These apartments are part of an incredibly sought-after project in Limassol. More than 210 one to three-bedroom apartments out of 330 have sold since the project launched in the last quarter of 2020.
One building in the development (comprising 20 apartments) is available for sale. Of these 20 apartments, there are 12 one-bedroom apartments and 8 two-bedroom apartments.
Three of the 12 one-bedroom apartments have a private roof garden, and two of the 8 two-bedroom apartments have a private ground garden.
The pioneering development in the area is made more attractive by its proximity to Limassol’s shopping mall and the Marina.
The multicultural and sustainable development is also strategically situated adjacent to the new City of Dreams casino resort and Golf Resort and close to attractions such as Lady’s Mile beach and Fasouri Waterpark.
The area is a fast growing and trendy neighborhood. The construction of over 2000 buildings is expected within the next three years. The expanse of the landscape is anticipated to rival the size of Aphrodite Hills and Venus Rock in Paphos combined.
The project serves as a boutique hotel. Residents can access high-end facilities and in-house services (for example, interior design, cleaning, and room service).
This convenient living arrangement offers people an attractive alternative to residing in Limassol, outside the city center’s bustle.
The apartment offers stunning views of Limassol through the floor-to-ceiling glass doors. Each apartment is an immaculately designed space complimented by innovative design.
External features include intelligent and sustainable materials, solar panels, cleverly designed landscape irrigation and recycling procedures, 24/7 security with access cards, and gated access for cars and pedestrians.
Amenities inside the development include a gym, swimming pools, basketball and tennis court, a supermarket, restaurant, café, clubhouse, yoga lawns, playground, barbeque areas, and a business center.
The idyllic location and extensive in-house facilities make this development an excellent investment.
The selling price of the building is €7,628,000 (excluding VAT).
INVESTMENT PROPOSAL
As the corporate center of Cyprus, Limassol is home to thousands of international companies. The technology and finance sectors are the fastest growing industries in the capital.
Cyprus has been transformed into a highly desirable relocation center in the Middle East and Southern Europe due to the low corporate tax, the zero dividend tax, and the IP Box Regime, and the New Strategy for Attracting Business.
Over 18,000 foreigners submitted applications to register a company in Cyprus between 2020 and 2022. Not only do new regulations facilitate the relocation of employees, but also their family members. The employment of spouses is another attractive incentive to relocate.
New properties in the center of Limassol have become extremely scarce. The residential area between the highway and the coastal road has been in high demand.
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 dynamic 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 real estate market in the eastern area is being driven by the construction of one of the largest casino resorts in Europe. In the next two years, more than 2500 luxury residential units are expected to be constructed in this fast-developing area.
The average selling price in the vicinity of the City of Dreams casino is 3,700 sq.m. The co-financing of this project will enable Amazon Investments to complete it with a cost of €3,150 per sq.m.
The project can also be used as a rental business with an expected average net return of 7.5% for short-term rentals and 5.5% for long-term rentals. A property management company of Amazon Investments can manage the project if necessary.
The price (€7,628,000 + VAT) includes the cost of furniture, split AC systems, and all electrical appliances. The selling price does not include the cost of underfloor heating installation.
Registering the project as a short-term rental business with CTO (Cyprus Touristic Organization) will grant the reimbursement of the VAT after one year.
