29th of August 2021
Location of Cyprus
Cyprus is an island located in South-East Europe in the Mediterranean Sea
It is the third largest Island in the Mediterranean and cross-roads for many civilizations for centuries
Cyprus has the size of 3,572 sqmi which is slightly bigger than New York, Metropolitan Area
Has one of the best climates worldwide, up to 340 days of sunshine a year
It’s coastline is 402.6 mi and has a population of approximately 1.2mil
Cyprus has been part of the European Union since May 2004
It has the youngest population and workforce in the EU, 55% of the workforce has an education of Masters degree or higher
Currency of Cyprus is Euros (€) since 2008, at current rates 1 euros is 1.18 US$
Political system of Cyprus is Presidential Democratic Republic
There are three official languages; Greek and Turkish
Being an Ex-British colony, English is one of the national languages and is widely spoken and the cars drive on the left-lane
Easily accessible from Europe. There are also many one- stop transit flights from the States. Cyprus has two International airports and two deep sea ports.
It has one of the lowest crime rates, is one of the top 5 safest countries in the World
Excellent regulatory structure, closely aligned to the English common law legal system and strong protection for investment and intellectual property rights
Cyprus has cheaper closing costs compared to Portugal, Italy, Spain and many others when purchasing a property
Tax Regime is also attractive with low rates and simple procedure
Easy process of transferring of the Title Deeds
Immigration and Residency
Residency:
€300,000 investment (fast track)
The application for residency can start with the payment of €200,000
Granted within 2 months
Easy access within EU
Visit Cyprus every 2 years
Valid for life
Covers the whole family; including dependents and parents of the main applicant and spouse
Citizenship:
Republic of Cyprus (European Union) Citizenship by investment program is temporarily suspended
Larnaca
Larnaca is the third largest city in South of Cyprus after the capital Nicosia and Limassol
It is home to the International Larnaca Airport, the biggest airport in the Island
Larnaca is also home for a port and marina
Larnaca has the beautiful promenade Foinikoudes which is the Greek for ‘palm trees’, an ‘it- spot’ for some KEO beer and delicious souvlaki
Located only 30 minutes from Ayia Napa the nightlife center of Cyprus with a similar reputation to Ibiza, Spain
UCLan Cyprus (University of Central Lancashire) the famous British University of Cyprus is also located in Larnaca
- Finikoudes Promenade
- UCLan; Largest university in Cyprus with 14,000+ Students
- Ayia Napa; 5 million overnight stays by tourists per annum
- Larnaca Airport; main international gateway and the largest of the three commercial airports in Cyprus
- Nissi Beach, Ayia Napa
- Larnaca Salt Lake
- Underwater Sculpture Museum, Ayia Napa
- Larnaca Marina
Appreciation in the region and future development projects:
A new multi-million € project and a 2 miles coastline vacated
Key seafront site of former oil and gas storage facilities are being re- developed for tourism by Larnaca Municipality
2 miles coastline is vacated for a new multi- million euro project that will create a single beach and public area from the airport across the city embankment to Dhekelia Road
The coastline connects the two most popular beaches; the Mackenzie in Ayia Napa and Finikoudes in Larnaca
The area carries the importance of being the first glimpse of the island tourists get as Larnaca is home to the Cyprus’ largest airport
The companies are currently moving their tanks to the Vasiliko station and will fully vacate the site by the end of 2021, the last tank was removed on April 22nd
The site will become home for;
- Dozens of 15- storey skyscrapers (68 meters high)
- Shops and shopping centers
Municipality will work on;
- Land reclamation
- Construction of residential areas
- Construction of a promenade along the Larnaca- Dhekelia road
- Linear park encompassing the coastal strip, sports and commercial facilities, pedestrian and bicycle paths
- Multifunctional ecological place on Psiloritis Street
There are further plans on;
- Artificial canals where Archangelos Kamitris river flows from Livadia
- A garden city of Arco-livada with territories of residential and tourist micro- distrcits
€1.2 billion Larnaca Marina and Port Project
As part of the island’s largest infrastructure project, the Republic of Cyprus reached an agreement with Kition Ocean Holdings, to redevelop and operate the historic Larnaca Port and Marina. Ernst & Young are appointed as the Cypriot government’s financial advisor on the project.
The project will start at the beginning of 2022 and will be completed in four phases by 2037. The only Private Island in Cyprus is also part of this extraordinary project.
Estimated revenues for Cyprus are expected to reach €19.6 billion, which will make the project one of the most profitable investments in Cyprus over the next twenty years. €604 million is budgeted only for the infrastructure and the entire project will cost €1.2 billion. The project will create 4000 new jobs in addition to other temporary jobs in Larnaca and is expected to fetch additional revenue of €120m per year.
Phase 1 of Larnaca Marina and Port Project
The first phase will take five years to complete and it will include;
- Expansion and reconstruction of the existing Marina to accommodate 650 boats and mega- yatchs up to 150 meters long
- A Marina Yacht Club with offices, cafes, event venues, sailing schools, diving schools and navigation stores
- An ultra- modern passenger terminal to serve large cruise ships (up to 450 meters in length), so they can now include Larnaca as a unique leisure destination
- A new road connecting Athinon Street with Famagusta Street
- Coastal pedestrian streets
- Landscaping of green spaces
- Boat repair centres
Phase 2 of Larnaca Marina and Port Project
The second phase is aimed to be shorter than another five years and it will include;
- University Lecture and Research Theatres
- A Medical School
- A Medical Centre
- Hotel and Hospitality College
- Blue Marine, Environmental and Energy University
Phase 3 of Larnaca Marina and Port Project
The third phase is estimated to begin before the 10th year of the project to include;
- 45 Luxury Villas on a new breakwater with their private berths
- On this breakwater, there will be residential flats in a state- of-the- art luxury lighthouse which will offer
- 360- degree views
- Office buildings
- A shopping area with restaurants and a traditional market
- U- shape residential building
- A 5- star business hotel
- A commercial centre and two additional luxury residential buildings (will be served and maintained by the business hotel)
Phase 4 of Larnaca Marina and Port Project
The fourth and final phase will include;
- Several office buildings
- Parking spaces
- Studios and small- size apartments
Pegasus Condos Resort
Located in the heart of Pyla, a touristic village with everything you need is just minutes away
- Easy access to highway
- 4 min Uclan University
- 3 min drive to Beach
- 8 min drive to Pergamos check- point
- 16 min from LCA International airport
- 18 min to Finikoudes Beach & Promenade
- 44 min to Nicosia
- 25 min to Agia Napa
- 50 min to Limassol
Holiday and permanent living
4 to 5 floors
Gated resort with security
Total buildable Area: 232,328 sqft
Start of Construction: Until the end of 2021
Key handover: March 2023 with 3 months’ grace
Estimated delivery of all project: December 2026*
*Buildings will be handed over 2 years after the sale has been complete
12 Residential Blocks (468 units with current layout)
✓ 2- bed / circa 84 m2 internal area +balcony / 118 units
✓ 1- bed / circa 53 m2 internal area +balcony / 250 units
✓ Studio / circa 35 m2 internal area +balcony / 100 units
1 Commercial Building
✓ 700 m2 internal area + outdoor area
Facilities:
Can be accessed by non-residents as well:
- Reception
- Coffee & Tea lounge
- Shops (grocery)
- Rental & Maintanace office
- Meeting Rooms
- Rooftop lounge bar
- Restaurant & bar
Access for residents only:
- SPA & Wellness Centre (indoor swimming
- pool, sauna, beauty salon)
- Gym & Yoga
- Outdoor swimming pool*
- Pool & snack bars
- Kids playground
Starting Prices:
Studio flats starting from 108,500EUR (~US$128,500) with financing,
376 sqft interior area plus 161 sqft balcony
1 Bedroom flats starting from 158,600EUR (~US$187,200) with financing,
570 sqft interior area plus 290 sqft balcony
2 Bedroom flats starting from 246,700EUR (~US$291,000) with financing,
861 sqft interior area plus 473 sqft balcony
Developer Financing
- Reservation fee of 3000 EUR + VAT (non refundable)
- Upon signing of agreement 30% of agreed price less the reservation fees already paid + VAT
- Upon completion of structure 30% +VAT
- Upon rendering and plastering 25% + VAT
- Upon key handover 15% + VAT
Get in touch with me to learn more about the properties on offer.
Soylem Coli
Overseas Sales and Marketing
Bellapais, Kyrenia, North Cyprus
+905338641652 (WhatsApp and regular)
soylem@avertiss.com
*All images are copyrighted by their respective owners unless otherwise stated. The blogger doesn’t claim ownership to any of these images. The written contents of this blog belongs to the writer, and can not be shared without a written permission.
Mediterranean Condos by Soylem Coli 