Skyscrapers: Friend or Foe?
More and more skyscrapers keep popping up on the Cyprus horizon with the rapid rate of sale, mostly in cash, keep encouraging others to follow.
On the market and soon to be launched, there are approximately 1,000 units island wide.
The majority of the skyscrapers are in Limassol however with two buildings underway in Nicosia, one in Paphos as well as one in Larnaca.
Following this, these skyscrapers provide top of the range luxury accommodation complete with all the modern conveniences including communal facilities such as an indoor pool, cafes & restaurants, ample parking spaces and 24hours concierge service.
But the question remains, who will manage these buildings? In terms of administration, maintenance and the collection of common expenses it is approximated that it will cost an average of EUR €1,000-€1,500 per month per apartment under a common expenses law which cannot be implemented.
However, is there enough demand to welcome the 1,000 units as well as an additional 500 that are expected to come into the market in the next couple of years?