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Building, For Sale, Nicosia, Walled Old City
Walled Old City, Cyprus
REF: 764678
€900,000
Description
Two adjacent properties for situated in the old Nicosia city, only a 5-minute walk from Eleftherias Square suitable for a project of student accommodation, a boutique hotel or office building. Property(a): An empty plot of 445sqm cur ly used as a parking space with building density of 160%, coverage 70% and 3-floor allowance at the building Zone ΕΖ-εν. Commercial and residential use is allowed. Property (b): Plot of +/- 395sqm with a building in need of renovation. Part of the building used to be a clinic of 279sqm covered area plus 22sqm covered veranda. On the ground floor there is a shop of 295sqm and a 118sqm basement. The government€™s plans for the area include the transfer of the School of Architecture of the University of Cyprus to the Faneromeni area, the operation of student halls, the maintenance of abandoned buildings, and the landscaping of others that need upgrading. Some ‚15 million is earmarked as sponsorship for the construction of student dormitories with a minimum of 560 rooms. An Entrepreneurship Support Sponsorship Scheme is to provide government money to financially support businesses that are privately owned or ed in the area. The plan, which will run through 2026, amounts to ‚10 million. The amount of the grants will exceed 50% of the eligible cost. Up to ‚80,000 will be given to businesses who would consider moving their base or branching out to the old town. Incentives will also be given to couples considering buying a home there. Some ‚5 million have been earmarked for this scheme and will be available during the three years 2023-2025. The city within the walls will be strengthened through other projects of the EU Recovery and Sustainability Plan, such as upgrading traditional catering facilities and schemes for the energy-efficient buildings, for which approximately ‚100 million will be allocated. More than ‚20 million relates to energy upgrading of homes and tackling energy poverty
Two adjacent properties for situated in the old Nicosia city, only a 5-minute walk from Eleftherias Square suitable for a project of student accommodation, a boutique hotel or office building. Property(a): An empty plot of 445sqm cur ly used as a parking space with building density of 160%, coverage 70% and 3-floor allowance at the building Zone ΕΖ-εν. Commercial and residential use is allowed. Property (b): Plot of +/- 395sqm with a building in need of renovation. Part of the building used to be a clinic of 279sqm covered area plus 22sqm covered veranda. On the ground floor there is a shop of 295sqm and a 118sqm basement. The government€™s plans for the area include the transfer of the School of Architecture of the University of Cyprus to the Faneromeni area, the operation of student halls, the maintenance of abandoned buildings, and the landscaping of others that need upgrading. Some ‚15 million is earmarked as sponsorship for the construction of student dormitories with a minimum of 560 rooms. An Entrepreneurship Support Sponsorship Scheme is to provide government money to financially support businesses that are privately owned or ed in the area. The plan, which will run through 2026, amounts to ‚10 million. The amount of the grants will exceed 50% of the eligible cost. Up to ‚80,000 will be given to businesses who would consider moving their base or branching out to the old town. Incentives will also be given to couples considering buying a home there. Some ‚5 million have been earmarked for this scheme and will be available during the three years 2023-2025. The city within the walls will be strengthened through other projects of the EU Recovery and Sustainability Plan, such as upgrading traditional catering facilities and schemes for the energy-efficient buildings, for which approximately ‚100 million will be allocated. More than ‚20 million relates to energy upgrading of homes and tackling energy poverty
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Currency Exchange
Walled Old City, Cyprus
Interested in this property? Don't lose out to currency fluctuations changing the price you pay...
Many overseas buyers in Cyprus do not realise they can lose thousands of pounds through adverse currency exchange rate movements.
The property buying process in Cyprus takes time; it could be up to six months between seeing the property of your dreams and actually taking ownership. So how much would this €900,000 property cost you?
| Property Price € | Minimum cost in the last six months | Maximum cost in the last six months | Fluctuating exchange rates over the last six months could have increased the cost of this property by |
|---|---|---|---|
| €900,000 | £741,510 | £781,281 | £39,771 |
| Property Price € | €900,000 |
| Minimum cost in the last six months | £741,510 |
| Maximum cost in the last six months | £781,281 |
| Fluctuating exchange rates over the last six months could have increased the cost of this property by | £39,771 |
Walled Old City, Cyprus
Interested in this property? Don't lose out to currency fluctuations changing the price you pay...
Many overseas buyers in Cyprus do not realise they can lose thousands of pounds through adverse currency exchange rate movements.
The property buying process in Cyprus takes time; it could be up to six months between seeing the property of your dreams and actually taking ownership. So how much would this €900,000 property cost you?
| Property Price € | Minimum cost in the last six months | Maximum cost in the last six months | Fluctuating exchange rates over the last six months could have increased the cost of this property by |
|---|---|---|---|
| €900,000 | £741,510 | £781,281 | £39,771 |
| Property Price € | €900,000 |
| Minimum cost in the last six months | £741,510 |
| Maximum cost in the last six months | £781,281 |
| Fluctuating exchange rates over the last six months could have increased the cost of this property by | £39,771 |
The exchange rate on the day you make an offer on your property in Cyprus will not be the same as the rate you pay when you complete on your purchase, as currency markets move constantly. Any large rate movements may take it beyond your price range as the chart above illustrates the fluctuation and how much extra your property could have cost you.
The best way to avoid this significant risk is to plan your budget and currency strategy with an experienced currency specialist. They have been known to save you up to 4% compared to many high street banks, £4,000 for every £100,000, which soon adds up. They will also keep you up to date on market movements, help you set a rate in advance with a product called a Forward Contract - so you know exactly what you will pay for your property in sterling.
This is why we recommend Smart Currency Exchange Ltd. If exchange rate movements continue to be as unpredictable and as significant as they have been in the past then by not using Smart Currency Exchange Ltd your property could cost you £39,771 more.
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