Nestled in a peaceful residential area in Pafos, this four-floor premium development consists of seven contemporary one and two-bedroom apartments for sale.
In an unrivaled location within walking distance of the city center and local amenities, this spacious project boasts just two apartments on floors one to three.
The top floor comprises one single two-bedroom penthouse with a large roof terrace offering breathtaking sea and mountain views.
All residences are met with solid iroko wood entrance doors and contain luxurious fittings. The stylish interiors include marble and wooden floors, granite worktops, double-glazed windows with aluminum frames, and handcrafted laminated wooden fittings.
The outside area boasts private parking on ground level and a landscaped common garden with an irrigation system. Each apartment has one parking space.
The development is close to a public kindergarten, elementary, and high school. In addition, it’s a short drive away from private international schools.
The luxurious properties and the unbeatable location make this an ideal investment for buy-to-let or permanent living.
The price of the building is €1,805,000 (excluding the cost of underfloor heating, furniture, A/C split units, and electrical appliances).
The total built area of each apartment is between 63 and 136 sq.m each. Please find the entire design specifications in the table below.
|
Apartment Number |
Number of Bedrooms |
Covered Internal Area, sq.m. |
Covered Veranda, sq.m. |
Uncovered Veranda, sq.m. |
Total Built Area, sq.m. |
|
101 |
2 |
75 |
17 |
0 |
92 |
|
102 |
1 |
50 |
13 |
0 |
63 |
|
201 |
2 |
75 |
17 |
0 |
92 |
|
202 |
1 |
50 |
13 |
0 |
63 |
|
301 |
2 |
75 |
17 |
0 |
92 |
|
302 |
1 |
50 |
13 |
0 |
63 |
|
401 |
2 |
75 |
17 |
44 |
136 |
Investment Proposal
Amazon Investments is searching for investors to co-finance the construction of this off-plan luxury apartment complex in a peaceful neighborhood in the center of Paphos.
The project consists of seven opulent apartments — ideal for the influx of digital nomads and IT professionals planning to reside in Pafos. According to the Statistical Service in Cyprus, more than 500 IT professionals and digital nomads moved to Pafos in 2021.
Due to the Intellectual Property Box Regime and the Digital Nomad Visa, it is anticipated that the new statistics will exceed the 700 individuals who moved to the city in 2022. The city faces an unprecedented shortage of new high-end properties required by these high-paid professionals. The average selling price of luxury apartments in the center of Paphos is €3,400 per sq.m.
The co-financing of this off-plan project will enable Amazon Investments to complete it at €3,000 per sq.m. The project can also be used as a rental business with an expected average net return of 8%. A property management company of Amazon Investments can undertake the management of the project if required.
Pafos' rising real estate prices can also ensure an IRR of 20% in the next five years.
The VAT is fully recoverable after one year if the project is registered as a short-term rental business with CTO (Cyprus Touristic Organization).
The price of €1,805,000 does not include the cost of underfloor heating (€125,000), furniture (€160,000), and split units AC systems and electrical appliances (€35,000).
