CYPRUS: New prospects for economy, Minister praises Limassol venture

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Having overcome all the challenges and difficulties of the past four years, Cyprus has succeeded to build new prospects for the economy, Finance Minister Haris Georghiades said at the launch of the new Limassol Del Mar residential project.

“Today’s official launch makes this project a point of reference for Limassol and the economy in general,” he said, praising project partners Pantelis Leptos and Michalis Zavos.
“It is through the success of such business ventures that we have succeeded to evade the troubles of a recession and it has been the resilience of the productive sectors of the economy that have kept us strong,” Georghiades said.
He was referring to the project’s investment, estimated at EUR 350 mln, which follows on the recent launch of the Ayia Napa Marina (EUR 220 mln), the planned Paphos Marina (400 mln), the Larnaca Castle hotel (70 mln), The Pafilia One development in Limassol (77 mln) and the nearly completed Cybarco Oval, not far from the Del Mar.
However, the minister warned about complacency and said that “although the economy is recovering with a satisfactory rate, we should continue efforts to create an even more competitive and productive economy”.
“We are pleased to see our economy recovering with very satisfactory rates, investments have started taking place, jobs being created and unemployment on the way down,” Georgiades said.
After a deep recession that culminated in the 2013 crisis, the Cypriot economy returned to a modest growth in 2015 followed by a robust GDP increase of 2.8% in 2016, while it is projected to register growth close to 3% in 2017.
“But I believe it's clear for all that there is still way ahead. We should continue the efforts to create an even more competitive and more productive economy,” Georgiades said, adding that “we should avoid repeating costly mistakes of the past, both by public and the banking and private sectors.”
He said that Cyprus came at the brink of collapse with Cypriots paying a heavy price for the mistakes and omissions of the past.
The government, the Minister noted, strived to create conditions of stability and confidence, by promoting reforms in the banking sector, social policy, public finance management and tax administration and completed the economic adjustment programme and regained access to international markets.
Georgiades recalled that Cyprus has been operating on a balanced budget since 2014 and noted that this policy enabled the government to proceed with tax breaks and incentives such as abolishing immovable property tax, reduction of transfer fees by 50%, tax discount on new capital as well as abolishing the extraordinary salary deduction.
However he noted that business moves should combine ambition with viability, town planning should be rational and well balanced while the unnecessary red tape should be tackled.
Limassol Del Mar is a landmark development consisting of luxury residences that will enjoy in-house services, concierge, exceptional facilities and a unique high-end shopping and dining plaza. Already, sales of the apartments in buildings A and B have reached 40%, a record which was attained two years prior to the completion of the project’s phase I.
Limassol Del Mar is located in the heart of the coastal promenade. Boasting beach views, this landmark development comprises 168 luxury residences, with shops, bars and restaurants, and state of the art facilities, including a spa, gym, club house, as well as an outdoor and indoor swimming pool.
The project’s total investment value, which amounts to EUR 350 million, is the product of a joint venture between the Leptos and D. Zavos Groups, with the project’s phase I scheduled to be completed in summer 2019. The investment for this development project is secured solely by Cypriot companies and funds, in contrary to other projects of similar magnitude.
Limassol Del Mar has been designed by the internationally acclaimed architectural firm, Benoy in London, famous for projects such as the Ferrari Theme Park in Abu Dhabi and Westfield in London, in close cooperation with UDS Architects in Cyprus. Additionally, the renowned BuroHappold Engineering undertook the project’s static and electromechanical consultancy, providing the project with a long experience and expertise in high-rise buildings, in association with two local companies, Hyperstatic Engineering Design and Unemec.