Ideally located in a peaceful residential area in the heart of Limassol, this project comprises nine apartments across three levels.
There are currently four apartments available for sale.
The properties are nestled in a safe neighborhood yet benefit from the proximity to amenities in the city center, making them ideally suited to young couples or families.
Every apartment has two bedrooms and is finished to the highest of standards. The contemporary design boasts high functionality, with wooden features, and fair-faced concrete accenting subtle tones of gray.
The interior features of the apartments include open-plan kitchens and living areas with parquet floors, marble surfaces, and large double-glazed windows.
Large verandas offer residents a relaxing outdoor environment to enjoy the panoramic city views and atmosphere.
Each apartment comes with covered parking and ample storage space.
Four spacious two-bedroom apartments are available for €1,050,000.
INVESTMENT PROPOSAL
Limassol is the corporate capital and hub for thousands of international companies in Cyprus, mainly in the technological and financial sectors.
Cyprus has transformed into a greatly sought-after relocation center in the Middle East and Southern Europe thanks to the low corporate tax, the zero-dividend tax, the IP Box Regime, and the New Strategy for Attracting Business.
Between 2020 – 2022, more than 18,000 foreigners submitted applications to register a company in Cyprus. Not only do new regulations facilitate the relocation of employees, but also their family members. The potential employment of spouses is another attractive incentive to relocate.
New properties in the center of Limassol have notably become extremely scarce. The residential area between the highway and the coastal road has been in high demand.
Specifically, the price of properties below the highway experienced an accumulative increase of 25% in the last two years, mainly due to the decrease in supply.
Investors and residents are now looking to two new evolving areas for investments, one above the highway (on the hills of Germasogeia and Ayios Tychonas) and the other on the east of Limassol Marina (Agios Andreas and Zakaki Area).
The construction of one of Europe's largest casino resorts is driving the eastern area's real estate market. Over 2500 luxury residential units will be constructed in this fast-developing area in the next two years.
The average selling price in the vicinity of the City of Dreams casino is €3,700 sq.m. and €3,250 sq.m. where the project is located. The co-financing of this project will enable Amazon Investments to complete it with a cost of €2,700 per sq.m.
The project can also be used as a rental business with an expected average net return of 7% for short-term rentals and 5% for long-term rentals. A property management company of Amazon Investments can manage the project if required. The 5-year IRR is 15%.
The Price of €1,050,000 + VAT does not include the cost of furniture and underfloor heating.
Registering the project as a short-term rental business with CTO (Cyprus Touristic Organization) will grant the reimbursement of the VAT after one year.
