Limassol Property Rise – The Pride of Cyprus

Limassol is a city located on the southern coast of Cyprus and is the second largest city with a population of just over 183,000. Limassol has also been ranked as one of the best destinations to go to worldwide and has been published in many surveys and trip advisor magazines. But there’s a reason for all this popularity and this is what this article is about, so feel free to read on.

A Brief History on Limassol

Limassol has always been a place of attraction, even before the medieval times. Ancient cities were built around the city of Limassol, known today as Amathus and Curium. But Limassol then didn’t actually exist until Amathus was destroyed.

History was made and times changed when Richard the Lionheart – King of England -travelled through Limassol to the Holy Land, in the year 1170 during the Third Crusade, and this is large reason why most know the history of Limassol.

Later, the entire island of Cyprus was sold to a bunch of rich monks and Templars who enforced high taxes in order to get the money back that they gave to purchase the island. Later the island was handed over to the French, who brought with them a large period of remarkable prosperity.

An increased development stage began in the 13th century that led to the financial welfare of most inhabitants of Cyprus. Beginning with Limassol’s harbour as a centre of transportation and commerce, this contributed greatly to the financial and cultural development. Limassol joined a new age of significant development from this point on.

Limassol in recent times

Cities in Cyprus like Kyrenia and Famagusta that were prospering during the 1970’s, had a decrease in development due to certain events but this in effect helped with the development of tourism in Limassol. Limassol was already a very attractive city, but with the changes and adaptations taking place on the island, Limassol had to step up and start a new development plan.

Decades later, the port of Limassol became the major sea port of Cyprus which boosted importing and exporting to another level, making Limassol the most important trade centre of Cyprus and the largest ship management service centre in Europe. Many types of wines, fresh vegetables, vehicles, textiles, machines, medicines and other goods are exported and imported through this port on a frequent basis hence improving the economy of Cyprus further.

Early 2000s Property Rise in Limassol

As regards to property in Limassol for sale, well it’s at the top of its game. New constructions and buildings are appearing all over the city. Overseas investors have seen Limassol to be a potential place to live in the future. Furthermore, the citizenship by investment programs have also given an incentive for new foreign buyers to invest specifically in Limassol property, also to grant them access to Cyprus and all of western Europe. The property market in Limassol and other cities of Cyprus like Paphos have become an attraction to wealthy individuals and their families, hence increasing popularity on the island. A report shows that in 2017, 66 percent of all high end property sold in Limassol amounted to luxury apartments. What’s more is that wealthy Russian investors, like Elena Baturina, submit plans to build high quality residential developments throughout Limassol city.

It’s clear to see that real estate and construction account for a large amount of the Cyprus economic activity, most of it coming from Limassol.

Finally, Limassol also has a very appealing entertainment side to it too. Aside from the nice beaches that Limassol has, there are many places you can go to hang out and enjoy a good time with either friends or family. The city is covered with entertainment posts, from sophisticated cafes and restaurants to luxurious lounges and clubs. There’s a hot spot for anyone that wishes to come to Limassol and have a memorable and enjoyable time.

The Bottom Line

As long as tourism continues to flow through Limassol, it will mean prosperity for this city and generally for all Cyprus. Attracting overseas investment is beneficial to any place especially to a place like Limassol. Growth is needed to remain out of any economic crisis and this is what Limassol has achieved over many decades.

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