Help: Selling a Former Hotel Complex in Paphos, Cyprus

Discussion in 'General Property Investment Discussion' started by Nicholas Georgiou, Apr 20, 2019.

  1. Nicholas Georgiou

    Nicholas Georgiou New Member

    Hello. My family are selling a former Hotel Apartments complex in Paphos, Cyprus, which is the result of an inheritance. The property in question is the former "Land of the Kings" Hotel Apartments complex in Kato Paphos, on Tomb of the Kings Avenue, in the southern resort of Paphos. I would like to enquire where the best place is to seek an agent / and or leads for selling this property?

    Just for your interest, the property in question has 122 built apartments, 10 shops and a restaurant in a part distressed condition, having discontinued operations in 2007. We are obviously looking for a buyer in the category of investment / redevelopment, with a significant budget. Each individual property unit within the complex has been assigned individual title deeds, which are available with the freehold.
     
  2. Veronica

    Veronica Administrator

    Hi, I have many contacts in the real estate industry in the Paphos area. I will talk to them to see if anyone has a client looking for investment property. I know the old land of the kings complex and it is in a very bad state of disrepair so may in fact not be financially viable for renovation but the position is in my opinion excellent so may attract investors who would look at demolishing and rebuilding there.
     
  3. Longterminvestor

    Longterminvestor Active Member

    How is the Cyprus property market doing in general @Veronica ?
     
  4. Veronica

    Veronica Administrator

    Much improved this past year. With the exception of land which is still hard to sell unless on the coast.
     
  5. FWL

    FWL Member

    Has Brexit had any impact on prices or sentiment?
     
  6. Veronica

    Veronica Administrator

    Not really as the Brits are no longer the main buyers in Cyprus. There is a noticeable increase in investors from the Middle East, the USA, South Africa and Eastern Europe
     
  7. Nicholas Georgiou

    Nicholas Georgiou New Member

    HI Veronica, than you very much for the reply, and apologies for my delayed response. I appreciate your efforts for this. Please let me know if I can provide any further information for your use with clients.
     
  8. Nicholas Georgiou

    Nicholas Georgiou New Member

    The unique selling points for the former 'Land of the Kings' Hotel Apartment complex include:

    - Position (bounded by Tomb of the Kings Avenue on onside, and Aristarhou Street on adjacent side), located directly opposite main gate of Tomb of the Kings UNESCO Heritage Park with 100K+ visitors per year.

    - Size. 4.2 acres. Very substantial plot.

    - Shape. Rectangular and homogeneous plot shape.

    - Options to renovate or demolish / redevelop.

    - Full title deeds ready issued for each apartment plot, and each shop plot in the estate, to be transferred to buyer upon transfer of freehold.

    - Property factor. 14% EV. 86% Ka7.
     
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