£954,582
(€131/sq. ft)
€1,100,000
Property for saleNicosia, Egkomi
8,396 sq. ft
About this property
Corner
Investment opportunity
Balcony, back
Balcony, front
High ceilings
Prime Investment Opportunity – Residential Building in Egkomi, Nicosia
A prime residential building is available for sale in one of Nicosia’s most sought-after locations, Egkomi, offered at €1,100,000. The property is ready for transfer and presents an exceptional opportunity for investors and developers.
Situated on a 594m2 corner plot, the asset benefits from 160% building density and 50% coverage, with an existing building area of approximately 780m2. Its strategic position between Agios Dometios and Egkomi, close to universities, embassies, and key amenities, makes it ideal for residential or hospitality use.
The building is a three-storey resale property requiring renovation, offering strong potential for conversion into furnished apartments or a boutique hotel. Planning permission has already been approved to renovate and extend the building to ground floor plus four additional floors, significantly enhancing its value and development prospects.
Approved Development Highlights
Total Units: 19 apartments
Total Net Internal Area: 633.32m2 (plus verandas and common areas)
Estimated Total Area After Renovation: Approx. 1,000m2
Facilities: Lobby, reception, gym, storage areas, parking spaces, lift
Layout Overview:
Ground Floor:
2 studios (28.7m2 each)
Lobby (41m2), gym (22m2), reception & storage areas
1st Floor:
5 studios (28–30m2)
2nd Floor:
1 two-bedroom apartment (58m2)
3 studios (29–30m2)
3rd Floor:
3 two-bedroom apartments (43–58m2)
4th Floor:
1 two-bedroom apartment (54m2)
3 studios (28m2 each)
The estimated renovation cost is approximately €1,000,000, offering strong upside potential in a high-demand rental area.
Additional Advantages
Company ownership transfer available
Sale includes the company holding the asset at €1,100,000
Approved plans and licenses available for an additional €100,000
ROI after renovation 8.5% calculated on rents of 700 eur per room (700X23X12=193K per year)
A prime residential building is available for sale in one of Nicosia’s most sought-after locations, Egkomi, offered at €1,100,000. The property is ready for transfer and presents an exceptional opportunity for investors and developers.
Situated on a 594m2 corner plot, the asset benefits from 160% building density and 50% coverage, with an existing building area of approximately 780m2. Its strategic position between Agios Dometios and Egkomi, close to universities, embassies, and key amenities, makes it ideal for residential or hospitality use.
The building is a three-storey resale property requiring renovation, offering strong potential for conversion into furnished apartments or a boutique hotel. Planning permission has already been approved to renovate and extend the building to ground floor plus four additional floors, significantly enhancing its value and development prospects.
Approved Development Highlights
Total Units: 19 apartments
Total Net Internal Area: 633.32m2 (plus verandas and common areas)
Estimated Total Area After Renovation: Approx. 1,000m2
Facilities: Lobby, reception, gym, storage areas, parking spaces, lift
Layout Overview:
Ground Floor:
2 studios (28.7m2 each)
Lobby (41m2), gym (22m2), reception & storage areas
1st Floor:
5 studios (28–30m2)
2nd Floor:
1 two-bedroom apartment (58m2)
3 studios (29–30m2)
3rd Floor:
3 two-bedroom apartments (43–58m2)
4th Floor:
1 two-bedroom apartment (54m2)
3 studios (28m2 each)
The estimated renovation cost is approximately €1,000,000, offering strong upside potential in a high-demand rental area.
Additional Advantages
Company ownership transfer available
Sale includes the company holding the asset at €1,100,000
Approved plans and licenses available for an additional €100,000
ROI after renovation 8.5% calculated on rents of 700 eur per room (700X23X12=193K per year)