Limassol: High Rise Development Projects

Limassol: High Rise Development Projects

A cabinet approval for the construction of two buildings near the coast which is contrary to a court decision on how it will impact on local residents, is currently evaluated by Limassol municipality.

This case concerns Blue Marine project of 300 million Euros. An undertaken investment by Leptos Estates, to build two towers with 30 floors each approximately and two buildings with five and nine floors in some 38.000 square meters, which will include luxurious residences and state of the art offices.

The owners of two properties on the adjoining road claimed the building has no permit and took the case to the court along with Limassol municipality.

According to the representative of Limassol Municipality, the judge ruled that the approval given to developer to scrap the public road should be recalled. However, the cabinet  has given the permission to Leptos to proceed with the project as it was planned.

Limassol Municipality claimed that it will follow the provision of the law.

Mr. Nicolaides, mayor of Limassol municipality, said  that the progress of the city and the constructions plans should not be held back and that proper regulation should be in place .

The concern of ghost buildings arise as people are taking the advantage of the citizenship through investment scheme, which states that foreigners who invest 2 million in the Cyprus property market – based companies, including a residence  (500.000) can apply and obtain citizenship.

Environmentalists said that Limassol is changing coastline. The Sea front houses, high rise buildings will cast residents living behind the new huge buildings will be hidden in the shadow.