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Vavlitis Group will turn old hotels in Cyprus luxury housing

MOSCOW, October 24 – RIA Novosti. Cyprus-Vavlitis group of companies will turn old hotels in the cities of Paphos and Limassol in luxury housing, told RIA Novosti development Manager projects group Michael Anitos.

According to him, the project Porto Pafos on the Mediterranean sea is a reconstruction of an old three stars hotel and its transformation into a luxury residential complex on the beach, which is scheduled to finish in 2013. Investment in the project amounts to 14 million euros.

“Porto Pafos is the latest residential project on the seafront in Paphos,” he stressed Anitos.

Just a five-story building is expected 13 apartments and one penthouse. Also on site will have its own pool, Park and covered Parking. In addition, homeowners in the complex can use the facilities of the adjoining five-star hotels – beaches, Laundry and other services.

During the project implementation will be used high quality materials and the system of “Smart house”. The service will be carried out by the management company.

The second project Vavlitis – Santa Katerina is a redevelopment of a hotel complex consisting of the hotel building and several bungalows, which bududreen, and in their place will be a luxury residential village near Larnaca, also on the sea, informed Anitos.

The project includes 20 three to four-room houses of unusual design ranging from 160 to 300 square meters. Each station will have its own swimming pool. In addition, the complex will be covered Parking. The entire project will require more than 20 million euros.

“It is worth noting that last year, the volume of sales in Cyprus decreased by 5%, but data for the past summer months, suggests that the rate of decrease is falling. The price of the property itself over the last six months decreased by 3-4% depending on the region,” said the President of the international real estate Agency Gordon Rock Stanislav Singel.

However, he added, many buyers are considering buying property in Cyprus as a way to save money against inflation and economic instability.

“This is especially true of liquid objects on the first line”, – said Singel.

Vavlitis Group was founded in 1973 and is a private group company for development, construction, management of hotels.