‘Limassol is the soul of economic progress’

Limassol is the soul of economic progress and development, shipping operations and technology companies,” President Nikos Christodoulides said on Saturday as he continued a tour of the island’s districts.

He emphasised that Limassol had managed to retain its Cypriot identity despite the pressures of rapid development and growing multiculturalism.

“I really believe it, Limassol is the proof that Cyprus can look to the future with optimism,” he said.

While acknowledging the challenges posed by Limassols’ rapid growth, including the high cost of living, housing concerns particularly for young people, and traffic congestion, the president suggested that these issues were inherent to any city undergoing significant development.

In regards to the development of Limassol, he referred to existing projects and interventions amounting to over € 660 million. Twelve members of the Council of Ministers, members of parliament, and local authorities of Limassol were also present.

To tackle present challenges, he highlighted the need to continue cooperation between the state and local authorities, but also pointed to “continuous dialogue and cooperation” with residents as a principle of his governance.

“We are well aware that every bill, every announcement, every policy must respond to the real concerns, anxieties, expectations of people who face the consequences of bureaucracy, the cost of living, uncertainty, and any other challenges that arise on a daily basis,” he emphasised.

“Strong economic growth is essential for the government to pursue social policy and has value when it serves the whole of society, benefits every citizen, supports social cohesion and ensures equal opportunities for all,” he said.

The President stressed that Limassol’s economic growth was essential for the government’s social policy agenda and could eventually benefit every citizen by supporting social cohesion and ensuring “equal opportunities for all”.

“Utilising the potential of Limassol as an international financial and shipping centre, we are supporting local small and medium-sized enterprises to compete in today’s international environment,” Christodoulides said.

Christodoulides said that the tech sector, with most companies based in Limassol, currently contributed 14 per cent to the Cypriot GPD, underlining its importance for the local economy.

At the same time, he also announced new developments regarding the long-delayed technology park in Pentakomo, a long-standing request of Limassol’s business community. “The relevant tender documents have already been prepared, which will be announced before the end of the summer,” he said.

Christodoulides then turned his attention to the city’s maritime industry, mentioning it as yet another a key driver of Cyprus’ economic future.

He stressed growing international interest in relocating shipping operations to the island and said the government was planning to invest in a new building for the deputy shipping ministry to “upgrade the port area, reflecting the prestige and seriousness that our Cyprus now radiates on the international scene”.

Christodoulides also touched on the social aspect of Limassol’s development.

“Economic development must also have a social dimension. The government has set as a priority the strengthening of the most vulnerable groups of society, which are affected by any economic inequalities. The economic development of Limassol and Cyprus in general cannot be sustainable if it does not have a clear social sign. The right to affordable and decent housing is not a privilege, it is a fundamental need and a social obligation,” he said.

Limassol’s transformation into a tech hub has brought a steep rise in living and office costs, pricing out many locals. With an influx of international companies particularly from Russia, Israel, and Ukraine the city now sees record-high rents and exploding costs of living.

The shift has sparked wider concerns over identity and affordability. Even tech companies at the recent Cyprus Forum warned that office rents were in some cases higher than in London or Amsterdam and could threaten Cyprus’ ambitions to remain a competitive tech destination.