5887m2 Land in Larnaca, Larnaka, Cyprus No. 57385

5887 sq.m.

Square

€ 4 200 000

€ 713 / 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%

Parameters

Property Description

A rare investment opportunity in the port and marina district of Larnaca — currently one of the largest investment areas in Cyprus. At around 4,000 m² the plot is a rare size for the city and sits directly opposite major government offices, including the Tax Office, Land Registry and Citizen's Service Centre. It carries a planning permit and a total sellable area of 7,233 m², suited to a mixed business-and-living development that can combine shops, offices, parking and apartments. The ability to sell, rent and use different parts of the scheme gives the final concept strong flexibility and return potential.

The main features of the project and the units:

• Plot area 4,005 m²
• Planning permit approved; building permit under study
• Total sellable area 7,233 m² (5,887 m² internal covered area + 1,346 m² covered verandas)
• Suited to a mixed business & living development — shops, offices, parking and apartments
• Directly opposite major government offices (Tax Office, Land Registry, Citizen's Service Centre)
• In the port and marina investment district of Larnaca