Warnings of further rent rises in Limassol

Workers needed for Limassol projects will push rents even higher

By Lizzy Ioannidou

The Limassol chamber of commerce and industry (Keve) warned this week that rents in the city will continue to spiral, ironically because of the thousands of construction workers needed to complete the many development projects underway, and all requiring housing in or near the city.

The head of Limassol Keve, Costas Galatariotis, told the media he expected around 6,000 workers to burst into Limassol in 2019, further boosting an already heightened demand for housing by students and foreigners, resulting in a renewed hike in rental prices.

He said that five foreign companies involved in development projects in Limassol over the next 20 months will be needing a total of 3,000 construction workers, while an additional staff of around 2,500 will be needed for the city’s casino and another 800 to work in the two new hotels.

The initial labour force needed for the casino will actually be higher, according to Kypros Hadjiathanasiou from Gnora Communications which represents the integrated casino resort, City of Dreams Mediterranean. The construction phase which is set to begin in the coming months will require 4,000 workers, he said.

It is only once the casino resort is fully opened in 2021 that the number of permanent staff will fall to 2,500, Hadjiathanasiou told the Sunday Mail, adding that most of its workforce is local.

Currently…

Read Full Article

The post Warnings of further rent rises in Limassol appeared first on Cyprus Mail.

Please follow and like us: