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A hassle free offer!!!! Where the purchase of the property will mean little or no involvement for the property owner, the developer will rent, maintain, clean, and market the owner’s property for the next 5 years. The owner doesn’t even need to worry about paying an electricity or water bill.
Polis Gardens is superbly situated on the edge of the Akamas peninsula national park, only a short walk or drive to the Mediterranean Sea. Many beautiful sandy beaches are located nearby, including those at Latsi and Argaka. The area has great potential due to its proximity to the vast surrounding areas of untouched natural beauty.
Polis Gardens comprises 1, 2 and 3 bedroom apartments and 2 and 3 bedroom houses with two large resident’s swimming pools terraced areas, sun beds and parasols.
Natural stonework embellishes the exterior of these homes creating a traditional village feeling and adding character. Some properties feature generous verandas with pergolas, whilst other houses enjoy traditionally inspired architectural features of Cypriot arches that provide welcome shade in the long summer months. The ground floor of these houses comprises an open-plan living/dining area with partially open-plan kitchens, and includes a guest WC near the entrance hall.
The developer owns all of the land surrounding the development which has been designated by the government as having a 2% build factor so there will be no other developments popping up next door to ruin the beautiful surrounding countryside views.
The offer
This is an example but the same criteria can be applied to every single property in Polis Gardens Phase C.
Property Value: €165,000
Client’s contribution 10% = €16,500
Developers Contribution 10% = €16,500
Remaining Amount to Be Financed: €132,000
· Please note that this is not a discount but a “Developer Contribution”. The reason for this is because when the property is registered at the land registry it will be registered at €165,000 and not €148,500. This means that when the client wishes to sell the property they will pay less capital gains tax. If the property was discounted the property the €16,500 discount would be eligible for C.G.T (Capital Gains Tax) after the sale
Remaining 80%
· Financed already arranged and in place with the bank. (Mortgage is dependent on client circumstances)
Rental guarantee Of 5% Net rental guarantee for 5 years
· All clients will avail of a 5% net rental guarantee for 5 years from date of purchase. Please note that the 5% is on the property value, less the developer contribution. So the above property would work out like this.
· Property value €165,000
· Minus €16,500 developer contribution = €148,500
· A 5% net guaranteed rental income will produce a rental yield of €7,425 net per annum
· The rental guarantee is paid on a monthly basis into an account of the client’s specification. All monies will be paid in Euros. The deal has been structured in a way as the client will not have to pay NO INCOME TAX on the rental income.
· The rental guarantee can be cancelled by the client at any time during the 5 year period with 30 days written notice.
Free 6 weeks usage per year for 5 years:
· The client can also use the property for their own use for 6 weeks of the year, every year for the next 5 years.
ø 2x weeks low season
ø 2x weeks mid season
ø 2x weeks high season
No Ownership Costs For 5 Years:
· After the initial contribution of 10% from the client they will not have to worry about fee’s, charges, or ownership costs for the duration of the rental guarantee period. They will pay no:
ø Communal Charges
ø Property Insurance
ø Water rates
ø Electricity
ø Sewage
ø Municipal charges
ø Free usage of Gym, Sauna, Jacuzzi etc (This is normally a separate fee)
Expected Capital Appreciation:
· The development sits in a fantastic part of the island close to protected land. Many people talk about capital growth but with this development it will be a very safe bet. The main reasons for this are:
Transport:
· The new A7 Polis to Paphos motorway which has recently started construction. This will cut commute time down from the development to the heart of Paphos from 40 minutes to 15 minutes! This is also the most expensive road building project ever undertaken by the state coming in with a hefty €447 million price tag, so it will be one of the finest roads in the region. The motorway will have 3 tunnels 7 bridges, 8 grade separated interchanges and 25 underpasses and is scheduled for completion in 3 years (2013)
Development Of Local Area:
· Latsi has already had approval for a complete re-development of a new marina to be built. The government is also developing new sandy beaches in the area for tourists and there is also a Jack Nicolas golf course approved for development 5 minutes drive away. Also other facilities include a local go cart track and numerous facilities such as supermarkets, restaurants, Cypriot Taverna’s and many more. |
