The Limassol western seafront is to see new development as overseas property investors move away from the crowded marina area.
Saturation of the central Limassol seafront has not decreased investor interest in development projects, as they are currently seeking land to the west of the centre. High-rise projects worth hundreds of millions are in the pipeline, ready to alter the face of the Limassol western seafront.
The western seafront area situated between the new marina and the old port already has developments planned.
One of the areas where major projects are earmarked is Karnagio near the Limassol Marina.
Already groundwork has been made for the Limassol Marine Blu, the flagship project of the Leptos Group, poised to become the ‘New European Riviera’. Leptos have announced that they will construct a ‘Mediterranean destination with a high quality of life’.
Some 330 metres from the Marina on the western seafront, the Limassol Marine Blu waterfront project will be composed of two towers of 33 and 29 stories with 247 luxurious apartments.
Residents will enjoy ‘5-star services, beautifully landscaped gardens and green areas, an elevated 50-metre-long outdoor pool, a 25-metre long indoor heated pool, a spacious spa, a gym and a bistro with endless views of the Absolute Blue of the Mediterranean,’ reads the Leptos brochure.
Meanwhile, Chinese investors have bought part of the old LOEL wine factory and plan to build a mixed- use complex which will include e 35-storey tower and a small hotel. The investors are said to be signing the purchasing agreement of the 33,000 square metre plot in Karnagio over the coming days.
Danos Real Estate Limassol Associate Nicholas Ioannou said: ‘There are many projects in the pipeline including tall buildings and hotels, especially towards the western seafront as the eastern part is almost saturated. The focus is currently on the Karnagio area but extending towards Trachoni.’
It seems that overseas property investors are not finished with Limassol yet.