Or Limassolgrad
There is a seaside city in Cyprus known as Limassol. Just like any other Mediterranean city, Limassol has a subtropical climate, sprawling beaches and a rich, culturally diverse history. It is known as an important Cyprus trade centre, is the largest industrial centre of the province and the base for several eminent wine companies. But what makes Limassol very different from other Mediterranean cities is that it has shops that sell mink coats despite the temperate climate, unprecedented large-scale construction developments of luxury high-rise apartments, and an unusually large selection of superyachts anchored in front of villas worth millions of euros.
Wasn’t There an Economic Collapse?
All this luxury might raise a few eyebrows, considering the economic collapse and bailout of Cyprus a mere five years ago – but it is really not that surprising, considering the sweeping investments that are being made in the city by Russia’s super-rich. Limassol has jokingly become known as ‘Limassolgrad’ by locals, who are fascinated by the strong Russian influence that has started permeating the area. They are now shopping at shops adorned with Cyrillic writing, and marveling at Russian churches, schools and media outlets around the city.
Why Russian Tycoons are Flocking to Limassol
While a large proportion of private investments are made by Russians who buy private marinas but choose to live elsewhere, their contribution to the economy is substantial, and the city is experiencing exceptional growth. According to a journalist from the Guardian, the economic recovery in Cyprus can be partly ascribed to neo-liberal optimism – but how much of this is of Russian origin? Finance ministry official Panikos Konstantinou claims that the recent record growth in tourism, with around 3.6 million visitors to the island, included at least a million Russians. With the economic boost that comes with increased tourism, the city is rapidly developing to accommodate its booming tourist trade. It is expected that by 2021 Europe’s biggest casino will open its doors in Limassol. The investment in the casino – as much as 550 million euros – is speculated to create at least 11,000 new jobs and attract around 300,000 tourists per year.