Open: limassol marina
Photo: Limassol Marina brochure
"Against all odds, the island's most ambitious project to date has welcomed its residents, yachts and visitors," reads the website. It is no exaggeration: work on Limassol Marina has struggled on throughout harsh economic times and, while many projects around Europe and the world have stalled mid-recession, this €350 million development has now officially opened.
The Marina is the first in the country to cater for superyachts and has already attraction "unprecedented interest" from overseas. As of 9th July 2014, more than 65 per cent of the 162 luxury apartments had already been sold and reserved.
The chairman of the board of directors of Limassol Marina Ltd, Marios E. Lanitis, told press at its London launch event that property sales had exceeded €130 million for both the apartments and 74 villas on-site, with investors coming from a range of countries.
"It has been a huge mix, so far it has been popular with Chinese, Middle Eastern, Russians, Ukranians, British and all other European buyers," confirmed The President of Cyprus, Nicos Anastasiades.
He added that the project was a reminder to everyne that "the Cypriots are determined not just to stand on our feet, but to move ahead".
Indeed, Cyprus has been beset by problems in the years since the financial crash, from title deed issues and mis-selling lawsuits to a mild banking crisis. Confidence in the country's real estate has therefore not always been high.
The Limassol Marina, though, arrives amid growing positive sentiment, as figures suggest the possible start of a slow rebound. Property sales in May 2014 increased for the third month in a row, according to figures, with overseas property sales more than doubling year-on-year, led by a rise of 800 per cent in Nicosia, 140 per cent in Larnaca and 106 per cent in Limassol.
In Famagusta, agent Sold on Cyprus says that sales have jumped by over 50 per cent year-on-year, with 47 and 27 transactions completed in May and June respectively, up from 11 and 23.
"It has been an incredibly busy quarter particularly in this office," Denise Kay, Group Sales Director of Sold on Cyprus, tells TheMoveChannel.com.
Kay says that there has been "noticeable foreign investment" in other regions of the island as well as Limassol.
In May 2014, Halliburton and Schlumberger, two of the world’s largest oilfield services companies, chose Cyprus as their base of operations for the Eastern Mediterranean, which Kay says will have "a large direct influence on job creation and the property market".
The government has also introduced its permanent residency scheme to attract wealthy buyers from China and other non-EU countries. While these have had mixed success across Europe, Sold on Cyprus reports "a large number of permanent residency applications through the purchase of real estate worth €300,000". Indeed, the agency now has a special team allocated to international client applications.
British buyers are coming back too, Kay adds, as the improving economy and rising house prices in the UK make retiring abroad more affordable.
"The love affair the British have with Cyprus never died," she continues. "It has just been on hold for a few years!"
"The banking crisis had a direct effect on confidence," she admits. "The banks still have a long way to go and offer reposed properties at higher prices than the market value."
Nonetheless, Sold on Cyprus predicts this trend will continue throughout the year, as many buyers take advantage of the low prices. Prices have stabilized now, Kay confirms, and coastal areas have seen an actual slight increase in prices.
Limassol Marina is open for business - so too, assure agents, is the whole island.