Limassol Marina development makes history and puts Cyprus on the yachting map

The first of a series of luxury villas has been completed at the €350 million Limassol Marina project on Cyprus where property investment is picking up again after the Mediterranean island’s recent economic problems.

Buyers from Europe, Russia and the Middle East have been agreeing contracts with almost 75% of the waterfront development now complete. Overall contracts in excess of €100 million have already been signed.

Located in the heart of Limassol, the marine project consists of 162 luxury apartments, 74 villas and 650 berths, including facilities for super yachts up to 115 meters. It is the first fully serviced marina able to accommodate such large yachts and it also has its own shopping and dining areas.

The first yachts are using the marina which is changing the face of Limassol town as part of a major regeneration plan. All of the 650 berths available have access to fresh water, electricity, fibre optic network providing high speed broadband, high speed wireless internet and telephone, fuel and waste removal. There are also haul out and shore side technical facilities, a boat yard for light repairs and maintenance, and 24 hour security and concierge services.

Work on the commercial area which includes 40 shops, 12 food and beverage outlets, a cultural centre, marine training school, a Yacht Club, spa and parking for over 750 cars is progressing and will be open to the public in the spring of 2014.

‘Designed by a world renowned team of architects and engineers, the waterfront development has set the bar for marinas in the Eastern Mediterranean and has been a major boost to the image and economy of Cyprus. It has enticed buyers from the top end of the property market provided jobs and a new focus for tourism and investments,’ said a project spokesman.

‘It is the largest infrastructure project currently being brought to fruition in Cyprus and the first to attract such unprecedented response on a global scale. Over 40% of the development’s residents are from Cyprus. It has also enticed buyers from all over Europe, Russia, the UK and also the Middle East,’ he added.

Some 94 apartments with sea views at the Nereids Residence were delivered in January and more apartments at Thetis Residences in July with over 50% sold. Completion of the Peninsula Villas, with direct access to the beach or their own private berth, is expected in 2014. Two of the Island Villas, which offer private berths for superyachts attached to their own garden and swimming pools, have already sold for over €15 million each.

Prices for apartments at Limassol Marina range from €370,000 to €1,892,000 and prices for villas range from €1,751,000 to €8,435,000.