6 September, 2019

Limassol 2.0

Among all the towns in Cyprus, Limassol has always stood out as the town that had it all.

It matched the serious business character of the capital Nicosia and injected it with concentrated shipping activity, international trading and financial services. It adopted the holiday spirit of Ayia Napa and developed it to a more worldly and sophisticated level. Located between the two airports in Paphos and Larnaca, and as the home of the island’s main cruise terminal, it is easily accessible to all travellers coming to the island – whether for business or pleasure.

But Limassol did not stop there – not by a long shot. As anyone living in or watching Limassol will tell you, the town is preparing for a bigger and better version of itself: welcome to Limassol 2.0. And while the most visible developments at present are the residential towers rising along the main promenade, more deep-rooted change is taking place in west Limassol towards the area known as Fasouri.

A decade ago, Fasouri was associated primarily with the Fasouri Waterpark, a popular destination for family entertainment. Other than that, it was a quiet and almost virgin territory. In 2010, the opening of My Mall put the area in the spotlight once again and added a commercial dimension to its reputation. And now, City of Dreams Mediterranean, the casino resort that is being developed within walking distance from the mall, has triggered a domino of groundbreaking projects. It’s an expansion that started slowly, steadily and quietly, but has meanwhile picked up momentum attracting domestic and foreign interest, with investors from Cyprus and overseas eager to claim a share of the development action.

Indeed, this part of town and the surrounding areas are all set for a Cinderella experience. Lady’s mile, the longest sandy beach in Cyprus, which until recently was considered somewhat off-centre, is being seen with new eyes and preparing for a makeover. The wetlands of the Akrotiri peninsula, once a secret shared by birdwatchers and environmentalists, is now widely recognized as a rare and valuable natural habitat. The forest patches of Fasouri are emerging as a perfect ornament to decorate the new urban developments. In short, all these natural gems are adding value to the projects that are taking shape, pushing neighbouring property prices to new levels. In fact, many expect west Limassol to rank as the most desirable, high-end part of town within a few years. Limassol municipality is also working full steam to keep step with the upcoming projects that are destined to recharge and enhance these previously less prominent localities in Limassol.

Among the key projects here, apart from the casino resort, is an elaborate golf resort covering an area of 1.500.000sqm, including an 18-hole golf course as well as residential properties and commercial, entertainment and wellness facilities. Construction is scheduled to start in 2019. 

Another landmark development adjacent to the casino resort is Citrine Estates. Developed by the CNS Group across a total area of over 320.000sqm, the first phase is already under way and dedicated to luxurious residential properties which will be delivered in 2021. Different property types range in size from 50sqm to 370sqm, with a choice of 1- and 2-bedroom apartments, as well as 2-, 3- and 4-bedroom villas. The next phases to come will include residential properties, commercial premises and leisure facilities. The master plan provides for a road network complete with cycling paths and sidewalks and calls for 15,6% of the total area to be reserved for green areas. Once completed, Citrine estates will be a community in itself, home to some 1400 residents who enjoy the promise of Citrine Estates: Invest in Luxury, Live in Nature.

Anticipating the area’s population burst and consequently increased consumer demand, the existing My Mall will also expand its offerings, growing by 5000sqm to be completed in 2020.

Given the broad interest in this new face of Limassol and the different projects that are in the pipeline, it is important to keep an eye on the big picture. Buyers and investors interested in a particular property are therefore advised to consult a knowledgeable professional who is aware of all the developments in the area, both current and planned, to help every client make an informed decision.

For further details regarding Citrine Estates, visit https://www.citrineestates.com/

or email Yiannos Trisokkas at: yiannos.trisokkas@casamont.com

< View All Articles

Yiannos Trisokkas

Yiannos Trisokkas

Yiannos Trisokkas is the Director of Casamont Cyprus Ltd overseeing operations in Cyprus and Greece. He has also been the Managing Partner of Henley & Partners Cyprus Ltd since 2013, with Greece’s Golden Visa Program within his ambit. He serves as the Chairman of the Real Estate Committee and Member of the Management Board of Henley & Partners.