DOM continues to introduce its readers to the leading developers of Cyprus.
Today we will talk about one of the largest developers — Plus Properties Cyprus.
Plus Properties Cyprus is a subsidiary of the international company Plus Holding, which was founded in 1992 in Beirut, Lebanon. Today, the holding operates in countries such as Lebanon, Syria, Cyprus, Bahrain and the UAE.
Plus Properties was founded in 2007 in Lebanon and the UAE by Georges J. Chehwane. Now the company has 3 offices in Cyprus — in Larnaca, Limassol and Nicosia. In addition, Plus Properties has 6 representative offices around the world (Lebanon, UAE, Bahrain, Qatar, Iraq, France).
Since 2015, Plus Properties has been constructing luxury modern buildings in Cyprus in various price segments. In total, the company has implemented 58 projects in premium locations of Nicosia, Larnaca, Limassol and Paphos. A one-bedroom apartment costs about 130 thousand euros, while a multi-level penthouse costs about 1 million euros.
The head of the company, Georges J. Chehwane, is originally from Lebanon. As you know, this country is historically strongly connected with the island of Aphrodite. And among the indigenous population of Cyprus there are many Arab Cypriots who migrated from the Middle East hundreds of years ago. Over the past decade, this trend has returned due to the difficult economic situation in Lebanon.
So the Lebanese businessman decided to bring his company to the island to create high-quality houses and show how professionally his team can do it. Buildings in a modern and practical design were loved not only by foreigners, but also by the local population.
In an interview with George Chehwane, we talked about Cyprus and what it's like for a foreign businessman to develop a business on the island.
George is now in his modest but spacious office, decorated with art objects, drawings and plans.
— George, why did you choose Cyprus as a new destination 7 years ago?
— We started in 2015 with two projects in Larnaca, two in Limassol and one office in Cyprus. Today we have 58 projects in our portfolio in Larnaca, Limassol, Nicosia and Paphos. We have three offices on the island. I think we will open an office in the Famagusta area soon. Over the past few years, Cyprus has risen to a new economic level. It has become a real investment center for foreign and local companies. The strategic location at the junction of three continents — Europe, Asia and Africa, the mild Mediterranean climate, gorgeous golden beaches with turquoise water have allowed this European country to become a tourist destination that attracts everyone who chooses a healthy and peaceful lifestyle. By the way, we have also recently opened new offices in France, China and Russia. Nevertheless, we must admit that Cyprus has become the most successful destination for us.
— George, why are most of your projects concentrated in Larnaca?
— I would like to mention the potential of Larnaca. Indeed, most of the Plus Properties residential complexes are located in this city. And there is a logical explanation for this. Larnaca is growing by leaps and bounds and has an international airport. At the same time, life here is calm and measured.
— At the same time, do you choose only the most elite locations? What about the outskirts of Cypriot cities?
— Our engineers are able to build everywhere and are used to coping with the most difficult tasks, be it underwater rivers or a surprise in the form of an ancient sarcophagus in the middle of the planned construction. All the land of Cyprus, without exception, is interesting to us. At the moment, apartments in popular areas are selling well. The buyers themselves actively guide us in this matter.
— Who came up with the slogan "We promise we deliver»? Whose idea was it?
— We came up with this slogan as a whole team after seeing the results of our rapid construction and implementation of projects that exactly correspond to the 3D visualizations prepared by us. We provide our customers exactly what we originally promised. We are very proud of the achievements of Plus Properties, which we have achieved in less than 7 years. Our main goals are to build unique projects of the highest quality, deliver them on time, exceed the expectations of our customers and, of course, contribute to the growth of the economy of Cyprus. There are excellent conditions for business here. Including buyers who invest in our projects.
— Tell us a little more about your projects.
— As of today, 23 out of 58 projects have been completed, 15 are under construction, and another 20 will start in the near future. Of these, 43 projects are located in Larnaca, 12 in Limassol, 2 in Nicosia and 1 in Paphos. Prices usually do not change between the initial and final stages, but we always have pre-launch favorable offers before launching projects.
— Portrait of your. Do they have a preliminary interview?
— The portrait of our client varies depending on the specific project and the area of the housing they purchase. At the same time, in some projects (districts), buyers are foreign investors who invest their money in apartments in order to receive income from investments or use housing as a second holiday home. In other projects (districts), families buy apartments as new housing for relocation. There is also a category of buyers, mainly young people who buy apartments and use housing loans to repay their payments. In general, our customers today are people from all over the world. At first it was the Lebanese. But since 2016, the geography has expanded significantly. Now they are mostly from Cyprus, Russia, Ukraine, Germany, France, Lebanon, UAE, Qatar, Saudi Arabia. Buyers are not pre-selected from our side. The only thing we explain to foreign buyers is that all property owners, without exception, are checked by the Land Department in order to obtain the right to purchase real estate.
— According to the Cyprus Land Department, from January to May 2022, the number of real estate transactions in the country increased by 50% compared to last year. Do you agree with this figure?
— Yes, we have noticed an increase in demand from customers since the beginning of the year. People are increasingly inclined to invest in real estate, as it is one of the most reliable and stable investments of money today.
— Philosophy and architecture of Plus Properties. Favorite architects of the world. What inspires you?
— We really love and cherish the architects we work with. In projects, we usually prefer a modern design with a special shade of "Plus", which is read in all our projects throughout the island. Our flagship feature is high—quality design outside and inside the buildings, as well as a luxurious lobby. In fact, houses in the "hi-tech" style, like ours, are very much in demand on the market today. They are easy to care for. They are easy to resell, if necessary, in whole or in parts.
— Names of new objects. Where are the ideas coming from?
— In general, houses have different names depending on their location and amenities. We don't waste time, so we prefer short and concise names by project number. For example, Plus 22 or Plus 23. Sometimes the whole company at a meeting comes up with sonorous names for particularly interesting buildings. Two of our projects are named after my children: "Roy Terraces" and "Tamara Gardens". One of our projects is called "The Pearl of Mackenzie", as it is an unusual multi-storey project offering luxury amenities: concierge services, sea views, underground parking, swimming pool. The fact is that it is difficult to get a permit for multi-storey buildings on the embankment. Such projects are always unique, especially in historical cities. We have a project called "Casa del Sol", which means "The House of the Sun." The fact is that its facade faces the Salt Lake "Aliki", where the sun sets. The Casino Residency project is located in the immediate vicinity of the New Casino in Limassol, hence the name.
— Tell us about the payment methods when buying new buildings in your company.
— We have different payment schedules, depending on the stage of construction of the facility. In addition, Plus Properties clients can take advantage of housing loans from local banks at a low interest rate for both delivered and under construction objects. There are also always favorable offers at a reduced cost. You can find out about them directly through the sales department or from the news on our social networks. We start selling our objects at the earliest possible time, when the project and its visualization are already visually on paper, but the approval for construction by the city administration has not yet been received. At this stage, you can make a deposit (refinable reservation) for real estate. If we still do not get permission (this is possible in theory, but in practice it has not happened yet), the money is returned or transferred to another object. The next step is that the Plus representative sends the information to the Land Department and the company receives a purchase permit in the name of the client. Just in the same period, the question of a reduced 5% tax rate is raised, if this is the first and not an investment property. The first payment is made simultaneously with the start of construction and is 30% of the total cost of the object. Next comes the standard scheme of seven phased payments according to the schedule. By the way, some buyers prefer to delegate this work to the bank. In this case, the representative of the bank receives reports on the construction site at each stage and makes payments.
— How to buy a new Plus building with a mortgage? Who is this option available to?
— As I said above, you can. In Cyprus, even foreigners can use a mortgage. At the same time, banks give a loan to Cypriots at 1.8%, the rest at 2.2% and above. You need to pay off the loan for at least ten years. Recently, purchases with the help of mortgages from Iranian citizens have become more frequent. Finally, they were allowed to use the services of Cyprus banks more widely. Let me remind you that a couple of years ago it was simply impossible for people from Iran. Lebanese citizens are now selectively granted housing loans if they receive income in a country other than Lebanon. It is more difficult with Russians now than before, but there are a lot of people who want to.
Camille El Deek, engineer at Plus Properties Cyprus.
— What's about the warranty?
— After the delivery of the houses, we provide our customers with a one-year warranty, according to Cypriot law. During this period, our specialists check the building, monitor seasonal changes and so on. In general, modern technologies and materials leave no doubt about the quality of the houses that we offer. Let me remind you that our specialists carefully study the sites for new facilities, which makes it possible to exclude the possibility of serious damage to structures in the event of natural disasters.
— Who do you consider competitors in Cyprus?
— Our competitors in Cyprus are mainly developers with projects having the same characteristics as ours and located in the same areas as our projects. There are many good developers in Cyprus. And we sincerely wish them prosperity, as this directly affects the real estate market in general and the success of our company in particular.
— What advice would you give to a person who is planning to buy a new building in Cyprus?
— Conduct a full study of the area of interest and the building. Study the developer and get acquainted with several of the projects implemented by them to make sure of the quality of construction and finishing. Cyprus real estate is definitely a profitable investment. At the same time, the island is incredibly diverse. Golden beaches in winter are adjacent to snowy peaks in the mountains! And you can easily go around the whole island in 5-6 hours by car. Before deciding on the location of your future home, it would be nice to explore the island yourself, to live here. You will be surprised how different one city is from another. What hospitable and friendly people inhabit a beautiful island.
A complete list of all Plus Properties projects, with available facilities, prices and photos.
Have you decided to buy an apartment or a house in Cyprus? Contact DOM! The website offers a large selection of real estate - residential and commercial. Experienced agency specialists will be happy to help you make the right choice.
See also:
- Cyprus Developers Alliance (CDA Group)
- Elite Island Properties: Continuing Middle Eastern traditions in Cyprus
- Why Cypriot new buildings are better than secondary ones: TOP 8 reasons
- Permanent residence in Cyprus - permanent residence permit through real estate investments
- Land Registry Department to Cyprus
- How to get a mortgage in Cyprus: 7 advantages for borrowers
