sale and rental
Limassol is already leading the country out of the financial doldrums, and now comes the welcome news that forty two Greek shipping companies have registered in Cyprus as they seek a safe harbour away from the turmoil of the Greek economy. The president of the Limassol Chamber of Commerce and Industry (L.C.C.I.) confirmed this, although it had been rumoured for some time. Cyprus boasts the third largest fleet in Europe and tenth in the world contributing around 6% of gross domestic product (G.D.P.) Should this increase lead to more shipping companies establishing in Cyprus, the boost to the economy, via value added tax (VAT), real estate activity and the sundry expenditure involved, will be considerable, according to Mr Galatariotis the L.C.C.I. president.. He also pointed to the fact that the privatisation of the Port of Limassol and port’s large expansion project were all contributing to the further development of a thriving shipping sector. In addition the new ultra-modern passenger terminal of 3,500 square metres at the port, which is due for completion in early 2016, will allow larger cruise ships to dock and be included as a port of call for the cruise industry further enhancing shipping in Cyprus.
The facilities in the new passenger terminal are impressive and include an international telephone exchange, duty free shops, tourist information, café and lounge as well as banks and taxi service. Arrivals and departures are housed in separate terminals.
Limassol has around 35,000 permanent foreign residents, many of whom are Russian ex-patriots. The Investment Citizenship Scheme promoted by the government has proven to be quite an attraction for many of them and other non-European nationals, whilst the focus on promoting and increasing tourism from China is likely to see an increase of activity in the real estate sector from that market too. A recent bill voted into law allows hotel owners to convert to condominiums or have a mixture of hotel and apartments and is being taken up by some hotel owners to mitigate the high costs and risks of hotel building and refurbishments. As a coastal town Limassol is a very popular holiday destination offering every kind of tourist accommodation from luxurious five star hotels to villas or apartments along with the infrastructure to support them.
Sources: www.in-cyprus.com, www.whatsinport.com.
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