First Cypriot superyacht marina completed
The first purpose-built superyacht marina in Cyprus has reached completion following the construction of its luxury residential property complex. Limassol Marina on the island’s south coast concludes more than a decade of work on the project.
Since opening in 2013, the marina has accommodated more than 9,000 yachts, some of which are up to 140m (460ft). The facility now encompasses 170,000sqm (42 acres) of sea area and has 500 annual berths, in a bid to make Cyprus a year-round yachting destination for the East Mediterranean region.
“We set out originally to create a new opportunity for yacht owners in the region,” Nikiforos Pampakas, general manager, Limassol Marina told Superyacht Investor (SYI). “The marina is well-positioned for those who want to keep their yachts in the Med all year round, particularly the winter months.”
Shore-side technical facilities for superyachts include two floating dry-docks with up to 15,000t capacity, along with local shipyard facilities. The 41,400sqm (10.2 acres) of residential luxury property on offer has also attracted worldwide interest, according to the marina. Limassol also hosts 6,600sqm (1.6 acres) of commercial amenities.
“Our property at Limassol Marina has attracted some of the region’s most demanding buyers from 48 nationalities,” said Nikiforos. “We have also seen a large increase in people arriving from Ukraine since the war. People have come here to make it their home.” There has also been significant interest from Middle Eastern and Israeli nationals.
Built on an area that was once dominated by derelict buildings and warehouses, the project has grossed over €500m ($511m) in property sales, with 95% of the waterfront residences already sold. Most of the homes have gone to international buyers.
Tom Lord, marina manager at Limassol Marina, said: “We look forward to continuing our efforts to realise Cyprus’ fantastic potential as a yachting destination and to continuing to prove why Limassol Marina has fast become the yachting hub at the gateway to the Med in the East.”
A four-bedroom villa in Limassol Marina could cost you over €8m and a Castle Residences apartment or duplex around €5m. Some of the larger villas are equipped with superyacht berths and were sold for around €13m. Another nearby project attracting investment to the area is a large casino complex currently under construction.