Situated in the vibrant, cosmopolitan city of Limassol on the island of Cyprus sits a property investment opportunity second to none in the area’s flagship multi-use development, Del Mar.
James Bowling, CEO of Monarch&Co, a company specialising in residency and citizenship programmes as well as international property, says that Limassol is the ideal lifestyle and business investment location. It enjoys a warm Mediterranean climate, 16 blue flag beaches, international schools and impressive shopping and entertainment facilities. It is home to Cyprus’ international business and shipping communities and will soon become home to the island’s oil and gas community as well. “There is no better time to invest in Limassol property than now,” states Bowling.
Located on Limassol’s coastline, surrounded by 4 and 5 star hotels and boasting 170m of unobstructed sea views, Del Mar will demand attention. The design of the apartments will incorporate breathtaking views of the Mediterranean from every angle, extensive verandas, both covered and uncovered, as well as high ceilings and luxurious, quality finishes throughout. Residents will have access to a private gym, sauna, spa, kid’s playground, concierge services and exclusive owners clubs. The lower levels of the development will offer high-end retail brand outlets and restaurants which will be serviced through different entry / exit points and have a completely separate parking facility.
Bowling says Del Mar will meet the high market demand, both locally and internationally, for luxury residential property in Cyprus while acting as the ultimate lifestyle destination. “Not only does this development offer excellent returns, it will also enable the investor and their dependents to apply for Cypriot citizenship.” Monarch&Co have global exclusivity on property sales within this development.
In order to qualify for the Cypriot citizenship by investment programme, applicants will need to purchase residential or commercial property within the Republic of Cyprus to the minimum value of €2,5 million. This investment amount can be made up of multiple properties to reach the required value. In addition to making a financial investment, applicants must also have a valid passport, have no criminal record and provide documents supporting the source and origin of the declared funds for investment. Various application and professional fees are also payable by applicants. The Cyprus citizenship by investment programme offers one of the fastest turnaround times of just three months for processing.
For €2,5 million, citizenship by investment buyers can purchase a four-bedroom apartment in Del Mar, a development which is expected to achieve between 20% and 30% capital growth over the next four years or so. The area also offers investors an incredibly strong rental market, a factor which Bowling believes further boosts the appeal of this development.
“What makes this investment opportunity especially exciting is that the first 10 investors through us will receive an additional €1,25million property within the development as added value,” says Bowling. He points out that the additional property will also increase in value over the four-year development period. Added to this, Bowling notes that while a transfer fee or tax of between 18% and 19% is standard for a property purchase in Cyprus, those who invest in Del Mar will not need to pay anything for the transfer.
“For what investors are getting, the apartments at Del Mar are exceptionally well priced,” says Bowling. “They are currently selling at around €8 000/square metre, where the average for the area is pitched between €12 000 and €15 000/square metre.”
Bowling believes Del Mar holds appeal to a wide range of citizenship by investment buyers, from families and individuals who are in search of a better lifestyle in terms of weather, safety, security, education, entertainment; require a plan B as a result of turmoil in their home countries or who are looking for a holiday home in an idyllic location.
“Del Mar is also ideal for business people who are employed in the city’s international business community or who own companies in the region and visit on business regularly. Investors will be attracted by the potential rental returns that can be achieved based on the island’s economic recovery and future outlook. The Cyprus property market is currently at the bottom of the cycle, which makes it a hot investment node that is highly likely to provide investors with exceptional returns in the future,” Bowling concludes.