Cyprus, the “Island of Love” with its Mediterranean coastline, Krasochoria (wine villages) and outstanding golf facilities attracts plenty of well-heeled tourists. The island’s excellent commercial prospects draws highly qualified professionals eager to make their mark.
If you are looking for a scenic region to develop a luxury property, read on for information on where a new build in Cyprus will yield a strong return on investment (ROI).
New build homes market in Cyprus
New developments in Cyprus are almost certain to be sold as soon as they are placed on the market. Developers interested in investing in Lefkosia (Nicosia), Cyprus’ financial and cultural hub can consider constructing a plush office complex in the European style business district or an elegant apartment block close to the centre.
In Paphos and Lanarca, well known for their archaeological sites, new builds, including well-equipped housing complex of custom villas in private gardens and blocks of deluxe flats within reach of the city’s international airport sell well.
Limassol, famous for its historic attractions is another smart city where a new build will bring you a great ROI. The coastal city’s proximity to the sun-soaked sands of the Mediterranean makes it an ideal location to develop a magnificent beachfront hotel, B&B or independent luxury properties within easy reach of the waterfront.
Other locations, where new build homes in Cyprus are guaranteed to find sophisticated buyers are near the golf courses and national parks and in the gorgeous wine villages on the snow-capped Troodos mountains. Here, a development such as a secure community of traditionally designed Cypriot houses is sure to find takers from amongst the scores of winter sports, wine and golf enthusiasts looking for a stylish holiday home away from the bustle of the cities.
Benefits of constructing a new build in Cyprus
Now is an ideal time to build in Cyprus as booming tourism, great business opportunities, a stable property market and steady appreciation in property value has led to buyers of all nationalities seeking to invest in Cyprus property.
Buying land for a new build in Cyprus
After you purchase a site, request a copy of the Site Plan from the Department of Lands and Surveys and prepare an application for the Town Planning permit. Upon receipt, apply for a Building permit and Division permit (if required). Once you have the right permit, begin construction.
When your new build is ready, invite the Town Planning department for a final property survey and following approval, approach the Building Committee for the Certificate of Final Approval.
Your next step is to lodge an application with the district land registry to register the property and initiate the process of drawing up Title Deed/multiple Title Deeds (if you applied for a Division Permit).
If your company has a new build to be listed, Winkworth International can help. Contact us to discuss the requirements to have your new developments in Cyprus marketed and promoted.
We provide all assistance and the maximum exposure of your gorgeous new build in Cyprus to help you find top quality clients.
This information is for guidance purposes only and is subject to change. Winkworth recommend that prospective buyers or sellers of foreign property obtain professional legal advice.