According to financialmirror.com reports, the purchase from Hayasa Properties also generated EUR 3.2 mln in capital gains tax, in addition to a transfer fee of EUR 1.45 mln, which left the Inland Revenue Service very pleased. The buyer, Hayasa Properties Ltd, said that the new purchase will be developed into a multi-storey venture that will include a modern boutique hotel, commercial and residential space and the capability to rise up to 18 floors with five underground levels. However, plans are still at an early stage and a development project has not yet been finalized.

Martin Pearce, UK sales manager for Aristo Developers, has told the Liverpool Echo that Nicosia presents the perfect opportunity for property investors and the upward pressure for property due to the city’s developing significance as a financial and business hub is raising prices and in turn leading to “increased monthly rental rates”.

The expert stated that tenants are “able to pay well” for the right home, with a good year-round demand in Nicosia as the city is developing and advancing its international reputation.

According to financialmirror.com reports, the purchase from Hayasa Properties also generated EUR 3.2 mln in capital gains tax, in addition to a transfer fee of EUR 1.45 mln, which left the Inland Revenue Service very pleased. The buyer, Hayasa Properties Ltd, said that the new purchase will be developed into a multi-storey venture that will include a modern boutique hotel, commercial and residential space and the capability to rise up to 18 floors with five underground levels. However, plans are still at an early stage and a development project has not yet been finalized.

Martin Pearce, UK sales manager for Aristo Developers, has told the Liverpool Echo that Nicosia presents the perfect opportunity for property investors and the upward pressure for property due to the city’s developing significance as a financial and business hub is raising prices and in turn leading to “increased monthly rental rates”.

The expert stated that tenants are “able to pay well” for the right home, with a good year-round demand in Nicosia as the city is developing and advancing its international reputation.

The press release has indicated that the project is located on 25,000m2 of a prime site in Nicosia and will be a mixed use development and it is planned to have a 5-Star hotel, luxury residential villas and apartments, retail space and office buildings. The proposed resort in Nicosia is destined to become a major tourist destination, aimed at sophisticated investors and tourists from around the globe.

Ahmed Al-Mazrouei, DCEO of Qatari Diar has said that the organization is delighted to have signed this Memorandum of Agreement. He added that this project highlights the strong cooperation and means of enhancing them between Qatar and Cyprus.

Meanwhile, Steve Wright, managing director of Cherish Properties has said that the country was experiencing strong growth and the control of the supply and big tourism industry makes the difference. Cyprus has seen 20-30 per cent growth Over the last two to three years and it is now predicted to grow by around ten per cent a year.

Martin Pearce, UK sales manager for Aristo Developers, has told the Liverpool Echo that the area is a favourite spot with overseas property buyers from the UK in particular. Commenting on the location, he has highlighted a number of characteristics and features which has earned Nicosia the popularity it now enjoys. He added that the housing market has seen considerable growth in recent times,due to the city’s developing significance as a financial and business hub and in turn leading to “increased monthly rental rates”.

Rental investors in Nicosia are continuing to see demand from incoming leisure travellers.Due to the city’s developing and advancing international reputation, it is likely to attract visitors for a longer period of time, which will result in rental accommodation being in continuous demand. Therefore, buying a property in Nicosia could be far more lucrative than investing in a region with a more seasonal tourist trade.

Meanwhile, Lousie Hoade, director of Principal International said that Cyprus is one of only three countries in the world dealing with the credit crunch well and remains a good choice for foreign investors.