The Project Perfectly located on a gentle incline, each villa…
The property consists of 35 tourist hotel apartments, located at Larnaca, Cyprus. The hotel apartments constitute a six-story detached building with sea view, 10 meters from the beach of Mackenzie popular touristic area. Access to the beach is separated by street, however nothing else can block the view to the sea as beyond the property is the protected zone of the beach. The property is located about 2 kilometers northeast of Larnaca International airport, about 200 meters north of the famous Mackenzie night bars and restaurants and about 2 kilometers south of the city Centre. The building consists of a ground floor reception with facilities, mezzanine and apartments on the five vertical floors.
The building is detached, six-story with a mezzanine, of the usual construction, with reinforced concrete frame and foundations (footing) in situ, brick infill walls with plaster and paint and aluminum framed windows and flat concrete roof.
The hotel apartments are 35 in total, 25 one-bedroom apartments, 5 studios and 5 two bedroom apartments. On the ground floor there is a main entrance, with a reception, bar area, sitting area, service area, waiting, one administrative office, a TV room, a service entrance area, a staff room, a storage area, toilets and showers for men and female for staff, a second store room and a lift and common staircase servicing the floors above. There is an underground storage area with a boiler room which is accessible both from outside and through an internal staircase. On the mezzanine, there is an accounts office, a store room, a manager’s office, a one-bedroom apartment for the staff and one service room. On the five vertical floors you can find the 35 apartments which internally are identical. The apartments internally consist of a shower/w.c., a kitchen, a living room area, and one or two bedrooms with exit to a covered veranda. Internally all the rooms were identical, some with sea view and some with road view. All room consisted internally of an open space sitting area and bed with exit to a balcony and a private shower/W.C.. Almost all the apartments have sea view, except from one apartment on each floor that has a back view. Internally all finishes are of the basic quality and standards, like ceramic tiles in all the areas, all sanitary fittings are European standard type, all rooms are fitted with a/c split units and hot/warm water supply and wooden type kitchen counters with a sink.
On the ground floor, externally, there a children’s playground area, sitting area for coffee and extensive lounge areas.
The property was built in 1980 and it is in a good quality of construction, with basic quality of finishes and at a good state of repair since it has been maintained at a yearly basis.
|Total Gross Internal Covered Areas (all floors)||2,855 m2|
|Ground Floor Gross Covered Area||430 m2|
|1st – 5th Floors Gross Covered Area||2,150 m2|
|6th floor Utilities||25 m2|
|Covered Verandas||200 m2|
|G.I.C.A.||Total Covered Area||In terms of G.I.C.A.||Valued Extent|
|Ground Floor Gross Covered Area||430 m2||100%||430 m2|
|Mezzanine||275 m2||33%||91.66 m2|
|1st – 5th Floors Gross Covered Area||2,150 m2||100%||2,150 m2|
|6th floor Utilities||25 m2||33%||8.33 m2|
|Covered Verandas||200 m2||33%||66.66 m2|
|Total Valued Covered Extent||2,747 m2|
The immediate area of the property’s location consists of the main tourist area of Larnaca.
The type of developments seen in the area are mostly tourist shops, restaurants, bars and tourist apartments as well as a lot of residential empty plots ready for development.
However, the current economic situation in Cyprus is somehow more complex, while the credit worthiness of the country is starting to improve with the upgrade of the Banking institutions by the different credit rating firms. The real estate market is becoming more and more a secure investment opportunity, however, the difficulty of being financed is the main reason that affect demand and local property values.
The Government has undertaken various measures to enhance property demand. For example, incentives for visas/ passports, the reduction of transfer fees, no capital gains tax for properties bought until the end of 2016, encouragements for building coefficients and enforcement of title deed issue for trapped buyers.