The completion of the Cyprus Golden Passport scheme froze some high-rise projects while other skyscrapers were shortened in the project, dealing a devastating blow to the construction industry.
According to news site Stockwatch, several high-rise projects in Limassol have been canceled or developers have changed plans, removing several floors from the plan.
Limassol’s district municipalities are no longer seeing bids for the skyscrapers once favored by developers who are eyeing the sale of luxury apartments to potential golden passport investors.
The tallest project applied for by the Limassol Municipality does not exceed 17 floors.
All developers who have pending applications for high-rise building projects along the coastline of Limassol have withdrawn them.
Stockwatch quoted an official from the Limassol municipality as confirming that there have been no new high-rises applications in recent months.
The disgraced “passport for cash” scheme was abolished in November 2020.
Developers are reportedly rethinking their projects in Limassol, where high-rise construction was once in full swing.
Developers Cybarco are revisiting their large Trilogy project in the center of Limassol, consisting of three towers with 36, 37 and 39 floors.
Two of the three towers are in their final stages, and the company has filed a new town planning permit that would see the third tower shorter.
Pafilia Property Developers is also reportedly revisiting its plans for its Limassol Neo project, which consists of four towers – 43, 38, 31 and 25 floors.It is temporarily frozen until the company decides whether it will redo the project.
The reports say that the developers are also thinking about hotels and offices.
However, some projects have been completed.
The Olympic Residence, a 20-story twin tower complex, was recently completed two years after construction began, according to information gathered by Stockwatch.
The DTA Group High Rise Apartments, 130 meters high and 25 floors, launched in 2017, was completed before the end of the investment program.
Meanwhile, in Germasogeia, developers Leptos and D. Zavos are putting the finishing touches on the 40,000-square-meter Limassol Del Mar project, consisting of two 17- and 27-story towers.
The Imperio The Icon project of the 21-story tower is also in its final stages.
Construction of the Sky Tower skyscraper by Prime Property Group, consisting of 23 floors at a height of 98 meters, is also nearing completion.
A nearby 23-story tower by the DTA Group, named High Life i100, is also completed, as are two nearby residential towers by Chr. Athanasiou; one was sold to a foreign investor.
A new application from a foreign company for the 17-story building has been submitted to the Muttagiaq Community Council, according to Stockwatch.
Cyfield also completed the 17-story The ARC-Ship.
In the meantime, the Four Seasons Hotel in Ayios Tychonas received permission and built a 12-story building on the site.
The owners of Mediterranean Hotel have also added a 10-story tower to the hotel.