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The Mediterranean... "Monte Carlo"

20 February 18 - RE+D Magazine
The Mediterranean...

COMPANIES

PEOPLE

Nearly five years on from Cyprus’s near financial collapse and bailout, Limassol is undergoing a property development boom fuelled by Russian money.

 

In the marina of the island state’s second largest city, opened in 2014 by the president, Nicos Anastasiades, super-yachts are berthed in front of €15m villas along with their support ships carrying helicopters and other accoutrements of the super rich.

Look to the marina’s east and the skyline is beginning to fill up with high-rise luxury apartment developments. Look west and by 2021 Europe’s biggest casino resort is due to have opened its doors. The €550m investment aims to attract at least 300,000 tourists and 11,000 jobs.

It is Russians who are flocking to Limassol, snapping up properties along the island’s southern coast. Many are “buy to leave” investors, with most of the villas around the marina left empty by owners who prefer to live elsewhere.

Plans are afoot to construct another six marinas along Cyprus’s southern shore, to the consternation of environmentalists. Like the Limassol marina all are private schemes on leased government land, aimed at luring the super yacht crowd and changing the former British colony’s image.

In the secretive world of high-net wealth, ownership is rarely acknowledged. The yachts moored in Limassol are private holdings held under company names. Most cost astronomical amounts in operation costs alone, but that, say employees, is “pocket fluff” for the sort of people who own them.

 

(Source: theguardian)

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