The area around The Mall of Cyprus and the numerous commercial developments of recent years has made it among the most expensive both in terms of rents or property sales on the Cyprus market.
However, the road network is already over-stretched there and any new developments need careful study and management.
The Real Estate Management Unit (REMU) of the Bank of Cyprus alone has six properties for sale with prices in the seven digits.
On Kalamon Avenue, Bank of Cyprus is selling a 3,160 square metre property that includes a showroom and a warehouse for €1.8m. The premises are currently in use.
On Limassol Avenue near the Nicosia Hospital roundabout towards Latsia, REMU is selling a 10,683 plot of land with a two storey building used to prepare and store food for €4.7m.
Also for sale is a plot of land between Kalamon and Kambou avenues, next to the Mercedes showroom and opposite Madissons, not far away from Super Home Centre. The plot of land covers 6,491 square metres and has been valued by REMU at €4.9 m.
REMU is asking for nearly €6.2m for two plots of land on the Nicosia Hospital roundabout, opposite Leroy Merlin.
Perhaps the most attractive plot of land on sale by REMU was recently added to its portfolio after a loan restructuring of the CTC group. This 10,890 square metre plot is situated between The Mall of Cyprus and Madissons and is for sale for €8.9 m.
The most expensive property REMU had on sale in the area are the former headquarters of the Stephanides group. These are to be acquired by the Jumbo group to house their second outlet in the capital. The land is 19,065 square metres and the building covers 12,348 square metres. REMU had listed the selling price as €18.3m but the final price agreed with the Greek commercial group is not known.