Holiday houses seeking new owners due to debt-to-asset swaps

September 30, 2018 at 1:43pm
Edited by

Cyprus’ real estate and construction sector is recovering as demand rises.

At the same time, however, many holiday homes are coming into the hands of the banks as part of debt-to-asset swaps.

The price for summer houses and apartments islandwide ranges from €40,000 to €9,7m, while properties in Paphos, Ayia Napa, Protaras and Limassol (many of them with large outdoor spaces and luxury facilities such as private pool, garden, jacuzzi or barbecues) are seeking new owners.

The majority of the available debt-to-swap vacation homes is located in the Paphos district, according to the Bank of Cyprus Real Estate Management Unit (REMU).

For instance, a studio apartment located in Peyia in the ‘Superior 60 Complex’ comprised of 61 apartments and other units, is available for €40,500, while the price for other properties in the same complex varies from €41,000 to €68,500.

A one-bedroom second floor apartment with a total covered area of 44m2, part of a residential development named ‘Ektoras Village’ in the touristic area of Peyia is available for €52,000.

The price for a one-bedroom first floor apartment in a residential development named ‘Revecca Court’ located in Argaka in Paphos, is €53,000, while a one-bedroom flat which is part of the residential complex ‘Koutsoulli Hill’ in Peyia is available for €56,500. At the same complex one can also find two-bedroom flats at €90,000.

The whole complex is comprised of 22 residential units and additional units are available for sale within the development from REMU. The apartments have access to the communal swimming pool and come with their own private parking place and storage space.

A one-bedroom apartment (total area of 64m2) on the ground floor of a two-storey building called ‘Aphrodite Gardens’ in Peyia close to the centre and Coral Bay beach, is seeking a buyer for €75,500. The price of a two-bedroom maisonette located on the ground floor of the residential complex ‘Tala Village 1’ in Tala, Paphos, is €110,000. The complex consists of four two and three-storey blocks of apartments and houses.

A two-storey detached villa located within the prestigious Aphrodite Hills Golf Resort & Spa in Kouklia Municipality, Paphos District, costs €784,000. The villa has a total covered area 235m2 (covered verandas included) and total land area of 1.352m2. The ground floor comprises an open living room, dining room and kitchen area and toilet, whereas the raised floor contains two bedrooms and a bathroom. On the first floor there is an en-suite master bedroom and the basement has a changing room (used as bedroom), shower, boiler room and storage area. There is also a large semi-covered veranda with pergola which has access from an external staircase and there is also access from an internal staircase. The villa also includes a large private overflow swimming pool, engine room, barbecue area, landscaped garden and an uncovered parking place.

Another spacious three-bedroom villa within Aphrodite Hills is available at €835,000. The villa has a total covered area 230mand total land area of 1.659m2.  The ground floor is comprised of an open area accommodating the living room, dining room and kitchen, with guest toilet, and two bedrooms on a raised floor whereas the first floor contains en-suite master bedroom. The basement has a boiler room, shower and storage area (used as a bedroom). The asset also includes a large overflow swimming pool, an engine room, barbecue area, landscaped garden and an uncovered parking place.

The price of a two-bedroom villa, part of the complex ‘Artisan Resort’ in Protaras, Famagusta, is €350, 000. The complex is located some 200m west of the seafront, some 650 meters northeast of Konnos beach, some 570m northeast of the Grecian Park Hotel and some 600m southeast of the Protaras – Agia Napa road. The villa has an internal area of  96m2 and comprises of an open plan living/dining room, kitchen and a guest toilet on the ground floor, and two bedrooms and a bathroom on the second floor. It also enjoys the use of a yard and a covered parking space.

Another three-bedroom villa in ‘Artisan Resort’ is available for €670,000. The specific asset has an internal area of  121m2 and comprises an open plan living/dining room, kitchen and a guest toilet on the ground floor, and three bedrooms and a bathroom on the second floor. It enjoys the use of a large yard with a private swimming pool, an unobstructed sea view and a covered parking space.

A two-bedroom apartment on the second floor of block A in ‘Rotos Residence Project’ in Meneou, Larnaca, is available for €102,000. The complex is adjacent to Acropoleos Street, southeast of Meneou village centre, just north of the Meneou – Kiti road and 2,5km from the seafront.  The asset has a total area of 75mand comprises of an open-plan kitchen with living room, a bathroom, two bedrooms (one of which is en-suite), a covered balcony and an uncovered balcony of 86m2. Ceramic floors, double glazing windows and air-condition split-units are installed. It also has the right of use of one covered parking space and enjoys the use of the communal swimming pool.

The price of seven villas in Pyla, part of the complex ‘Larnaca Bay’, ranges between €500,000 and €560,000. The complex is adjacent to the seafront on its south limit and to Dhekeleia road on its northwestern limit. It is located 650m south of the Larnaca – Ayia Napa motorway and 900m west of the Palm Beach Hotel.