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Limassol marina on course for completion in 2012

The construction of Cyprus’ new marina at Limassol is progressing well and on course to be completed by the end of 2012.

THE President of the Republic of Cyprus, Demetris Christofias laid the foundation stone of the new Limassol marina at a ceremony held earlier this month which was attended by the town’s officials and other dignitaries.

Construction work on the Limassol Marina is already is under way and progressing rapidly and the special crane employed to dredge mud from the seabed has completed its work.

The marina project is one of the largest in Cyprus and aims to promote Cyprus position on the map as a quality tourist destination and should be ready to accept its first vessels in the autumn of 2012.

Despite the general slump in the property market, sales are reported to be doing well. The first units to be delivered in about 2 years time will be the nine blocks of apartments known as the Nerieds (sea nymphs). One bedroom apartments are selling for €450,000, two-bedroom apartments for €850,000 and the three bedroom apartments for €1 million.

At an estimated cost of €350 million, the marina will be able to accommodate all types of vessels from sailing yachts to mega yachts, ranging from 8 metres to 100 metres in length.

Readers' comments

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  • @Dee – cruise ships are handled by the Limassol Port.

  • colin biggs says:

    So a Cyprus grand prix for 2015 in the little silver lined bubble that is the future as viewed by the Cypriot government?

  • Dee says:

    ….But no cruise ships?

  • Sheik Yr Mami says:

    Are you sure about selling? I was informed by a salesman of the Marina, it was a 99 year lease hold. No titles etc. Ownership remains with Limassol marina. Monthly service fees are not yet available.

  • John Scott says:

    Nice to hear that despite the general economic gloom and doom, Limassol is still expanding and developing.

    The prices seem to be very exploitative and far too high for what they are. 1 bed apartment seafront should only be around the €150k mark, not €450k!

    Hopefully though, there isn’t any mortgage against the development and that the properties are already parcelised and the deeds in place, or maybe not?

  • Peter says:

    “One bedroom apartments are selling for €450,000, two-bedroom apartments for €850,000 and the three bedroom apartments for €1 million”.

    But don’t think you will ever get the title deeds. They will be mortgaged at the bank until the developer defaults, then they will be sold a second time at auction.

    When Cyprus talks about sorting out the “Property Problem” it is talking about its own people and land in the North and South, not developers who owe toxic debts approaching €7b.

  • jon frazer says:

    For some reason, I was reminded of “Papholand” while reading this. What about “Limoland”? Seriously, though it is good news. I wonder if the properties all come with title deeds? If not, for “The Nerieds”, read “The Sirens”!

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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