+ VAT

From January 13, 2014 the VAT rate in Cyprus is 19%. However, buyers can purchase a new property with a reduced VAT rate of 5% under the following conditions:

  • The purchase is made by an individual, not a legal entity.
  • The buyer is not going to rent out the acquired property.
  • This will be a primary residence in Cyprus for the buyer, and they do not have any other property in Cyprus acquired with the reduced VAT rate within the last 10 years.
A reduced VAT rate of only 5% is applied to the first 200 m². The remaining area over 200 m² is subject to a 19% tax. These rules only apply to buyers of new developments, while for secondary real estate, VAT is 0%

Land in Fasoula, Limassol, Cyprus No. 46859

Parameters

Property Description

This development offers a complete package including land, design work, and approved permits, representing a ready-to-progress investment opportunity. The project covers a plot area of 5,867 m² with a building density of 60% and a coverage ratio of 35%, resulting in an approximate net building coefficient of 2,650 m² plus covered verandas.

All key preliminary works have been completed, including topographical surveying, a full geotechnical study, architectural drawings for the development of nine villas and five apartments, as well as a brochure, technical specifications, 3D renders, and a feasibility study. Planning permits for both land division and development have been approved, while the building permit for land division and road construction has been submitted and is currently awaiting approval. The building permit for the development itself has not yet been prepared or submitted.

The seller’s obligations include completing the issuance of both planning permits, settling all consultant invoices up to the planning permit stage, and delivering all completed studies and documents to the purchaser. The buyer will have full freedom to either retain the existing consulting team or appoint new professionals for subsequent stages.

The main features of the project and the units:
• Plot area 5,867 m²
• Building density 60%
• Coverage 35%
• Net building coefficient approx. 2,650 m² + covered verandas
• Architectural drawings for 9 villas and 5 apartments
• Completed topographer work
• Completed geotechnical study
• Approved planning permits
• Submitted building permit for land division/road construction
• Brochure, technical specs, 3D renders and feasibility study completed
• Seller obligations included

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