Leptos Estates

Last updated
Leptos Estates
IndustryProperty development
Founded1960
Founder Michael Leptos
HeadquartersCyprus
Area served
Cyprus, Greece, Middle East
Key people
Pantelis Leptos, George Leptos
Website www.leptosestates.com

Leptos Estates is a property development group in Cyprus. [1] Its latest developments include Limassol Del Mar, Adonis Beach Villas, and Coral Seas Villas.

Contents

History

In the early 1960s, Michael Leptos started the property development business in Kyrenia, Cyprus. Following the 1974 events in Cyprus, the group's activities were relocated to the Middle East and the Persian Gulf, with an emphasis on constructing major residential developments. An example of these was the Saudia City project in Jeddah, comprising 4,000 homes. [2]

Leptos expanded in the 1980s by purchasing a large area of land from the Bishop of Paphos. Subsequent developments in the area included the Kamares Village and Olympus Village projects. [3] By 2005, Leptos had become the largest property developer on Cyprus. [4]

The group later continued its activities in the region of Paphos. The company opened hotels, developed houses, and operated other businesses in the region. Later on, it continued its activities in Greece, specifically in the islands of Paros, Santorini, and Crete. [2]

Michael Leptos died in 2021 at the age of 83. [5]

Developments

Michael Leptos, the founder of the company, opened the five-star hotel of Coral Bay, situated in Coral Bay, Cyprus. It then opened one more hotel in the same area, the Thalassa Boutique Hotel & Spa. The group now has a number of hotels and resorts, both in Cyprus and Greece, which operate under the Leptos Calypso Hotels Public Ltd. [2]


Controversy

During the 2022 Russian invasion of Ukraine, Leptos Estates refused to join the international community and withdraw from the Russian market. Research from Yale University published on August 10, 2022 identifying how companies were reacting to Russia's invasion identified Leptos Estates in the worst category of "Digging in", meaning Defying Demands for Exit: companies defying demands for exit/reduction of activities. [6]


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References

  1. "Leading Property Developer in Cyprus - Leptos Estates". realestatestructured.com. 27 February 2019. Retrieved 28 February 2019.
  2. 1 2 3 "Leptos Group History - Leptos Estates". www.leptosestates.com. Retrieved 28 February 2019.
  3. Moye, Catherine (September 24, 2003). "A slice of Cyprus". The Daily Telegraph . Archived from the original on May 5, 2013.
  4. Keay, Justin (February 4, 2005). "Cyprus gets a face-lift". The New York Times .
  5. Turner, Katy. "Paphos-based businessman Leptos dies aged 84 | Cyprus Mail". cyprus-mail.com/. Retrieved 2021-01-08.
  6. "Almost 1,000 Companies Have Curtailed Operations in Russia—But Some Remain". Yale School of Management . Retrieved 10 August 2022.