Why not Limassol, Cyprus?

Limassol our city

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Economics Research Center: Robust economic activity in Cyprus expected in 2020

Why not Limassol? What’s missing? What does Limassol need to compete with major cities around the world?  Some may say Limassol is small, widespread over a large distance, on an island and far from central Europe.

Let’s review each of the very fair comments provided for Limassol.

Is the city too small?

Limassol, is a smaller scale city that can’t be compared with other largely populated cities around the globe. This may be seen as a disadvantage as it is less busy and crowded and opportunities are not as many.

This on the other hand creates many positives, such as low crime, less traffic and easier and more relaxed lifestyle. In relation to the population the city has; activities and opportunities for outings are disproportional compared to it size. Every corner offers a different type of café, restaurant and bar all of which all have different orientations.

In addition the city is growing into a larger city as the town is facing a new rapid expansion phase. With large developments on its beach front. Limassol is a popular relocation spot for business and nomads. This has created real needs for the city to expand to support the new younger oriented crowd that has relocated. It has the advantage of having the opportunity to develop a major part of it beachfront now while other beach front cities did this 15-20 years ago. This will enable a more modern outlook on the beach front.

Is the city widespread?

Limassol is widespread, this creates a less densely populated city center. If Limassol had a densely populated hub or center, I believe prices may have been much higher. Limassol does not have a single area with large numbers of population, even high-rise buildings are widespread on the entire beach front. In addition, the largest benefit of Limassol is having a beach front of more than 14km, this causes the city to expand across the coastline. The Limassol city center with the addition of the university, the marina, the old port, and the molos promenade has turned into a very nice city vibe with people walking around.

Current momentum shows foreign companies are trusting and relocating in the center while renovating beautiful old historic buildings into amazing cool offices that respect the heritage of the city.  In addition, having a widespread city enables people to choose the type of lifestyle  they would like, either city living in the center of town, living on the beach or if they want a quiet neighborhoods choosing one of the many areas in Limassol above the highway. All locations having less than 20 minutes distance between them.

the one evening

Limassol also has many other factors either in place or being implemented that will support its expansion. Already available are high quality five-star hotels, excellent restaurants, and newly constructed private schools. Currently under construction is largest casino resort in Europe that will expand the city even further. Down the line an important development for the entire island will be the exploration of natural gas reserves that have been discovered in the area.

Is it far from the central Europe?

Finally, the geographical location enables it to operate as a hub for worldwide business. It’s location may not be the best location for companies that operate in central Europe, but the question is do you want your company only to operate in Europe?

Limassol, Cyprus is in a crossroad of remarkably interesting markets, located between three continents Europe, Asia and Africa, it is ideal for business. Also being part of Europe while maintaining good relationships with middle east, CIS countries and Israel, creates a create a location set to grow.

Limassol from aove
Molos

Limassol is not the high-rise towers, it is a city that is here to stay, Limassol is a city where everyone that relocates or lives here will find something that will cause him to fall in love with the city. It does not want to be up there with other major cities around the word. Limassol is Limassol, a city with its own heritage and own character. Limassol in the past 15 years has changed from a quiet city on the beach to a hub for work and entertainment. We can’t wait to see what the next 10 years will bring. It will always be our city; it does not change it upgrades. Can’t wait to see Limassol changing from version 2.020 to 2.030 😊

By George Loizou, MSA, CFE, CM, CPA

Managing Director

Palema

 

 

 

 

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