Cyprus’ golden passport scheme’s demise has put some high-rise projects on ice, while other towers have been shortened, delivering a body blow to the construction industry.
According to the news website Stockwatch, several high-rise projects in Limassol have been cancelled, or developers have altered plans, knocking off a few floors.
Limassol district municipalities are no longer seeing applications for skyscrapers once the darling of developers eyeing to sell luxurious flats to prospective golden passport investors.
The tallest project for which an application has been submitted to the Limassol Municipality is no taller than 17 floors.
All developers who have pending applications for higher rise projects along the coastline of Limassol have withdrawn their applications.
Stockwatch cited a Limassol municipality official who confirmed that no new application for a tower had been submitted in recent months.
The disgraced passports-for-cash scheme was scrapped in November 2020.
Reportedly, developers are rethinking their projects in Limassol, once buzzing with high rise constructions.
Developers Cybarco is reviewing its large “Trilogy” project in the heart of Limassol, consisting of three towers of 36, 37 and 39 floors.
Two of the three towers are in an advanced stage, while the company has submitted a new urban planning permit, according to which the third tower will be shorter.
Pafilia Property Developers are also reportedly rethinking their plans for their Limassol Neo project, which consists of four towers, 43, 38, 31 and 25 floors.
It has temporarily been put on ice until the company decides whether it will be redesigning the project.
Reports say the developers are thinking of including a hotel and offices.
However, some projects have been completed.
According to information gathered by Stockwatch, the Olympic Residence, a complex of twin towers of 20 floors each has been recently completed after two years.
A DTA Group residential development, High Rise Apartments, with a height of 130 meters and 25 floors, launched in 2017, was completed before the demise of the investment program.
Meanwhile, in Yermasogia, developers Leptos and D. Zavos are adding the final touches on the Limassol Del Mar, covering 40,000 square metres, consisting of two towers of 17 and 27 floors.
Imperio’s The Icon project of a 21-floor tower is also in the final stages.
Prime Property Group’s Sky Tower, which consists of 23 floors at the height of 98 metres, is also close to completion.
The nearby 23-story tower of the company DTA Group, named High Life i100, is also completed, while two residential towers of the company Chr. Athanasiou is finished; one was sold to a foreign investor.
A new application was submitted to the Mouttagiaka community council by a foreign company for a 17-story building, according to Stockwatch.
Cyfield has also completed the 17-story The ARC-Ship in the community.
Meanwhile, the Four Seasons Hotel in Ayios Tychonas obtained a permit and built a 12-story building on the site.
Owners of the Mediterranean Hotel have also added a 10-floor tower to the hotel.