Investors from Russia, Israel, Lebanon, China and elsewhere have made significant investments in Cyprus real estate, Insider reported on Monday.
It said that through the Bank of Cyprus alone, investors have clinched significant real estate deals which not only helped the bank sell expensive property but also led to construction to begin on large developments.
The 35 most significant transactions by the Bank of Cyprus, excluding the €149m deal with Pangai, total €450m.
Of these, the 10 most important are:
- A coastal plot of land in Limassol was sold to a Russian investor for €80m. A residential and commercial development, Trilogy, is planned on the site.
- A coastal plot of land in Pyrgos, Limassol was sold for some €40m to a Lebanese investor who is also pressing ahead with a mixed-used development.
- Another coastal plot in Limassol was sold for approximately €30m to investors from Cyprus and China who will build Cyprus’ first Sofitel.
- The Kermia hotel in Ayia Napa was sold for €26.5m to Atlantica. Significant investments were made in renovating and expanding it after the acquisition.
- Three hotels in the Paphos district (Cypria Maris, Laoura, Cyprian Bay) of a total value of €60m were bought by the Israel-interest company Fatal which went ahead with renovations and rebranding.
- The Paphian Sun hotel in Paphos which was closed for an extended period was bought by the Cypriot hotel company Atlantica for €15 m and is currently under renovation so that it can start operating in the summer of 2019.
- The former Holiday Inn hotel in Nicosia was recently bought by the Greek company Pangaia for €12.5m which plans to renovate it.
- Tourist land in Sotira, in the Famagusta district, was sold for €12m to an Israel investor.
- A plot of land in Peyia was acquired for €10m by a Russian investor.
- A building on Nicosia’s Makarios avenue was acquired for €10m and demolished. The tallest building in the capital, the 360, is currently under construction on the site.
Other smaller deals include the acquisition by the Senior School of the former Bank of Cyprus sports center, a coastal plot of land in Limassol, land in Phinikoudes, Larnaca and a €6m villa in Limassol.
Recently, BoC’s Real Estate Management Unit (REMU) agreed to sell the former headquarters of the Anastasios Stephanides group near the Mall of Cyprus to Jumbo. It also sold the former Orphanides in Limassol, to Jumbo and Alpha Mega.
Citing sources, Insider said that the sale of other properties in the possession of BoC are at the advanced stage of negotiations.