St. Nicholas Village is located in a quiet residential area in Protaras within easy walking distance of Paralimni town center and the local amenities. A short drive will take you to the tourist area where you will find a variety of beautiful sandy beaches and a night life during the summer months.

St. Nicholas Village will comprise luxury villas with private pools, two or three bedroom link terrace houses and apartments with large communal pool all in a very modern design built to the highest standard. The Village will be centered around the communal swimming pool, landscaped gardens and will also include children’s play area and mini golf.

St. Nicholas Village is ideal for luxury living in beautiful surroundings or for investment with excellent rental potential due to its superb facilities.

Exceptional communal facilities (Swimming pool, Sauna, Jacuzzi, Gym)
Completion December 2009
Strong rental potential due to good location and expetional facilities
Prices

FINANCE

We have agreed a discounted off plan price and a cashback deal to maximize Return for our investors, we have also agreed a 80% LTV mortgage for this project with 4% interest rates and 5 years interest only repayments. Prices start from 189,000 Euros and include A/C, white goods, blinds and solicitor costs

Unlike most other developments, the project’s developer has no mortgage on the land, nor will use a bank to finance the construction. On the contrary, the project will be self-financed through cash-flow produced by off-plan sales. Thus, the project is not tied into any bank, and clients can obtain mortgages through any of the island’s banks or co-operative institutions. ProPropertyInvestor.com can arrange a mortgage through Alpha Bank for this project.

This is an excellent opportunity to invest in an off plan property at a significantly discounted price with a rental guarantee to cover your mortgage repayments.

INVESTMENT EXAMPLE:

You decide to buy an apartment with price € 200,000

Now: pay € 2,000 Reservation fee (takes the property out of the market and fixes the price)

4 weeks: pay deposit € 38,000 (20% less € 2,000) and sign the contract.

6 weeks: Cashback of € 6,500 upon mortgage approval, making the initial payment only € 33,500

Nothing more to pay for 2 years until completion at December 2009! (Solicitor costs are included in the price, valuation fees and bank fees are added to mortgage)

2008: Nothing to pay
2009: Nothing to pay

2010: The property is completed and delivered including A/C and all white goods at no extra cost!

At this time due to the significantly discounted off plan price and the capital appreciation during construction phase, it is anticipated that the € 200,000 buying price will have grown to a property value of € 260,000, your equity in the property is € 100,000 and all you have paid is € 33,500 giving you more than 179% Return on investment in only 2 years!

Now you have a guaranteed rental income for 1 year to cover your mortgage repayments, so you don’t have to worry about any expenses for another complete year.

2011: interest only repayments (covered by rental income)
2012: interest only repayments (covered by rental income)

2013: The property value is now € 346,000, your equity in the property is € 186,000 and all you have paid is € 33,500 this means you have a return of 455% in five years.
At this point you can either re-mortgage the property and release equity, or keep the property for a longer time and benefit from the value appreciation.

The above calculations are done using a 10% capital appreciation per year (the area has been averaging 15%+ per annum over the last 5 years, however, we have taken an average of 10% per annum for the future)

WE ARE HAPPY TO ANSWER ALL YOU ENQUIRIES