Top 5 Exciting Upcoming Development Projects in Cyprus – 2021

Cyprus: An attractive investment destination

Cyprus is shaping up as a very attractive European hub for investors. These upcoming development projects are expected to significantly boost tourism to the region and help Cyprus become a premier living and travel destination in the Mediterranean.

1. City of Dreams

Developer: Melco
Project value: €550 mln
Est. completion: Autumn 2022

City of Dreams will be the Cyprus’ first integrated casino resort as is expected to be the largest in Europe. The integrated resort is estimated to draw an additional 300,000 tourists to Cyprus per year, as well as providing up to 4000 jobs during construction phase and approximately 2500 jobs once full operational.

City of Dreams will feature a 7500 square meter gaming area with over 100 tables and 1000 slot machines, a 5-star hotel with approximately 500 rooms, word-class international restaurants and cafeterias, an outdoor amphitheater, and capacity to host meetings, conferences and exhibitions.

Sources: City of Dreams / Yogonet Gaming News

2. Ayia Napa Marina

Developer: MM Makronisos Marina Ltd.
Project value: €300 mln
Est. completion: 2023

The Ayia Napa Marina is a modern luxury development from project partners Gerasimos Caramodndanis, a Cypriot entrepreneur, and Naguib Sawiris, an Egyptian investor.

According to the official website, the project aims ‘set a new standard for premier luxury seafront marina living in the Mediterranean and become the first choice destination for boaters, residents and guests.’

The development features:

• 2 residential towers, holding 220 luxury apartments in total with panoramic view of the Mediterranean.
• 35 villas in total: 11 luxury seafront villas, 12 peninsula marina with private berths, 12 island villas with private berths
• Berth facilities for 600 yachts up to 85m in length
  • 360 yachts in wet slips, up to 85m in length
  • 160 spaces on dry stack
  • 80 additional dry dock spaces

Commercial village featuring:

• Restaurants, coffee shops and retail stores
• Spa & fitness facilities
• Yacht & beach clubs
• 24hr security

Sources: Ayia Napa Marina / Financial Mirror

3. Larnaca Port & Marina Redevelopment

Developer: Kition Ocean Holdings
Project value: €1,000+ mln
Est. completion: 2030

The port and marina redevelopment project, signed off in late 2020, will feature a yacht club with retail park, a passenger terminal at the port, hotels, a private island and residential properties.

The works are expected to begin in 2022, including expansion of the existing port, infrastructure for cruise ships and commercial purposes as well as expansion of the marina, and extensive development of the surrounding land.

The project will be split into several phases:

Phase 1

All required infrastructure, including new road. Marina expansion for capacity of 640 boats up to 150m long. Construction of a Yacht club, 4,600 square meter space with offices, restaurants, sailing & diving schools and shops.

Phase 2

Residential redevelopment in the marina area and traditional market featuring local products. Educational facilities, a medical school, medical center, hotel, tourist college and a university.

Phase 3

45 luxury villas

Phase 4

Office buildings, parking lots and apartments for students.

Sources: Cyprus Mail / Financial Mirror

4. Limassol Del Mar

Developer: Leptos Estates / D Zavos Group
Project value: €350 mln
Est. completion: End 2021

This nearly completed project, ranked among the world’s 10 best development projects by ‘Country and Town House’ magazine, is in the heart of Limassol and spans across a 170m long sea frontage. Every apartment benefits from view of the Mediterranean and includes an owner’s club, concierge, spa areas, pools, gyms, tennis court, parking and security features.

Main advantages include:

• Exclusive seafront living
• Shopping, dining & leisure facilties
• 5-star hotel style servicing
• Residents clubhouse
• Penthouse, duplexes, roof gardens, private swimming pools
• Luxury lobby
• Sea-facing outdoor swimming pool

Sources: Leptos Estates / Cyprus Mail

5. Trilogy Towers

Developer: Cybarco
Project value: €350 mln
Est. completion: End 2021

The Trilogy seafront development features 3 towers with 5-star hotel style facilities and will be the largest mixed-use sky rise development in the Mediterranean.

The development offers their apartment of office owners first-class leisure facilities including swimming pools, pool bar, tennis court, play areas and gardens. A public plaza extending from the entrance of the development will feature a mix of restaurants, bars and shops.

The entire project features:

• 312 sea-view apartments
• 52 state of the art offices
• 6,850m² public plaza
• 7,500m² private oasis

Sources: Cybarco / StockWatch