5-bedroom detached house fоr sаle

FOR SALE: €680,000 (no vat)

Exclusive Listing - Traditional Listed House

📍 Larnaca – Ermou Street

🔸️A UNIQUE PROPERTY in the heart of Larnaca. Do not miss the opportunity to own, restore, and transform this Traditional Listed House into the Jewel of Ermou. An amazing residential property with great potential and just 400m from Finikoudes Beach.

🔸️ Perfect for INVESTMENT with high ROI. With EXCLUSIVE RIGHT to erect additional floors (up to 4) and to build 210m2 on the Roof Terrace. Can easily be converted to: Boutique Hotel, AirBnB, Property Development.

🔸️ The TRADITIONAL LISTED HOUSE is over 100 years old and built of stone and adobe. It has an internal area of 177sq.m. and 27sq.m. staircase. The Roof Terrace of approx. 180sq.m. lies on the left side of the property and the Uncovered Balcony of 15m2 overlooks Ermou Street.

🔸️There is marble floor throughout and consists of the following areas: Entrance, Internal Staircase (wooden), Hall, Kitchen, 5 Rooms, Guest WC, Bathroom/WC. The property requires full renovation.

🔸️ Please note that this is a Preserved Building. A Conservation Decree has been issued and must be restored according to rules and legislation. The official Recognized Cost of Renovation (restoration) as declared by the Government amounts to €1,400 per m2.

FINANCIAL INCENTIVES:

🔸️ Grant of 40% of the Recognized Cost of Renovation (restoration) for preserved buildings in areas that fall within the Local Plans of Larnaca. Maximum sponsorship amount €100,000.

🔸️ 'Gifted' Building Factor which the owner can sell to increase their grant up to 50% of the Recognized Renovation (rehabilitation) Cost.

🔸️ Transfer of the 'unexhausted' rate to which the owner is entitled but cannot build due to the maintenance of the building.

🔸️ Return of transfer fees.

🔸️ Exemption from the taxable income of the owner of the amount of the net cost of renovation (restoration).

🔸️ Exemption of the preserved building from real estate tax.

PROPERTY INFO:

🔸️ Total Area: Approx. 400m2

🔸️ Internal Area: 177m2

🔸️ Entrance / Staircase: 27m2

🔸️ Roof Terrace: Approx. 180m2

🔸️ Uncovered Balcony: 15m2

🔸️ Exclusive Right to build additional 210m2 (up to 4 floors) on the Roof Terrace

🔸️ Requires Full Renovation

🔸️ Title Deeds: Yes

Property Masters

A.M 1140, A.A580