Maria Eracleous
The new €6.3 million project in Moniatis, which is looking for a buyer, shows that investment in mountainous areas is picking up steam. With DTA's Guru projects, the creation of the Tree Hotel, hotel acquisitions by Property Gallery, and the restoration of the Berengaria Hotel in Prodromos, interest has recently begun to be more active. Simultaneously, investors have been eyeing smaller leisure businesses, particularly in the Platres area, which appears to be gaining investor attention thus far. Moreover, investors have begun to look at neighboring communities to expand their areas of interest.
Moniatis is one such example. A quick internet search for properties in this area yields numerous proposals for luxury homes or plots of land costing more than one million euros. According to Marinos Keynegirou, president of the Association of Estate Agents, interest in the real estate sector in Cyprus is general and not limited to mountainous areas, which traditionally attract the least buyer interest. According to local authorities in the mountainous areas, the area has the potential to develop into a luxury mountain resort with options for both main residences and vacation homes, as well as investments with a tourist undertone.
According to Charalambos Konstantinidis, the Moniatis community leader, property sale prices in the area have already begun to rise, largely excluding small and medium-sized buyers. A nine-bedroom villa is selling for €1.2 million, and the Grand chalet de Moniatis, which is expected to be completed around the end of 2023 and is looking for a buyer, is another. H. Konstantinidis reports that a Russian-speaking investor has recently expressed interest in a specific piece of land within the community, with the intention of using it for hotel construction, and that he is receiving active Russian interest in buying property in the area. Simultaneously, a growing number of luxury homes are being made available on short-term rental platforms by their owners.
Edelweiss and Pafsilypon
The Pafsilypon Hotel first opened in 1912 and has been closed since the mid-1980s.
Russian and Ukrainian investors appear to be keeping investment interest in the Platres community alive, having recently met with local authorities and scouting specific sites for development as small boutique hotels or wellness centers. According to Panagiotis Papadopoulos, mayor of Platres, interest in the Edelweiss Hotel has been expressed, with a sale price of around EUR 1.5 million. This unit is already operational, has an area of 800 square meters and a capacity of 22 rooms, and was renovated in 2017. The Pafsilypon Hotel (sale price around EUR 1 million), which first opened in 1912 and has been closed since the mid-1980s, has also sparked interest. In 2019, it suffered extensive damage as a result of a fire, which caused the building's roof and part of the masonry to collapse. The salt springs project, which could be used as a wellness center, is one of the proposals being considered by potential investors (no offer has been made so far by interested investors). The aforementioned contributes to the puzzle of community investments. The Guru residential development by DTA Group is the largest and will be completed around the end of 2024. It is a 47 million euro investment in Upper Platres that includes 71 apartments, 5 maisonettes, and 22 residential units. Office space, a fitness center, wellness areas, a mini market, and a restaurant are also available. The investor estimates that the Tree Hotel development in Platres will cost between 10-15 million euros once permits are obtained. According to the project design, the hotel will have a capacity of 128 beds (64 cabins) and will include restaurants, wellness areas (spa treatment/wellness services will be provided in the spa), an indoor swimming pool, multi-purpose areas, underground parking, and cabins scattered around the site in an environmentally friendly manner.
The opening of the 'Property'
Photo for the wellness center in Platres, which is also looking for an investor.
Property Gallery is also attempting a major expansion in Platres, with investments totaling 42 million euros so far. The company's investment includes the purchase and renovation of three lodging units as well as a shop. The Petit Palais Hotel (which has already reopened), the Cleopatra shop (worth €5.5 million), the Pendeli Hotel, and the Splendid Hotel (both worth €11 million). In the case of the Splendid, the investment includes the purchase and renovation of existing facilities, as well as the construction of new facilities, which is expected to be completed by 2024. The company's fourth investment, Le Platres Chalet, costs €14 million and is for a new villa development that is currently on hold. The company also recently purchased the sports center for 800,000 euros and is in the process of negotiating the purchase of another community-listed building. Lysandros Ioannou of the company PHC, who purchased the Mount Royal Hotel, and Alexander Diogenous, who purchased the Minerva Hotel, are also among the investors.
Chalet worth €6 million
Reports about an upcoming multi-million dollar project in Moniatis - the Grand Chalet de Moniatis, as described on its presentation website - have begun since July. It is a luxury property with a residential area of 824 square meters and a total plot area of approximately 2.5 thousand square meters. The villa has five bedrooms as well as separate rooms for the home cinema, wine cellar, and spa. It also has a swimming pool and a large maid's room, as well as an outside room for staff use.
According to the project completion schedule, the design of the interior will begin after the exterior and garden are completed, with the buyer's contribution. The project is expected to be completed by the end of 2023. The villa costs more than 6 million euros - specifically 6.3 million euros - and the price is negotiable. The property, as stated in the project description, is available for permanent or vacation residence and is located in an affordable area 30 minutes from Limassol and one hour from the cities of Paphos, Larnaca, and Nicosia.
[This article was translated from its Greek original]
