Building for Cyprus
Cyprus Property Gallery has grown into one of the island’s most prominent development groups, its landmark projects continuing to shape the skyline of the coastal city
Writer: Tom Wadlow | Project Manager: Ryan Gray
Limassol – nestled in Akrotiri Bay on the southern Cyprus coast, it is the country’s second-largest city behind the capital Nicosia, serving as the nation’s chief port and tourist centre.
Once a humble market town between the ancient settlements of Amathus and Curium, the end of the Byzantine Empire signalled the beginning of the area’s rise, its port serving as a major gateway for Cypriots to trade with the world.
Limassol remains a key economic driver, part of a national economy which is continuing to grow steadily despite an expected deceleration for 2020 versus the previous two years which saw GDP expand by 4.1 percent in 2018 and 3.4 percent in 2019.
A lively real estate sector is usually a good indicator of economic health, and in Cyprus this is no different.
For example, in the first half of 2019, governmental authorities issued more than 2,000 building permits, a rise of 6.4 percent on H1 in 2018. Combined, the 2,000-plus permits equated to €1.2 billion, with H1 2019 also showing a 38.4 percent increase in the number of building units being constructed.
This year is set to continue along a similar growth path. In the retail sector, 2020 will see several new shopping destinations, the Neo Plaza in Nicosia and the Metropolis Centre in Larnaca between them adding 450,000 square metres. In the realm of office construction, by the end of 2020 some 260,000 square metres of new space will be completed and ready for occupation.
Bringing luxury to Limassol
Back in Limassol, Cyprus Property Gallery represents a neat reflection of the wider industry’s growth story to date.
Since 2008, it has received 33 famous awards for its developments across the city, the company now one of the largest developers of upper-middle and luxury properties in the area, and currently engaged in more than 45 projects here and further afield.
“Our developments, both residential and commercial, are renowned for their uniqueness and innovation, and we believe that this plays a major role in the success of our company,” Property Gallery states in a recent Q&A discussion.
“As always, we pride ourselves on carefully selecting projects that are ambitious, contemporary, and eye-catching, but also boast superior quality and design. This has helped us garner many international and European awards over the years, and we aim to add even more to our collection going forward.”
The firm’s flagship project at this moment in time is the Dream Tower complex.
Featuring 71 one to four-bedroom apartments, as well as duplex penthouse and Sky Garden apartments, Dream Tower residences aim to combine premium aesthetics with elevated comfort and high functionality. Homeowners and tenants will enjoy premium amenities and exclusive resident-only areas and facilities.
Once finished, the development will offer a 24-hour concierge service as well as security, restaurants, resident- only areas and a five-star hotel, operated by HKCY Hotels. And interest in the scheme is already starting to gather momentum – pre-sales are currently in progress, with one in five apartments already sold to prospective buyers.
Another landmark Limassol project is the Nereus Tower, an ultra-modern mixed-use tower with panoramic sea views set on the city’s beachfront.
The ground floor will be occupied by leading-edge retail space, with open plan offices spanning the first and second storeys, and two whole floor apartments gracing the third and fourth levels of the building. It is also extremely well-located in terms of amenities – 30 metres from the beach, 20 metres from shopping facilities, one kilometre from the local school and around half a kilometre from the nearest bank.
Such has been the pedigree of the design, Nereus Tower won the Best Office Architecture Cyprus accolade at the European Property Awards.
The project is also plugging a gap in terms of demand for office space. Although the opening figures suggest 2020 will see a sizeable amount of new space being created, more will be needed.
The newest project of the company is the Signature Residences. This luxury high-rise comprises retail and office space on the ground and mezzanine floors, and 12 floors of residences, including a penthouse, all overlooking the azure blue waters of the Mediterranean. It sits next to the mail office of Property Gallery.
Its location across from the famed Blue Flag sandy beach of Dasoudi means that the golden coastline is never more than a few steps away. The property is ideally situated in a bustling hotspot that is perfect for both shops and offices looking to be in the middle of the action, as well as for residents who wish to fully indulge in all the perks of island living, with a host of amenities at their fingertips.
The one-, two-, and three-bedroom apartments vary in size, allowing prospective clients an abundance of options to choose from. The tower itself is the epitome of contemporary style and modern elegance, featuring a façade of curved lines in sparkling white accented by wood and gray flourishes. Generous balconies and large, floor-to-ceiling windows flank each of the residences, allowing an abundance of natural light to stream through, and offering residents panoramic views of the horizon from the comfort and privacy of their own home.
All apartments are fitted with top quality finishes, including marble floors in the kitchen and living areas and parquet floors in the bedrooms, ample lighting throughout, and high-end wardrobes and bathroom fixtures.
Property Gallery sees investment in this area of real estate as a means to avoid what the industry terms a bubble, or oversupply of new builds.
“The aim is to create a product that is easily sustainable in the market, and not oversaturate it,” it states. “For example, we are currently experiencing a shortage in commercial and retail real estate, while demand is at an all-time high.
“There is a lack of suitable office space which meets the standards of high-calibre companies. The good news is that market segments are catching up, and we are entering a new expansion phase wherein new business complexes and facilities, such as Property Gallery’s Nereus Tower, are now being developed.”
Looking ahead, Cyprus Property Gallery’s strategy revolves around solidifying its position as a leading residential developer in Limassol and other popular areas of Cyprus, and securing adequate financing to meet the company’s ambitions for growth.
It will do this in five major ways, the first strand of the strategy focussing on land acquisition in advantageous locations such as Limassol, Pissouri and Platres. Second, and equally critical, is a determination to maintain high standards of project execution, building on the esteemed reputation it has worked towards – innovation, the company says, will be key to this.
The third element involves selling properties predominantly through an international agent network, these third parties (amounting to 1,150 agents currently) seen as crucial in expanding Property Gallery’s reach around the world.
The final two focal points are geographical in nature. Limassol will remain very much front and centre of the group’s growth plans, the city still in a phase of growth both in terms of commercial and tourist related developments, a trend which the company will continue to contribute towards.
Meanwhile, Cyprus Property Gallery is monitoring markets outside of Limassol, and should appropriate opportunities arise, the firm will consider broadening its horizons across the island to deepen its role as a truly nationwide developer.