From Limassol and Nicosia to Polis Chrysochous with a focus on innovation and creativity
By Panagiotis Rougalas
According to data from the Central Bank of Cyprus, the number of residential units for which building permits were approved, and which is a precursor to construction activity, recorded an increase of 13.4% in January – February 2024 (from 1,546 units in January – February 2023 to 1,753 units in January – February 2024). Therefore, a gradual increase in the supply of residential units is expected in the medium term future.
Cybarco Development: “Our flagship developments – such as Marina Limassol, The Oval and Trilogy Limassol Seafront – are changing the face of the city”.
Cybarco Development creates large residential projects in Nicosia, Limassol and Polis Chrysochous and as Cybarco Development Sales Director Mr. George Georgiou emphasizes in an interview with “K”, the company constantly adapts its strategy, responding to changing demands and expectations, as well as events affecting the real estate market.
Buyers at Akamas Bay Villas are looking to invest in high quality properties as holiday homes in safe and welcoming destinations such as Cyprus.
– How would you describe Cybarco's profile< /strong> Development in “five lines”?
– With a focus on innovation and creativity, our flagship developments – such as Limassol Marina, The Oval and Trilogy Limassol Seafront – are changing the face of the city, transforming the urban environment and improving residents' lifestyles. As a fundamentally customer-centric company, our priority is to satisfy the needs of our customers, listening to the dynamics of the market. We are constantly adapting our strategy, responding to changing demands and expectations, as well as to events affecting the real estate market.
– The capital attracts people who are interested in housing. You have the Park Residences project in Nicosia. At what stage and what is the customer's profile?
– With the great success of our Attikis Residences project in Nicosia, we have secured land in a privileged area for our new project in the capital, Park Residences. It is located in one of the best parts of the city, right next to the green park of Agios Dimitrios on the Acropolis, offering a unique opportunity for luxurious and comfortable accommodation in such a central location. Work on the project – which will consist of 12 2 and 3 bedroom apartments of striking, contemporary design and with prices starting from €300,000 – will start soon.
The client profile that attracts this project includes professionals, young families and people who appreciate luxury and comfort. Owners will enjoy the proximity to the city center, easy access to services, shops and public and private schools for their children, as well as the peace, beauty and facilities of the adjacent park. Park Residences perfectly combines urban life with nature, making it an excellent choice for those who seek the best. I believe that someone acquiring an apartment in this project will upgrade their quality of life, while in the long run it will multiply their value.
– Continuing on the same “pattern” and after we referred to buyer profile, what is the targeting for Akamas Bay Villasin Latsi? What stage is this project at and what are the aspirations?
– This is a favorite project of many of us at Cybarco as it is located on the stunning Akama Peninsula, which has something almost sacred about it.
Our goal was to create a seaside residential project, far from the city, offering the owners of the ultra-luxury villas a different, relaxed and comfortable lifestyle. And this is what we do, always having absolute respect for the environment that hosts us.
For this project, we focus our actions on a very specific buyer profile. We target high-income buyers looking for luxury, comfort and privacy, away from the hustle and bustle of the city. The buyers of these villas – mostly foreigners – wish to invest in high-quality properties as holiday homes, in safe and welcoming destinations such as Cyprus.
Buyers of Akama Bay Villas are very specifically interested in the Akama area because of its natural beauty, protected nature and the sea. And our villas there offer a unique combination of luxury and natural surroundings. In addition, the upgrades planned in Polis Chrysochous, such as the expansion of the marina, the construction of the new Paphos – Polis road, the creation of cultural multi-purpose venues and the new luxury tourist units, will bring new impetus to the development of the area, increasing the value and attractiveness of properties in Akamas Bay Villas.
At the moment, at Akamas Bay Villas, which is being developed in different phases, most of the villas have been completed and sold, with only five available for sale – two of them move-in – each individually designed, with large landscaped gardens, private pools and incredible views. With prices of 4 and 5 bedroom villas starting from €1,370,000, the villas represent a good opportunity for local and foreign buyers to own their own private paradise in this location of unparalleled beauty.
– Focusing on Trilogy, what stage is it at? Did you deviate at all from the original designs and why?
– Trilogy, one of the largest mixed-use projects in the Mediterranean, continues the tradition of apartments and offices in the two iconic front towers.
At the same time, the opening of the 6,850 square meter public square is being prepared, which will be a point of reference for lovers of good food, and travelers from all corners of the island and beyond. There, it will host refined dining areas: Greek cuisine in the West Tower, an urban food court with artisan creations next to the shops, the hair salon and the gallery, and fine dining in the East Tower which will be the flagship restaurant and bar of Trilogy.
Choosing the best team for this space was a priority for us. Our desire was to approach talents absolutely intertwined with our brand and the concept of the project. We were looking for people with passion, attention to detail and authenticity, with a perception of the renewed and multinational character of today's Limassol. We were looking for individuals and groups with international expertise in Mediterranean culture. Athenagoras Kostakos, one of the most famous Chefs in Greece, took over as Culinary Director of Trilogy's dining areas and for the bar's unique cocktail menu we have collaborated with “The Clumsies” of Athens.
In the north part of the project, the completion of the third and last building “North Residences”, which is located on the 10th floor, is progressing at an intensive pace.
Regarding the change of the original designs and also the rumor that existed for the completion of the third building, everything was done based on strategy. The product as designed perfectly responds to the current demand, combining impressive design with stunning views of the sea, the city, the Oasis of the 6,700 sq.m. project. and the forward towers. The 'North Residences' proved to be very successful, as few apartments are now available for sale. For me, these apartments are an opportunity for those who wish to live the unique experience that Trilogy will offer, just 150 meters from the sea and at prices starting from €760,000.
The huge success of the project is reflected in the record sales, with all the offices sold 2 years ago and only 27 apartments out of 268 available for sale.
– Now having a clear picture after 3 years, how did the suspension of the Investment Program affect the company's projects, or the Sector in general?
The suspension of the Investment Program led the real estate development companies to economic pressures and in the readjustment of their strategies. The sector as a whole was forced to turn to alternative markets to attract investment, while the overall real estate market restructured to meet the new conditions.
Nevertheless, interest in Cybarco's projects did not diminish. On the contrary, in recent years our sales have exceeded the goals we had set, achieving historical sales records for our company. This is a strong indication that the reliable companies that we dare and that work with the right strategic planning, offering the market projects that stand out, do not lose the trust of the buyers.
Powered by ICT
– The IT community with ICT companies what dynamic have they brought to the field of Real Estate? Do you see it expanding beyond Limassol at a later stage?
– The IT community and ICT companies have given significant momentum to the real estate sector, creating new needs and opportunities. The strengthening of the demand for modern, technologically advanced real estate has led to the development of luxury offices and residences, especially in Limassol, where the majority of these companies are concentrated.
However, it seems that these companies are also expanding outside of Limassol, creating new opportunities for real estate development to meet the growing needs of the industry. The emerging interest in investing in technology infrastructure and offices in areas such as Nicosia and Paphos may create new markets and growth prospects in our sector, positively influencing the market and offering more options to investors and ICTs professionals who choose to base them Cyprus.
< iframe width='300px' height='500px' src='https://www.adstorebluebird.cy/api/banner/ServeBanner?zoneId=2734' frameborder='0' scrolling='no'>
