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Feb 28, 2022

New Cypriot luxury property sparks Mideast investors’ interest

Luxury developer Leptos Estates said one of its key developments in Cyprus – Limassol Blu Marine -has sparked tremendous investor interest, especially from those in Mena region who are looking to enjoy the Cyprus’ year-round climate whilst also taking advantage of the country’s permanent residency programmes.

The latest high-end development along the west side of the Limassol city dubbed ‘Europe’s new Riviera’ by Leptos Estates has seen sustained sales interest from UAE, Saudi Arabia and Kuwait investors . Sales at the developer’s latest, high-end development Limassol Blu Marine, have now surged to hit €100 million ($113 million), 30% of which have been generated from buyers from the Middle East. The luxury development is one of several taking shape over the past year including bespoke residential and shopping destination, Limassol Del Mar to the east and the new City of Dreams Mediterranean, to the west. At Limassol Blu Marine, the foundation of the first tower was laid in December and has already attracted interest from foreign investors and a large number of buyers of high-end apartments.

Limassol Blu Marine aims to establish the area as a prime location for new Cypriot and foreign companies dealing with innovation, technology and the finance sector. Set in the heart of Limassol on the seafront, Limassol Blu Marine includes a selection of one, two and three bedroom apartments across three impressive towers named after ancient Greek Gods, all with panoramic sea views.

The architecture by Benoy Architects – the experts behind Ferrari World Abu Dhabi and Westfield London – worked with Leptos Estates to design the landmark scheme that offers an unrivalled lifestyle in the heart of the new Riviera. Each apartment offers carefully-planned interiors maximising on south facing views over the Mediterranean Sea and include open plan living, with large balconies, premium specification and interior finishes with smart home technology, said the developer. Residents will also be able to take advantage of the elevated podium over the sea, which will host a spectacular 50-metre infinity pool, landscaped gardens, a double height gym, bistro and lobby with 24-hour concierge.

A luxury health and wellness facility offering treatment rooms, sauna, steam rooms and a 25-metre heated, indoor pool also makes these apartments an exceptional place to call home, it added. In addition to the Middle East, buyers from the UK, Russia and the Far East are being enticed by the cosmopolitan island that offers 300 days of sunshine and a permanent residency programme that allow for longer movement across the EU, post-Brexit, said a top official of Leptos Group. “We are excited to be a part of this pivotal change in Limassol, contributing to the upmarket residential, business and leisure revival along the seafront,” remarked its Deputy President Pantelis Leptos.

The infrastructure investments along this stretch will act as a major catalyst and drive the development of the area, at an unprecedented rate for Cyprus, he stated. “Limassol Blu Marine is the only development that gives you the option to open an office and build a home here in one location. The uptick in sales we have seen at this development in recent months, particularly in the Middle East, is a reflection of how people are living their lives post pandemic, wanting somewhere with all round sunshine and a place worth investing in,” he added.-TradeArabia News Service

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