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Cyprus > Paphos > Coral Bay

3 bedroom villas, Iliyianna, Coral Bay, Cyprus

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Price: €402,400

Number of Bedrooms: 3

Property Type: Villas – Resale

Features

• Freehold tenure with guaranteed rental income
• Central position in quiet area
• Luxury specifications including granite worktops
• Air conditioning
• Swimming pool
• Perfect for a holiday home

Description

The Iliyianna project is a development of just ten 3 bedroom luxury homes, situated in an established and private residential area, in an exceptionally convenient location. Everything you need is a very short walk away - shops, banks, supermarkets and a myriad of restaurants and bars, and Coral Bay's famous sandy beaches are only 600m away. Yet the site is in a quiet, low density development area (only 20% density is permitted as opposed to the normal 90% in residential areas like most of nearby Peyia) giving each villa a full sized plot of around 500m2, making this an ideal proposition for either holiday use or permanent residence. All the villas have a covered area of 138m2, en suite master bedroom, family bathroom, guest cloakroom and pergola style carport. Other features include granite or ceramic kitchen worktops, satellite TV point, concrete drive and front boundary wall, and all bathroom accessories. A 10m x 5m private pool comes as standard, as do solar powered water heating and fitted air conditioning units in all bedrooms. All properties will be delivered with a landscaped garden, thus restricting extras only to your own choice of light and curtain fittings, and curtains or blinds. It is also important to note that these properties are all freehold, which is unusual for Coral Bay, as many plots are sold on relatively short leasehold terms. However, possibly the most attractive feature of this development is that each property comes with an annual rental income guaranteed by the developer, for a three year period commencing on the delivery date of the villa, and paid to you monthly. The annual rentals shown above (in Cyprus Pounds) are the guaranteed amounts paid to each householder for the use of their property on what is effectively a lease back. During this three year period, the developer will manage the property and pay all the bills (pool and garden maintenance, cleaning, electricity and water bills), and you are guaranteed the annual sum irrespective of the occupancy rate achieved. It will be your responsibility to insure the building and contents for the full year, but property insurance in Cyprus is very cheap due to the low crime rate and benign weather. It is, of course, appreciated that you may wish to use the property yourself during the agreed lease back period, and the developer will make every endeavour to accommodate the dates you require outside the peak periods shown above, even though technically you have leased it out for the whole year. This is not meant to sound vague - the beauty is that there is no specified time (as with a timeshare) that you have to use the property - the individual circumstances and requests of each owner will be taken into account and a flexible agreement reached. However, if you see this purely as an investment for 2 or 3 years until you wish to take permanent residence, and only wish to visit Cyprus for 2 or 3 weeks a year, you can (for the annual guaranteed rent shown) effectively hand the property over to the developer, who will manage and maintain it at his expense. When you do want to visit Cyprus, even at short notice (outside the peak period) you will have the use of your home if it is available, with the developer still paying the running expenses. Of course, if you do not wish to take advantage of the guaranteed rental offer and either rent it out yourself, or take immediate occupancy, then you are perfectly free to do so.

Marketed by Buy Abroad. Property Reference: CY-1005-R.