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Palm City residences set the real estate trend in Libya

Palm City project almost completed 1

Demand for luxury real-estate in Libya is growing and one company is already making inroads in the market with a luxury development that will set the trend for expat accommodation in North Africa. OffPlanPropertyExchange.com speaks to Reuben Xuereb, Managing Director of Palm City Residences .

Workers busy themselves putting finishing touches in place, looking around them to make sure that everything is proceeding according to schedule. The location is a huge complex on the pristine coastline of Janzour that lies a mere half-hour drive away from Tripoli, Libya’s thriving capital.

If proof were needed that Libya is on a real-estate upward curve, then Palm City Residences is definitley it. The Maltese and Kuwaiti-owned luxury development, which was initiated around three years ago, is now nearing completion as Mediterranean Investments Holding p.l.c. (MIH) gears up for the official inauguration in the coming months. The cluster of residences is the first property of its kind in a country which is fast becoming a hotspot for investors and developers alike and is being widely viewed as a catalyst paving the way for such other investments. We ask Mr Xuereb about his reactions to this trend in the market.

“Libya has been experiencing unprecedented growth for the last couple of years and Palm City Residences reflect this trend. The government’s initiatives to open up to the world and welcome foreign companies to do business in Libya has propelled a widespread boom in construction, infrastructure, health care, education and myriad other areas in which the Libyan government is investing and working with international companies to deliver. We can definitely expect more from the market in the upcoming months.”

Indeed, it is no secret that Libya has enormous potential given its location, history and spectacular coastline. The vast stretches of virgin beaches, the Roman and Greek ruins, the Green mountains and the beautiful desert are some of the unique attractions that remain to be explored by many. Its capital, Tripoli is already being included as part of a number of Mediterranean cruise stops and it is to be expected that this is followed with a similar growth in the business sector, including the real estate scene. The concept behind MIH’s project taps into the new lifestyle that is emerging amongst the expats in Libya.

“The idea to build a waterfront village that addresses the needs of the people living and working in Libya was conceived several years ago, when Libya was still under the economic sanctions. Palm City can be described as a self contained residential village furnished with and complete with all the comforts that the western world is today accustomed to. From the very beginning, the concept was designed with the ultimate end users in mind and we actually consulted potential tenants about what they would wish to have in a home. Palm City will be a home away from home for over 1,000 people, living right on the waterfront, enjoying unspoilt open views of the Mediterranean sea whilst served with a whole spectrum of health, leisure, communication, retail and entertainment facilities that are second to none,” Mr Xuereb explained.

Palm Cityinterior

Planned with the very particular needs of expats working in Libya in mind, the complex will comprise 413 residential units with a multitude of supporting leisure and entertainment facilities including a private sandy beach served with two restaurants and a central piazza which will act as the focal point for the community where people meet, shop, and see to most of their daily needs. Foreign workers relocating in Libya tend to have one main requirement when searching for accommodation – tending to their daily needs in their new home must be as hassle-free as possible. This is especially true when it is whole families, including children, who are relocating.

“With this in mind, all residential units are being leased out on a long-term basis and fully-furnished with all the amenities that are usually expected from properties of this calibre. Each property has extensive multimedia facilities including wireless internet and satellite TV in the living rooms and master bedrooms. Designer kitchens and bathrooms are standard and come equipped with every accessory. Tenants can literally move in and start enjoying their new lifestyle from Day 1,” Mr Xuereb explained.

Response has been very positive and the demand for the leasing of houses, villas and apartments in Palm City has been growing over the last months. To date a good number of units have already been leased and negotiations with a number of other clients are also ongoing. Many are curious about MIH’s experience when it comes to doing business in Libya. MIH was one of the first companies to take the step – was there any nervousness about this?

“Not when one considers the spurt of economic growth that Libya is currently experiencing. In fact MIH is already working on other projects in Libya that will soon be announced. These include a mixed use, office, retail and residential tower in the heart of Tripoli, among others. We strongly believe that Libya will continue to enjoy this

growth and given the company’s affinity with the country, the group is poised for success in the different areas of development, be it hotels, residential developments and now also commercial developments on a larger scale than the group has ever undertaken before. I must say that the government has always welcomed our investment initiatives and the clear legislation that is now in place helps businesses like ours feel more at ease as our investment is regulated and secured.”

MIH are in fact no strangers to North African investment. The five-star Corinthia Bab Africa hotel in Tripoli, which was opened in September 2003 by the Maltese-owned Corinthia Group (MIH’s mother company), still sets the standard for the hospitality industry and conference travel in Libya. Following the opening of this hotel, MIH was specifically set up to target investments in the North African market. Although relatively young, the company has already made huge strides and is now known as the leading real estate player in Libya and neighbouring North African countries.

“Our strategy is to invest and to launch projects that address the needs of the particular country and society. We take pride in pioneering, investing and developing projects that set the high standards embraced by the Corinthia Brand.” Mr Xuereb concludes.

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3 Responses to “Palm City residences set the real estate trend in Libya”

  1. anthony says:

    yes if u pse i wish to see d new area of palm city and also d nice new hotel u have in tripoli tks alot

  2. CAPT JACK ROGERS says:

    Dear Sir,

    I need more information about this property,
    The availability, current state and if the price is open to negotiations.

    Regards

    Captain Jack Rogers

  3. LISA SANTANA says:

    VirginMary-site

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