Land in Anarita, Paphos, Cyprus No. 58160

+ 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 6,355 m² of building land in zone H2, with a building coefficient of 90% — which translates into 4,964 m² of permitted building area and capacity for more than forty residences. For a developer this is a rare combination: a plot large enough for a full scheme, in a zone that allows density, on the doorstep of Paphos.

A concept study has already been prepared for the site, setting out 43 residences — thirteen one-bedroom apartments, sixteen with two bedrooms and one with three, alongside eleven two-bedroom houses, a two-bedroom house with a study and a three-bedroom house. The design can be re-purposed for a different programme, so the study serves as a starting point rather than a constraint. Infrastructure to the plot is already in place, which removes one of the longest and least predictable stages of any development.

Anarita lies twelve kilometres from Paphos town, north-east of Timi and the international airport, twelve minutes from Kato Paphos and around half an hour from Limassol. The village keeps everything daily life asks for — supermarkets, fruit markets, bakeries, kiosks and tavernas — and draws a settled mix of locals and expatriates who come for the quiet. It is the kind of place people choose to raise a family or to retire, which is precisely the demand a residential scheme here would meet.

The main features:

• Plot of 6,355 m² of building land
• Building area of 4,964 m²
• Building coefficient 90%
• Zone H2
• Capacity for 40+ residences
• Concept study for 43 residences prepared
• Design can be re-purposed for another programme
• Infrastructure already in place
• 12 km from Paphos town, 12 minutes from Kato Paphos
• Close to Paphos International Airport

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