Land in Tsada, Paphos, Cyprus No. 58158

+ 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

The parcel covers 19,065 m² of building land in zone H6, on the hills above Paphos beside the Tsada golf course. Its defining advantage is that the planning permit is already in place, and the land is subdivided into seventeen plots — the stage that usually costs a developer a year of waiting has been passed before the sale.

The concept prepared for the site envisages custom-designed residences on those seventeen plots: each house drawn to its owner’s brief rather than repeated from a single type. The design can also be re-purposed for a different programme, so the groundwork already done does not lock the buyer into one scenario.

The plots are sited so that every one of them takes in panoramic views of the sea and the Mediterranean countryside. The elevation matters for more than the outlook: at this height the summer humidity of the coast gives way to mountain breezes, which is exactly why the hills above Paphos have long been chosen for year-round living rather than seasonal use. An elegant villa development stands next door, and the golf course is immediately adjacent.

The main features:

• Building land of 19,065 m²
• Zone H6
• Subdivided into 17 plots
• Planning permit already in place
• Concept for custom-designed residences
• Design can be re-purposed for another programme
• Panoramic sea and countryside views from every plot
• Elevated position, free of coastal summer humidity
• Directly beside the Tsada golf course

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