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    For Sale

    Ref: 18832

    Building, For Sale, Nicosia, Walled Old City

    Nicosia, Walled Old City
    €540,000
    plot_area_amount 400m²
    Plot Area
    400m²

    Description

    UNIQUE INVESTMENT OPPORTUNITY for Students or AirBnB!!! (Price negotiable)
    This old building is just next (only 20 meters walk) to the famous Ledras Avenue in the old City of Nicosia, surrounded by small hotels, coffee shops, restaurants, and shops.Cyprus - Eu Sponsorship:

    The total fund that will be allocated for sponsorships, during the period of implementation of the Plan, amounts to €15m. The minimum investment (eligible expenditure), both for the conversion of a building into a student residence/student rooms and for the construction of a new building for use as a student residence/student rooms, is set at €140,000. The maximum amount of sponsorship per beneficiary is €2,000,000.
    The amount of the sponsorship (sponsorship intensity) will be as follows: 75% on the eligible costs of each Proposal for the conversion of an existing building into a student residence/student rooms, 50% on the eligible costs of each Proposal for the construction of a new building intended for student accommodation/ student rooms
    There are all the conditions to participate in the funding scheme for Student Residences - Student Rooms, a central tool of NextGenerationEU, the European Union's Recovery and Resilience Plan.
    Find out more regarding the Government Sponsorship here https://www.philenews.com/oikonomia/kypros/article/1459327/os-2-ekat-choriga-ga-foititiki-estia-stin-palia-lefkosia 

    *Please note that the photos in this listing are conceptual drawings of how the property will look after refurbishment.                      [All architecture plans, Renovation cost plans, and designers prospectus are available for the new owner] 
    The building consists of three floors of approximately a total 400 sq.m. with five title deeds as follows:
    Ground floor
    A. Two shops facing the street (two commercial title deeds)
    B. One apartment facing the backyard (one residential title deed)
    First floor
    Three studios with small balconies and a single one-bedroom apartment (one residential title deed for the entire floor)
    Second floor
    Three studios with small balconies and a single one-bedroom apartment (one residential title deed for the entire floor)Investing prospects

    The building is ideal for both long-term and short-term als -Airbnb
    All residential units are cur ly ed to foreign workers.
    Considering that the building is fully renovated, the income from Rentals can reach approximately €60,000 - €70,000 / year.

    Details

    Legacy ID: B-107894
    City: Walled Old City
    Building Type: Residential Building
    Construction Stage: Resale
    No. Of Floors In building: 3
    Parking: 0
    Construction Year: 1956
    Age of Property: 68 Years

    Areas

    Plot Area: 400m²

    Energy

    Energy Efficiency Grade: Pending Certification

    Polys Palantzis
    Nicosia Georgiou Davari Office
    Building, For Sale, Nicosia, Walled Old City

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