Real Estate: A “restart” through young couples

An attractive owner-occupancy proposal for Millennials at Sunset Gardens in Limassol

The sudden abolition of the Cyprus Investment Programme last autumn in the middle of an already difficult period for Cyprus economy due to the pandemic, caused serious shocks in Cyprus real estate market. As investors’ interest in the once sought-after luxury real estate plummeted, many land development entrepreneurs found themselves faced with serious dilemmas for the next day. Nevertheless, Cyprus’ real estate market has managed to hold on tight. As it turned out, the industry still has a lot to offer if it focuses on the needs of other groups. It is now clear that it is local demand that will give a boost to the industry again, just as it has managed to maintain returns on the real estate market during the last difficult year.

According to a recent survey conducted by LionGlobal, Millennials are expected to be the dominant force in the Cypriot real estate market in the coming years. Contrary to the prevailing trends abroad, young couples in Cyprus aged between 25 and 39 dream of buying a home. It is therefore clear that what the market now needs is the creation of modern properties, designed with “green” features and aimed primarily at millennials at attractive prices.

An example of such housing development is Sunset Gardens, the pioneering project promoted by Imperio. It is being developed in a privileged location in western Limassol and is the first residential development in Cyprus that is ecologically sustainable. In addition, it includes affordable homes, while it has amenities that resemble luxury hotel services, providing a complete solution for a residence or holiday home.

The market demand for such properties is reflected in the strong demand recorded by Sunset Gardens in just a few months from the start of its construction work, in the midst of a particularly difficult period due to the pandemic. It is worth noting that more than 85 apartments have already been sold. In fact, the vast majority of buyers are young couples and professionals, who have taken advantage of the low housing loan interest rates offered by commercial banks and the interest rate subsidy scheme introduced by the Government.

The project

Sunset Gardens consists of 315 apartments and has, among others, swimming pools, a restaurant, a supermarket, a business centre, a gym, as well as tennis and basketball courts. This pioneering residential development is surrounded by 40,000 trees and plants, while it is designed with sustainability and the harmonious coexistence of the residents with the natural environment in mind. More specifically, the project is designed to use renewable energy sources for most of its operational needs. In particular, it will have photovoltaic systems, a system to treat and use water for the green areas, as well as a waste management system based on global standards.

Affordable prices

Sunset Gardens’ biggest advantage is the low cost of buying a home, as opposed to the usual high apartment prices in Limassol. Upon the presentation of the project last October, the purchase price of an apartment started from €185,000 + VAT. At present, the price of acquiring a house in the most comprehensive project in Cyprus starts from €199,000 + VAT.

Next to the casino

The location of the project is another important advantage. It is just one kilometre from Lady’s Mile, one of Limassol’s most attractive beaches, and only 10 kilometres from the business and commercial zone of Limassol. It also next to the City of Dreams Mediterranean, Europe’s largest casino, which is expected to open its gates in 2022. The long-awaited development of the casino has already created extremely high demand for the area.

In summary, Sunset Gardens in Limassol is considered one of the most innovative, ecologically sustainable and comprehensive housing projects in Cyprus. Its quality amenities, as well as the high standards of sustainability on which its design was based, offer its occupants a balanced lifestyle while serving the demands of everyday life and the modern needs of young couples and professionals. At the same time, it is an excellent investment opportunity, with low costs and high returns.