Elite Island Properties: Continuing the Middle East Tradition in Cyprus

Elite Island Properties: продолжая ближневосточные традиции на Кипре
8 September 2021 Anton Solncev

DOM Real Estate begins to introduce potential buyers of Cyprus property to local developers. To those who design, build and sell their complexes to the islandres and foreigners.

Each company is not only a sonorous name and a group of nameless managers fighting for the market. Each company is a unique organization, it is a special story of the founder or their followers, who have their own vision of the development of cities in Cyprus, their own vision of how an ideal home or office should look like.

Today we introduce you to our first developer, Elite Island Properties, based in Larnaca. We will tell you who founded it and why, what projects this young company has already managed to build.

Important note. The DOM Portal does not charge any fees for writing or publishing articles. Our goal is to introduce you to Cyprus developers. All developers of the island (regardless of whether they cooperate with us or not) can contact us and share their story.

Elite Island Properties

At 4 p.m., a Middle East Airlines plane takes off at Beirut's Rafic Hariri Airport. On board are Cypriot tourists returning home from an overseas trip, Arab and European travelers stopped in Beirut to change their flight, Lebanese entrepreneurs who have their own business on the island.

After only forty minutes, having made a small circle, the plane lands in Larnaca. Passengers cross the border, wait in line for their luggage and go to their hotels or home. Some go to Limassol, others drive to Nicosia, and still others live here, in Larnaca. However, one of the passengers does not yet know the final destination of his journey. Although, as it turns out later, it will be very close.

Our traveler's name is Fouad Matar.

He is an entrepreneur and professional civil engineer. Behind him is more than 30 years of experience in construction and various projects, first in Lebanon, then in Saudi Arabia. Now the Beirut entrepreneur faces a new country and new opportunities - the Republic of Cyprus. An island experiencing a construction boom, but at the same time hungry for fresh ideas and new projects.

He has ideas, experience and knowledge, he has an opportunity to build new projects. But the question is where to start? Which city to choose for the future buildings? To do this, we need to carefully inspect all areas of the island. And this is what Fouad did.

City by city. How Elite Island Properties comes about

When you start thinking about the future urban development of Cyprus, the first thing that comes to mind is Limassol.

The city with the greatest building opportunities. They plan (and this was back in 2015) to build large high-rises, hundreds of new buildings, and houses there. But is Limassol really so suitable for starting a construction business?

The city center is already occupied, there is almost nowhere to build here. The best places were bought a long time ago. Also in Limassol, the large demand is suppressed by the large supply. The business capital has a huge number of all kinds of developers, and this is in addition to a noted shortage of land and huge real estate prices.

Maybe Nicosia?

Yes, the capital of the republic. No, there are too few foreign entrepreneurs living here, meanwhile it is necessary to start a foreign development business in a more international area. Nicosia is also far from the sea. Why do you need to build luxury real estate on a Mediterranean island, if the sea is out of your daily reach?

Fouad then visited Paphos.

There is a sea here, the city is not full of new projects, but Paphos is too far from other cities of the island, as it is hidden behind the mountains from both capitals. Yes, and it is too small. 

Ayia Napa and Protaras did not fit either. There is practically nothing to do, if you are not a tourist.

And what about Larnaca?

A city just 40 minutes from the entrepreneur's hometown of Beirut? Here everything is different.

Larnaca is an undeservedly forgotten Cypriot port. Here is the largest airport. Here is a huge amount of free plots, right in the center of the city or nearest suburbs. The capital is only 40 kilometers away, the same for the tourist center of Ayia Napa. Limassol is a little further from here.

Yes, Larnaca is the perfect place to choose.

In 2016, Fouad established a company here called Elite Island Properties.

Fouad in his office

Next sea gates

Throughout the history of developed civilization in Cyprus, coastal cities have fought for primacy on the island. In recent centuries, Larnaca and Famagusta were the main sea gates. After the tragedy of 1974, Limassol took the place of Famagusta. It soon became the second capital of the island.

However, the possibilities of Limassol are not unlimited. As already mentioned, the center of the city is completely built up, and to the west of the municipality the British territories begin, the development of which, of course, is impossible.

The UK military base is also located near Larnaca, but is still far away - 14 kilometers of a beautiful beach, a significant part of which is not occupied. Considering the opportunities for development in Larnaca, given the difficulties that have come in Limassol, we can be sure Larnaca has every chance of seizing the lead from Limassol, so Fouad decided to start here.

here are basically two coastal locations in Larnaca that can be actively developed: Mackenzie and Oroklini-Pyla. The first is conveniently located between the airport and Skala-city center. The second, in the long term, is no less profitable, but so far the development there is slightly delayed by the protracted demolition of oil and gas depots, which are located on the border of Larnaca and Oroklini-Pyla municipalities.

In the end, it was decided to build here, right next to the airport, in Mackenzie.

Fouad in front of the Elite 176 project

Just an hour flight from the Middle Eastern capitals and a couple of minutes drive from the airport (of course, if you do not take into account the waiting time for the plane and the time spent crossing the border).

Elite 204

Fouad currently has three projects in Larnaca. The first was Elite 204. The four-story building was erected in the summer of 2019 on Friedrich Nietzsche Street. The main goal was to create a light complex with soft tones and smooth lines. To bring to Cyprus some modern Near Eastern techniques. To erect a unique project and to concentrate on quality.

Each buyer received a two-room apartment.

The balcony was with side views of the sea or salt lake.

At the moment, all apartments in the residential complex have already been sold out. However, you can always rent a property in one of the apartments.

Why is it called Elite 204? Elite stands for quality and 204 is the unique number of the plot on which the first complex was built.

Detailed information about the project can be found on our website.

Elite 176

The second project is at the stage of completion of construction. The plans are to finish the construction by the end of 2021. And even now there are only two vacant apartments left in it, you can view them on our website and contact the manager.

This is a six-story building with 1 and 3 bedroom apartments:

The 1-bedroom apartments are 60 sq.m. (+15 sq.m.) with a covered balcony and featuring a wide sea view. 

The 3-bedroom apartment is 125 sq.m. (+35 sq.m.) with a covered balcony and also featuring a wide sea view

Elite 176 was the first project in Larnaca in which they used post-tensioned concrete. Fouad suggested a Lebanese company to use new technologies in the city. 

Also before starting the work, modern construction software is used to help to erect the future building in the best way. To check if everything will work ideally.

Detailed information about the project can be found on our website.

Elite Tower

Finally, the last project is now under construction. Now the future elite house looks like this:

However, after a little over two years, a new unique complex will appear here.

In addition to modern technology and ‘smooth design’, all future residents will enjoy panoramic views of the Mediterranean Sea.

The price for one-room apartments starts from €220 thousand.

Huge duplex penthouse with a roof garden and jacuzzi costs only €1,975,000.

Detailed information about the project can be found on our website.

Recognition among Cypriots

The first success was not long in coming. The first clients, as we might expect, were Lebanese. It was much easier to find compatriots who want to buy housing in a new country.

In addition, the Lebanese prefer Larnaca. For them, it is only forty minutes of flight from the native capital. Lebanese like infrastructure, education in the city and the quality of the local life.

Then the projects drew attention not only to the residents of the Arabic country, but also to other foreigners - emigrants from Russia, South Africa and the European Union.

Finally, the first clients appeared among the local Cypriots.

I am really proud that Cypriots are also interested in my property. Usually they prefer to buy housing only from their own local developers, who, for obvious reasons, are trusted more. Therefore, I am very proud that they paid attention to us.

Now, five years after the founding of the Elite Island Properties, the future market will be focused on the Cypriots.

The future of the company

Fouad plans to stay in Larnaca. Further plans include the construction of new residential projects, possibly villas. Then the company will turn its attention to the construction of commercial real estate.

The businessman is confident that in the coming years Larnaca will develop at a rapid pace and the construction boom will take at least 10 years. New and new developers from different countries, including Lebanon and Russia, will pay attention to the forgotten coastal city.

Contact the experienced specialists of the DOM real estate agency in Larnaca by phone +357 24030062, or visit us: Gregoriou Afxentiou 7, Larnaca, 6023, Cyprus. Here you will always be provided with competent advice and help with renting or buying and selling your home.

Read more:

  1. First acquaintance with Larnaca (link)
  2. Permanent residence permit in Cyprus (link)
  3. Investment in real estate in Cyprus (link)
  4. TOP 6 apartments in new buildings with breathtaking views in Cyprus (link
  5. Shopping in Larnaca: where to find the nearest grocery store? (link)
  6. Rules for inspecting an apartment / house you want to rent in Cyprus (link)
Source: DOM
Photos: pixabay.com, DOM
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€ 3 550 000

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