The state of the economy in Cyprus has improved, bank restrictions have been lifted and economic growth is continuing. Louise Reynolds, director of Cyprus property agency Property Venture, says,
“The prospects for Cyprus are more positive, falls in the economy and property market are halting and seem to be on the turn, although in essence it is still a buyer’s market. The economic and financial fiasco of 2013 with the controversial ‘haircut’ on deposits exceeding €100,000 in the two largest Cypriot banks and stricter lending criteria, left the market shaken.
“But now there are glimmers of good news, such as Limassol, where the property market is a bit more buoyant, perhaps by virtue of its international business base and cosmopolitan population. With its new marina, it continues to attract affluent investors, like the Russians. What’s more, there is more of a recognition the property purchasing process needs to be more transparent and speedier for buyers to get hold of title deeds.”
Staying on the subject of Limassol Marina, Graff has announced it is launching a franchise there, along with a number of other luxury retailers. Prices at the marina are increasing and reports say that sales are progressing well with 40% of the first phase of villas sold off-plan. Interestingly, 60% of the buyers are Russian and 20% Cypriot – the remainder are from Arab countries and Europe. Delivered in 2013 and 2014, the apartments sold to a total of 13 different nationalities.
Peninsula Villas, Limassol Marina
Limassol Marina is the biggest development project in Cyprus at the moment with some of its villas being sold for in excess of €15 million. Each of the villas either has private access to the beach or its own super-yacht berth attached to the private gardens.
The two, three and four-bedroom properties have uninterrupted views of the sea and come complete with their own swimming pool, garden and parking. The villas are in the heart of Limassol Marina, which offers an on-site spa and fitness club, restaurants, shops and cultural facilities.
From £1.07m / €1.5m / $1.65m
Limassol Marina +357 25 020 020
info@limassolmarina.com
