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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ Reasons to be optimistic about Limassol ]

Reasons to be optimistic about Limassol

OVER THE LAST few years Limassol’s track record has surpassed that of all other towns and a much brighter future is within reach. The town has gone through various phases of popularity (originally the most popular area during 1980-2000) has fallen behind Paphos (from 2000 to 2005) and Larnaca (2002 to 2005) and now it appears to be bouncing back and claiming the lead in terms of property value increases and interest from local and foreign investors. The town of Limassol is blessed with a very large sea frontage and has attracted the vast majority (80 per cent) of the island’s offshore companies and Arab investors, with its night life and cultural/other events and international residents providing another plus.

Limassolians are known for their aggressiveness in seeking more and more infrastructure projects to be undertaken by the government in their town and their “one voice” and persistent claims have brought a lot of success. To this end the last two mayors of the town (Demetris Kontides and current mayor Andreas Christou) have contributed greatly. Another major contribution to the success of the town is the local Chamber of Commerce, which is just about everywhere wanting, demanding and pushing for more and more government funds. So, notwithstanding that Paphos is at a stable level and Nicosia is experiencing a rather reduced demand (local demand only), Limassol is on the move in terms of price rises. Ordinary apartments are now selling (new) at €2,565m², whereas beach flats have surpassed the rate of €11,070m² (the highest value ever in Cyprus). H otels are recovering and their tourist income is supplemented by the various events, seminars, weddings etc, while they have the highest occupancy rates in Cyprus (65
per cent). But what is happening in Limassol now that makes us so optimistic?

* Aggressive people –Limassolians are the most demanding residents in Cyprus. As such and in addition to the port, it now has the Cyprus Technical University, located within the old city, thus revitalising the city and bringing a lot of life to it. This aggressiveness is found at all levels of the people and extends to the Chamber of Commerce, which has done a lot for the town.

* The former football stadium next to the beach is reaching the end of its construction and will become an international standard public sports center for the free use of the public. Next to a sandy beach within the town’s centre, it is ideally located.

* The old harbor has got the green light (after a long fight) to be converted into a fishing port, with restaurants and entertainment uses, a major touristic attraction within the old town.

* The first marina to be constructed in Cyprus. The job has been awarded and works are expected to commence soon.

* The Limassol port will soon get a modern passenger terminal and with its general upgrading, will add to the town’s commercial attraction.

* The technological park (it was to be located south of Nicosia, but the Limassolians got it instead) is a huge investment of an international standard, situated just outside eastern Limassol.

* The present Mayor of Limassol, a strong political man, but more importantly an ex-Minister of the Interior, has the connections and the know-how of the civil service labyrinth and is a great help to all, whereas his never ending working hours are well known.

* Limassol Municipality is the wealthiest municipality in Cyprus. Its real estate is worth several millions (over £50m) and is the result of the gifts that the fanatical love of Limassolians offered to their town. These gifts however are not exploited to the benefit of the public. Millions and millions of pounds worth in terms of real estate value are sitting there with no return. Yet it is only there to be managed for the benefit of the town.

* The Municipal Zoo, which is an embarrassment to Cyprus, is yet to be moved north of the town. In such an event, the town will have a huge public garden next to the beach and in the center of the wider Limassol. The only town with a zoo (of some sort) adding to its attraction, especially for the young generations.

* The sea-reclamation area will be given an immediate extensive lift not only in terms of new entertainment uses along the reclamation area, but including the construction of piers, walkways etc.

* It would be a mistake not to mention the Lanitis group, which was the first to “discover” the older city and has carried out the Carob Mill re-development, the first project after which others followed.

Shall we all then rush to invest in Limassol? That depends. If rental income is your priority, then Limassol old town in particular, but also the wider Neapolis Quarter, is ideal. A constant demand, both local and foreign, results in limited vacant periods and offers the investor a choice of tenants. If you are after a residence, the Limassol villages of Pyrgos, Moni, Paramytha and Phasoula are most suitable. If a building development is sought, Limassol west, Roosevelt avenue is an area to look for. If you want beach properties, you must have a strong financial standing. Prices are now in excess of €2,565,000 for the smaller units and for the larger ones are €5-12 million. For foreigners with young children, Limassol has numerous primary and secondary schools, but no English language universities (as yet).

n Antonis Loizou & Associates Ltd – Property Consultants & Valuers.,


(Source: Cyprus Mail)

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