Limassol has long been popular with overseas property investors but suffered badly from the global financial crisis in 2008.
Before the 2008 financial crisis, Brits accounted for 90 per cent of overseas sales. That’s now at 10 per cent, up from a three per cent low – and things seem to be looking up again.
The long association Limassol has with the UK (25 per cent of Limassol’s 250,000 residents are British ex pats) is likely to ensure that the special relationship continues.
Now the development of Limassol as ‘Europe’s new Riviera’ is designed to draw overseas property investors to a new luxury destination.
Cyprus has already made its pitch for foreign investment, offering film-makers cash rebates, tax breaks and other benefits to shoot in what has been dubbed ‘Olivewood’.
Jiu Jitsu, a science fiction and martial arts movie starring Nicolas Cage which will hit screens next summer, has been filmed entirely in Cyprus.
Meanwhile, Limassol’s property developers are hard at work transforming the somewhat dated beach town into a magnet for wealthy travellers and investors.
There’s a new marina perfect for mooring your superyacht, sparkling new restaurants and bars in the newly developed Old Port area and a €550 million casino resort called City of Dreams is already under construction.
Limassol’s latest construction project, Blu Marine, is a trio of wave-shaped buildings that will house 247 apartments, promising a sea view for every air-conditioned room. Under-floor heating, a 24-hour concierge service, gym, spa and 50 metre infinity pool are all included, as are deep balconies and seafront gardens.
Each tower is strategically placed to offer uncompromised views of the ocean and each block is surrounded by extensive landscaping and green spaces. The elevated podium overlooking the sea will house the infinity pool, landscaped gardens, a double height gym, bistro and residents’ lobby and concierge.
Residents will also have access to over 14,000 square feet of luxury health and wellness facilities including treatment rooms, sauna and steam rooms and a naturally lit 25 metre heated indoor pool.
One-bedroom apartments are on sale freehold from €615,000, about £530,000 with five per cent VAT, roughly €2,000 land registry fees and around €650 a month in local fees and service charges on top.
There is also a 24-hour concierge service, property and rental management, housekeeping and security aimed specifically at investors looking for a “lock up and leave” or ready-to-rent option.
Thanks to a four-hour flying time from the UK and an abundance of cheap flights, Cyprus was the fifth most popular destination for Britons this summer and Paphos and Limassol have been ranked the seventh and ninth best value for money European Beach Resorts for UK travellers.
Now could be the time for British overseas property investors to take a new look at Limassol.