After a number of years spent in an economic slump, Cyprus has experienced a huge boom. Over the last four years, Cyprus has consistently had high rates of economic growth placing it amongst the best performing economies in the EU. As a result, Limassol has experienced a spike in tourism and increased interest from property buyers abroad. There are several reasons for the increased economic activity and in this article, we will explore some of them and look at how they will benefit the future of Limassol.
A recent announcement revealed that Limassol will soon become home to Europe’s largest casino resort. Plans have already been finalised, designs have been completed and construction will commence in the first half of 2018.
The project will entail an overall investment of €550m which will go towards building 500 hotel rooms, numerous luxury villas, casino rooms, swimming pools, retail areas and 11 restaurants. This move is expected to boost the local economy further by bringing in more tourists, increasing revenue and creating more jobs.
In addition to several new business investments, Limassol has experienced a spike in the number of property development projects. One of the biggest came in the form of the city’s 650 birth marina which included the building of 236 residential units, restaurants, bars and hotels. The marina has played a big part in the revitalisation of Limassol and has enticed a number of investors, property moguls and tourists to the area.
It seems that the future will continue to bring good fortune to the city as more investors plan to create new real estate developments. For example, the Cybarco group will be investing around €350m by adding a beautiful new high rise complex to Limassol’s seafront skyline. Pafilia and Leptos Estates are just two more examples of developers that will be adding modern architecture to the city.
Further investments into higher education have resulted in better equipment and improved syllabuses thereby attracting more locals to carry on to higher education and attracting more university students from around Europe and the rest of the world. The ten universities in Cyprus had over 15,000 international students in 2014 and that figure has continued to grow since then. This influx of students spells good fortune for Limassol in the future as there will be more professionals working in the country and more money going into the economy.
After Cyprus finally started climbing out of its recession in 2014 and began its journey of economic recovery, there began a snowball effect that increased the number of investments and developments in the country, particularly in Limassol. Due to low corporation tax and a skilled labour force, many international brands began to see Limassol as a place for lucrative business ventures.
As an example leading global trading company, DP World are planning to invest large amounts into the development of Limassol Port after taking over operation of the city’s terminal. The company operates within the global trading and logistics industries employing over 36.000, as it hopes to put Limassol at the centre of trade in Europe.