Investors buy an inner-city plot in Nicosia for a record EUR 18.25 mn
Investors have paid the highest price for an inner-city plot in Stassicratous, Mnassiadou and Princess De Tyra streets, Nicosia when they bought a parcel of 2,000 sq.m. off Makarios Ave. for a record EUR 18.25 mln. The deal went ahead despite the economic crisis, suggesting that there are bargain deals to be made and strengthening the belief that property in Cyprus hardly ever loses value.
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.
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