Nova

Twelve Apartments and Rooftop Penthouses near the Tombs of the Kings, Paphos, Cyprus

Nova is a small residential building on the Tombs of the Kings side of Paphos, the coastal district between the harbour of Kato Paphos and the hotel strip to the north. It has twelve apartments on three levels: four on the ground floor, four on the first floor and four penthouses on the second floor with private roof terraces. A building of this size keeps service charges low and gives every apartment a parking space next to the entrance.

The project is a renovation. The developer keeps the structural frame of an existing building and replaces the specification, finishes, installations and facade. Work is in progress and completion is planned for the second quarter of 2027. The building is designed to energy class A.

Why the Purchase Is Not Subject to VAT, and the 6% Contractual Return

New-build apartments in Cyprus are normally sold with VAT. The price list for Nova states that the purchase is not subject to VAT, and the developer explains this with the renovation approach: an existing building is upgraded, so the sale is treated differently from a new construction. For the buyer, the price on the list is therefore the price paid for the apartment. We recommend that an independent lawyer confirms the tax treatment for each buyer before the contract is signed.

The developer also offers a guaranteed return of 6% a year, secured through a formal contract. The duration of the guarantee and how payments are made are set out in that contract, and we provide it for review together with the sale agreement. Investors who plan to let the apartment themselves after completion can do so as well; the Tombs of the Kings area has steady demand from holiday guests and long-term tenants.

Floor-by-Floor Layout of the Twelve Apartments

The one-bedroom apartments are planned with two bathrooms, which is rare at this size and useful for letting to two guests or for owners who have regular visitors. Their covered verandas of 31 to 31.5 m² are larger than in most two-bedroom apartments of the building. Apartment G01 on the ground floor adds an open terrace of 36 m² to its covered veranda.

Penthouses in Paphos with Private Roof Terraces of 65 to 68 m²

The four penthouses take the whole second floor. Each has two bedrooms and two bathrooms, an open terrace at apartment level and a private roof terrace reached by its own staircase. The roof terraces measure between 65.6 and 68 m², roughly the size of the apartment below, and the developer's plans show a pergola and space for an outdoor kitchen and lounge. From this height the views reach the rooftops of Paphos and, from parts of the terrace, the sea.

Penthouses 202 and 203 have 69 m² inside and a small covered veranda; 201 and 204 are larger inside, at 82.6 and 83.2 m², and have an open terrace with no covered veranda.

Specification Included in the Purchase Price

Apartments are handed over turnkey. The price includes:

• LG VRF air conditioning in all rooms
• Italian built-in kitchens and interior finishes in Italian materials, with a choice of options
• German sanitary ware in all bathrooms
• a dedicated open parking space for each apartment
• use of the 60 m² pool with showers, the landscaped gardens and the integrated alarm system

Furniture packages are offered as an option for one- and two-bedroom apartments, which allows an investor to let the apartment straight after handover.

Location in the Tombs of the Kings Area: Beach, Town and Airport

The building stands in a residential street close to Tombs of the Kings Avenue. The developer gives the distance to the beach as about 700 m, to the shops as about 200 m and to the town centre as about 500 m. Estimated driving times are about 2 minutes to the beach, 1 minute to shops, restaurants, a school and the hospital, 3 minutes to the centre of Paphos, 6 minutes to the nearest golf course and 16 minutes to Paphos International Airport. The archaeological park of the Tombs of the Kings and the coastal footpath to the harbour are within walking distance.