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Pay in USD and save up to $526,594Description: Tourist Area (Τουριστικη Ζωνη)
Coverage: 0.2
Density: 0.45
Height: 13.1 meters
Allowed stories: 3
Development description: Policy Statement (Excluding Zone 3) (Δηλωση Πολιτικης (Χωρ. Περιοχη 3))
Residential: 1.73 Km
Commercial: 10.75 Km
Industrial: 2.89 Km
Agricultural: 3.12 Km
Farm: 4.09 Km
The property boasts a large seafront and moving inland, it also has road access. It is an ideal investment opportunity for a tourist development (Beach Hotel or Hotel Apartments)
Size: 73059sq.m
Planning Zone: T2α - 45% for hotel development
Zoning T2a (Tourist Zone) with direct access to a road.
Option 1 - Hotel Development
Maximum allowable Density 45% x 120% = 54%
Maximum allowable Coverage 20%
No. of floors 3 — maximum height of building 13,10 m
Option 2 — "Tourist Village" Development
Maximum allowable Density 40% x 120% 48%
Maximum allowable Coverage 20%
No. of floors 2 — maximum height of building 8,30 m
Option 3 - Residential Development Maximum allowable Density 20%
Maximum allowable Coverage 20%
No. of floors 2 — maximum height of building 8,30 m
The Hotel or Tourist Village Development (options 1 & 2 above) are considered the most desirable and cost effective because of the additional 20% density concession that has recently been announced by the government.
From the above it can be ascertained that there is potential for building a 4 or 5 star Hotel on site with over 700 rooms and all amenities.
There is also potential for building a Tourist Village on site with over 550 units and all amenities.
For registering a resale property in the buyer’s name, transfer fees are required. These fees are determined by the property’s market value as assessed by the Land Registry on the purchase date.
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