West Limassol is at the centre of development, with dozens of large expansions already in the works, as huge plots of land worth several millions have been sold in various areas recently.
At the same time, western Limassol has already set its sights on acquiring its own ‘’Wall Street’’ or ‘’Silicon Valley’’, as many foreign companies, mainly in the technological and financial sectors, have already made or will be launching large-scale investments.
As InBusinessNews is informed by a market source, in recent months huge areas of land, mainly plots and field, have been sold.
In particular, huge buying interest in land appears in the village of Asomatos, where the value of sales reaches 350 million euros. In addition, the same source reported that many acts of lower value, has been carried out in the village of Tserkezoi in Limassol.
It is worth noting that the western areas of the Limassol municipality, such as Agios Spyridonas, Zakaki and Omonia, have also been approached buyers. The sales carried out mainly concern plots and fields, but some of them also concern houses and apartments, with the total value exceeding 40 million euros.
On top of that, interest was also attracted in central-western locations, such as Agios Antonios and Apostolos Andreas, with total sales recently approaching 20 million euros and involving residences, plots and fields.
It is recalled that as recently published by InBusinessNews, huge parcels of land that have been unexploited for years in the Tsiflikoudia area (central-west area of the city), have been purchased and are intended for large developments of multi-storey buildings that will house foreign companies.
The above, combined with the construction of the Coastal Road which is planned to connect the area of the old port/marina of Limassol with the area of the new port, are going to give further impetus to the city, so that it will be strengthened even more as an international business centre.
What is worth noting, which is emphasised by business operators and market players, is the necessity to quickly proceed with the announcement of the new urban planning zones, but also to hasten the removal of Karnagios. These are two factors today, which to a large extent act as a ‘brake’, and partially prevent the development plans of potential investors.
The developments we will see…
Other developments in west Limassol that are already underway and expected to materialize include City of Dreams Mediterranean, the 250-acre casino-resort. Also, the residential resort Limassol Greens Golf Resort has entered its first development phase and its sales exceeded 50 million euros. Phase I of Sunset Gardens, Imperio’s residential project, was also completed this past summer.
Another recent and large investment in west Limassol is that of the Israeli tycoon Gilad Shabtai, who bought more than 130,000 sq.m. in the area where the casino is being built. The specific project concerns the construction of seven-star apartments with services aimed at investors.
Finally, regarding the Tsiflikoudia area, the foundation stone for development was laid by Leptos Estates, with the Limassol Blu Marine project which is under-construction.