Back in 2008, before things went a little pear-shaped with the overseas property market, Britons accounted for an incredible 70 per cent of all foreign ownership in Cyprus. While things are still a long way from those heady days of fun in the sun, a new development is hoping to rekindle interest in this buzzing eastern Mediterranean isle.
Michalis Hadjipanayiotou, the chief executive of property development at Cybarco, was in London this week where he told me about plans for Limassol Marina – a £350 million waterfront development featuring a mix of luxury apartments and villas, each with their own berth and surrounded by the buzz of slick waterfront restaurants, bars and high-end shops. And, although there are other marinas on the island, it is the first large-scale, purpose built waterside development of its kind on Cyprus.
Hopes are high for the 300-plus residential development, some of which is already available for sale. The marina, which can accommodate modest sailing vessels all the way up to the largest mega-yachts, is scheduled to be fully operational by the end of 2012 and the entire complex will be completed by the end of 2014.
Hadjipanayiotou told me the local community is 100 per cent behind the development, which builds on Limassol’s association with the sea and aims to compliment the city’s old harbour, the town’s historic centre and its medieval castle.
“I’ve no doubt this development will change Cyprus and really put it on the map,” he told me over lunch. “The benefits are that it’s right in the city centre – it’s amazing to have a marina in a city centre and it means there are things going on and things to do 365 days a year.”
While there is still a substantial part of the marina development under construction, the Nereids Residences section has already been released and offers a choice of one, two and three bedroom apartments and penthouses from £400,000.
I’ve been invited out to have a look at how things are progressing in the new year, so I’ll keep you posted on how things progress.