€ 9 500 000

€ 7 296 / sqm

+ 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%

1302m2 Commercial property in Limassol, Cyprus No. 48974

1302 sq.m.

Square

Parameters

Property Description

This property is located near Limassol Marina, a prestigious area in Cyprus, with easy access to the city’s main roads, the old town, and the new port, which is set to become a future business hub. The land ownership has been secured for six months, and demolition has already begun following the issuance of the demolition permit. The final construction permit is expected within 3-6 months, with the estimated completion date set for March 2027.

The property offers strong financial potential, with rental projections including €58,590/month for primary space, €17,500/month for shared space, and €28,800/year for parking. The total gross annual rental income is projected at €941,880 + VAT, providing a gross annual return of 10.4%. The sale price is set at €9,000,000 + VAT, with the property available at a key-ready level.

The main features of the project and the units:

• Prime location near Limassol Marina
• Easy access to main roads, old town, and future business center
• Demolition underway, construction completion estimated by March 2027
• Gross annual rental income of €941,880 + VAT
• Gross annual return of 10.4%
• Sale price: €9,000,000 + VAT, key-ready level