of the twelve villas on offer have already been sold, Englezos confirmed. “We now have three villas available for sale: one is priced at €12.5million, the second for €11.5million and the third for €6.5million,” he said.

In fact, Englezos confirmed that 70 per cent of the properties in the Residence have already been sold. “We have targeted all the markets, including Lebanon, the UK, Russia and Germany. Cypriots have also bought some of the smaller flats, as an investment,” he explained.

Passing the seafront road from Amathus to Limassol centre, one cannot but notice the overwhelming concentration of developers’ sales offices along the road, as well as the numerous projects under construction. Virginia Beach Villas, Savoya Residences, Olympic Residence, as well as Cybarco’s ‘crown-jewel’ Amathusa Coastal Heights, are just some of the developments currently in progress.

Cybarco’s Amathusa, located on a seafront slope right next to the Amathus ancient site, is a residential community comprising 248 units in villas, flats, town houses and other types of accommodation. The ‘lifestyle community’ features two large swimming pools, parks and a gym, while walking path-lanes have been incorporated in the project.

Built on a 28-metre slope, Amathusa offers superior sea views to all its residents,” said Angelos Markou, Amathusa Sales Executive. “Prices are also reasonable, for example €341,000 for a two-bedroom flat, and €870,000 for a courtyard villa, always with the Cybarco quality” he said.

The supply is definitely endless, and there also seems to be enough demand. “There were many occasions when I sold multi-million villas to clients in Limassol,” one real estate agent told the Sunday Mail.

These are not your usual homes, definitely not the houses we Cypriots are now living in. We are talking about 600-700m², multi-storey villas, right on the sea, sitting on 1,000m² of land. They also have the facilities and amenities to go with the size,” he explained.

We do have many luxury superior properties on offer, including villas at advantageous spots, roof garden luxury apartments on the beach and so on. Our clients mostly come from ex-Soviet states,” a major developer’s sales person said.

There is clearly a difference between the type of people who invest in property in Paphos and those who invest in Limassol. Russians do prefer Limassol because of the lifestyle and the services. Limassol is a business centre, offers a pleasant lifestyle and a number of excellent private schools,” she explained.

Copyright © Cyprus Mail 2008

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