Building 205 sq. m., Nicosia, Area: Trypiotis, Price: € 220 500, ID:4865
For sale a two-storey building in the center of old Nicosia. The property is a two-storey building with an area of 205 sq.m. with a small yard and a plot of 118 sq.m. Since this is an old building, it needs to be renovated/restored through an appropriate subsidy (up to 90,000 euros) and other benefits (tax and investment incentives).It is expected that the area will receive additional commercial value in due to the recent decision to move the Cyprus University School of Architecture to the “Phaneromeni Girls’ School”, which is believed to have the potential to fundamentally change the economic and social profile of the area (according to the representatives of ETEK, CCCI, Nicosia Municipality and the Archdiocese).Significant number of buildings near the area already planned to be converted into student residences with the support and assistance of the aforementioned organizations. As a preserved building in the center of old Nicosia, the property has the following advantages / privileges: 1. A subsidy of 40% (up to EUR 90,000) is allocated for the repair/refurbishment of preservatives.2. Exemption from taxable income of the owner of the entire amount of repair/restoration costs (excluding grants).3. The sale is not subject to VAT.4. In the case of reconstruction, VAT is not applied to construction costs.5. Transfer fee refund if maintenance is completed within 8 years of purchase.6. Income from the rental of the specified building is exempt from income tax (as well as from real estate tax).7. If the listed building is renovated, then an additional tip rate will be given, which the owner has the right to sell / transfer to another location.8. Additional sponsorship of up to €40,000 if developed as a business activity (from the Nicosia Green Line regeneration/revitalization program).
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