The UK’s Leus Developments is completing several projects in Limassol, Cyprus.
With two sites finished and already rented out, and two more being completed over the next two years, Business Matters heard from founder Dmitry Leus to learn more about the company’s real estate projects and the continued appeal of Cyprus for UK investors.
Leus has been dividing his time between London and Cyprus for the past several years, as Leus Developments’ four Limassol real estate projects each get closer to the finish line. Two have already been completed and are rented out: Neapolis I and Neapolis II. Leus seems pleased with the reception these completed buildings have received: “It’s great to see the end result, with happy residents. Neapolis I was always going to be appealing, with the amazing panoramic views, and just four minutes’ walk to the seaside, and the buzz of restaurants and shops close by. The architecture of Neapolis II, for me, is something special.”
Next up for Leus Developments will be their sea view Agios Athanasios development, due in December this year. It features 22 apartments, including one, two, and three bedroom units, as well as three penthouses that each have a private rooftop terrace. Leus says: “We’re especially looking forward to seeing people’s reaction to the site’s internal garden with its swimming pool. This development feels especially modern, catering especially well to those who work from home and host guests.” That will be closely followed by City Tower, premium Limassol office space, due to be completed in January 2025. Leus explains the appeal: “It’s in a great location, and we know the large roof-garden will be ideal for corporate events and as an outdoor space for employees.”
The luxurious Mandarin Park Tower is due for completion in January 2027. It will consist of 29 high end apartments, including triplex penthouses with private roof gardens, enjoying panoramic sea views through floor-to-ceiling windows, with elegant living areas, and Italian marble finishes in the kitchens and bathrooms. There will be a private clubhouse onsite and the lobby is designed by the renowned Luxury Antonovich Design Studio.
Leus Developments consider Cyprus the ideal location for their projects. Quality of life on the island and the consistently strong economy mean their clients are committed to Cyprus. For them, the island is ideally located for accessing multiple markets and travel within Europe and to Africa and Asia. The EU status of the island is another draw.
Leus explains why he and other British companies are comfortable investing in Cyprus: “It’s truly a European business environment here in Cyprus. We enjoy high quality professional services and infrastructure here. We see a high demand for real estate and good rental yields. It’s also a very safe place to expect a significant return on long term investment. The economy is doing very well There is a strong legal system and it feels familiar because it’s based on British common law and is trusted internationally.”
He adds: “It’s also just a truly great place to live and to work. Whether we are talking about lifestyle, culture, the sunshine quota or coastal living, this island has so much to offer.”
Leus concludes by saying: “We are proud to contribute very high quality living and working spaces to Cyprus. So much has gone into each project, starting from the tremendous Limassol locations, to securing the very best architecture to insisting on the very best of materials and equipment for each aspect of our sites.”
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Dmitry Leus: The continued appeal of Cyprus for UK investors