Prospects of the Area (West Limassol)
The Western Part of Limassol Town, is the region expected to grow more than any other region in Cyprus within the next 5-7 years. And this is not only because the city’s boundaries have reached the maximum to the east and north but also because
major infrastructure projects are on the way to be implemented and which some of them already are under construction.The Western areas of Limassol have been for
many years neglected compare to the east and central parts. However, the city’s strategic growth planning is now set to be West and around the biggest project built in the island of Cyprus, an Integrated Casino Resort the ‘City of Dreams Mediteranean’, which will be the biggest of its kind in Europe.
The western periphery of Limassol town, and the areas of Zakaki and Fasouri have manyadvantages, not only because are part of the wider town boundary, but because they have good access everywhere. They are already major populated areas of the city core and have easy and direct connection to the motorway connecting all other towns.
The area has also the privilege to accommodate the biggest Shopping Mall of Limassol – My Mall; the biggest Water Park of Cyprus – The Fasouri Waterpark and the busiest and longest sandy beach of Limassol – The Lady’s Mile;
It is obvious that all these nearby amenities along with the Casino Resort will transform the western downgraded area of the town to a new region, much more upgraded and advanced creating therefore better living for the locals, more
jobs, and a demand for further investment.
It is expected that real estate values in western Limassol and around the Casino Resort will show over a period of 2-4 years significant value increases both for
vacant building plots, as well as for land development for both residential
apartment units –serviced flats and buy to let properties etc. With a number of over 6000 people expected to work only in the Casino Resort there is no doubt that a
demand for renting and buying properties in that area will be developed and grow.
At the moment about 65% of Limassol population is residing central and west of Limassol. It is however expected that the new Casino Resort will attract over 300,000 tourists every year, accessing all facilities of the resort in less than 5 minute drive from the nearby newly built Passenger Port Terminal. Therefore more and more people will be living and visiting the area in the next 3 to 4 years expecting prices from their prevailing values to triple over this period. And that is why it is a great opportunity for an investor or land developers to tap in the area at the
Besides the ordinary tourists it is expected that the Resort will attract the main “national” gamblers from various nearby countries Israelis, including Chinese (Melco International) who are constantly showing their preference for Cyprus, especially
under the current immigration visas and passports scheme. And therefore
the west part of Limassol without any doubt will experience the transformation
of a low cost downgraded area to an upcoming place with exclusive private real estate properties.
To acquire a full feasibility study, please contact us.
Due to the morphology of the plot and the existing roadwork, Dejavou can be built with minimum cost
either as a whole project OR as a Joint Venture and give the investors a beautiful/luxury product with all possible outcomes:
1) A quick sell of all project after 3 years with maximum returns taking advantage of the land and area
2) Build and maintain a Luxury Serviced Apartment Building providing average Rental Returns over 7%
3) A combination of the above.
A Future project in the plot can be designed in many ways considering some variables such as the number of units,
the type and the facilities will be provided. Whatever the decision is, the ROI can be great, since
properties in the location can be ideal for the Permanent Residence skim (above €300,000) and for Long /Short Term Rentals which the area will have a great demand.
Therefore with a good architectural design, and with minimum construction costs the plot can be developed and priced in such a way in order to appeal to both, Local and Foreign Markets, generating great Sales and Rental Returns.
Although many type of project designs can be planned, A Future Development with Apartment Units
is the ideal due to the building density of the plot and the area’s future demand.
The prospects of the area are big and investing into a project that will be completed about the same
period with the Casino Resort will prove to be a very good and solid investment.