Famous for its happening atmosphere and welcoming hospitality, the sparkling city of Limassol is only a few hours flight from most European cities. The new marina will be a collection of well-designed residences and state-of-the-art marina with top class restaurants and shops, creating a lifestyle exclusively coined by the term living on the sea.

Demetris Christofias, The President of the Republic of Cyprus has laid the foundation stone of the new Limassol marina which was attended by the town’s officials and other dignitaries. Construction work on the Limassol Marina is already is on the move and progressing rapidly. The marina project is one of the largest in Cyprus and aims to promote Cyprus position on the map as a quality tourist destination and should be ready to accept its first vessels in the autumn of 2012.

Despite the general slump in the property market, sales are excellent. The first units to be delivered in about 2 years time will be the nine blocks of apartments known as the Nerieds (sea nymphs). Prices for one bedroom apartments start at €450,000 and two bedroom €800,000 and many of them already have been sold to Russian, European and Arab investors.

With an estimated cost of €350 million, other plans for the marina complex include boutiques, restaurants, cafes, shops and conference space, all with the aim of attracting more high-end tourists to the island and a bigger share of the Mediterranean yachting market. The marina will be expected to be ready by 21st October 2012 and will able to accommodate around 600 craft of various sizes.

Martin cooper, a British property investor has bought a property in Limassol late last year said that he purchased there because of the news that the government plans to use it as a base for oil workers. Speaking to the Sunday Mail, he said that the plans will trigger a surge in the amount of demand for temporary lodgings in the region as there would be lots of industry people looking for accommodation. As a result, rental investors would be well-placed to collect significant rental returns from the visiting workers.

According to a recent report in the Mirror, the Cypriot housing market has seen considerable growth in recent times, with values rising by about 80 per cent in the last few years.