Enchanting beaches of Famagusta attract like a magnet. This fact has long been understood by investors who carefully monitor new high-quality real estate projects on the island of Aphrodite in order to make profitable investments.

From an investment perspective, the most profitable options are those in the off-plan stage. By the time of the final construction stage, such projects experience price growth of up to 30-40%. Moreover, the process of transferring ownership of such property in Cyprus takes no more than 10 minutes. Considering that VAT (Value Added Tax) amounts to 19% of the initial cost when purchasing a new property, the benefit can reach around 20%, and in some cases even higher.

Typically, new developments in Cyprus are delivered fully ready for occupancy. Thus, it is possible to continue earning profits from investments by renting out the property. For short-term rentals, it is necessary to obtain the appropriate license, prove the right to generate income within the territory of the island nation, and start paying contributions and taxes. From this perspective, the most advantageous approach is to work with real estate in the luxury sector on a larger scale. For simplicity and convenience, investors usually rely on the services of local property management companies. On the other hand, if the annual profit is small, up to 20,000 euros, the tax rate will be 0%, and the registration of the property unit in the national registry will require around 200 euros.

Real estate prices in Cyprus continue to rise

Prices have significantly increased since the end of last year, and the upward trend continues. According to data from the Royal Institution of Chartered Surveyors (RICS) Cyprus, in the first quarter of 2023, prices for apartments (+10.97%), houses (+8.48%), offices (+9.63%), and warehouses (+4.82%) increased in the country. The minimum price growth was recorded in Nicosia and the free areas of Famagusta. Prices for apartments and holiday homes increased by 8.86% and 9.50%, respectively.

It should be noted that the rapid price increase in the past year and the beginning of 2023 was influenced by inflation, rising construction material prices, and global crises. Currently, the index of construction material prices (reflecting changes in prices in the construction sector for various types of economic activities) has started to gradually decline.

Ready Villas in Ayia Napa

We have compiled a small list of the most interesting properties in this coastal town. They stand out with their unique architectural design and state-of-the-art finishes.

Elite Blu Hillside, Ayia Napa

The luxurious Elite Blu Hillside Residence is the closest project to Larnaca and the airport, offering high-quality Mediterranean living, full of tranquility and relaxation. The complex is located at an altitude of 104 meters above sea level, on the hills overlooking Ayia Napa. The residential project consists of 43 luxury villas with private pools. The excellent location, design, and layout of the villas are unparalleled. The complex features a communal landscaped park area that offers unobstructed views of the city and the bay.

The houses are fully ready for occupancy, featuring modern kitchens, bright living and dining areas with easy access to the private pool.

On the second floor, there are three bedrooms, each with spacious balconies offering panoramic views. The master bedroom includes an en-suite bathroom. Moreover, the spacious rooftop terrace becomes the most romantic spot in the house, perfect for admiring the enchanting sunsets with the whole family.

Furthermore, these houses provide warmth and coziness even in winter, thanks to modern construction technologies and practical central heating. The villa sizes range from 148 sqm to 233 sqm. Prices vary from 495,000 euros to 585,000 euros (plus VAT).