Plus Properties: A Success Story in Cyprus
With more than 49 luxurious projects in prime locations across Cyprus, Plus Properties has become a success story in only 5 years and has proven to be among the top-rated and fastest growing real estate development companies in the beautiful island of Cyprus.
During a conversation with Georges Chehwane, CEO of Plus Properties Cyprus, we were able to learn more about the benefits of investing in Cyprus and the key behind the success story of Plus Properties.
1- What is the secret behind Plus Properties success story in Cyprus?
Plus Properties started operating in the Real Estate Sector in Cyprus in 2015 and has become today one of the major real estate developers in the island. We have 49 projects in our portfolio, of which: 22 are delivered, 12 are under-construction, and 15 are understudy. Out of these 49 projects, 36 are in Larnaca, offering apartments of all sizes and budgets, ranging from 1-bedroom apartments at €100,000 to penthouse apartments at around €1million. In addition, 11 projects are in Limassol, 1 is in Nicosia and 1 is in Paphos.
Choosing strategic locations, building with high-standards and beautiful designs, delivering on time, setting affordable prices, issuing the title deeds, having the right team to overlook the day-to-day operations, recruiting in-house architects & engineers, and providing the best after-sales service, were the key to our success. Once all these factors are achieved, trust and credibility are gained.
2- Why Cyprus?
Over the past few years, Cyprus has grown in stature and so has its economy, becoming an investment magnet for foreign and local developments driven by a combination of various dimensions. Strategically located between Europe, Asia and Africa, this emerging European country is one of the safest countries in the world offering an attractive tax system and a residency by investment program. It is a touristic destination blessed with beautiful golden beaches and turquoise sea coupled with a Mediterranean weather all year long, appealing to all those chasing a healthy and tranquil life.
3- Are you clients mainly Cypriots? Or do you target other nationalities?
During the first 3 years, our clientele was mainly from Lebanon, Saudi Arabia, Russia and China. Over the past 2 years, after witnessing the high-end finishing of our buildings, the fast delivery and the issuance of title deeds, Cypriots are recognizing Plus Properties as one of the major local real estate development companies. Today, Russians, Lebanese, Brits, Saudis, Kuwaitis, Jordanians, Palestinians, and others are also choosing Cyprus as a destination for their investments, residency or retirement.
Plus 32 Janaya Residence - Plus 30 Roy Terraces - Plus 21
4- What are the conditions and benefits of obtaining a Cypriot Passport or a Permanent Residency?
Recently, the government has suspended the Citizenship by Investment program, although it has positively impacted the country's economy being a major source of income.
Another program that Cyprus offers, which is still valid, is the Permanent Residency by real estate acquisition which can be obtained in two different ways. Our team is fully equipped to assist our clients in the entire process to obtain the residency.
Investment in Real Estate with a minimum value of €300,000 (+VAT)
Granted to the applicant, the spouse, both their parents and dependent children up to 25
Fast-track procedure (3 months)
Investment in Real Estate for a value less than €300,000 (+VAT)
Granted to the applicant, the spouse, and dependent children up to 18
Slower process (12-18 months)
5- What about the housing loans?
Through our partnership with local banks (Astro Bank, Bank of Cyprus and Hellenic Bank), Plus Properties clients can benefit from housing loans with financing up to 80% with interest rates starting at only 1.8% for residents; and financing up to 60% with interest rates starting at 2.2% for non-residents. We are proud to announce that we are one of the very few companies with the advantage of obtaining housing loans to our potential clients for both under-construction and ready units.
In addition, we can assist our clients in renting their properties once delivered and guaranteeing a rental income of 4% per year.
6- Why are Plus Properties projects mainly in Larnaca and Limassol?
Larnaca: The Promising City
Larnaca is strategically located in proximity to other major cities and hosts Cyprus’ main International Airport. It is growing into a new hub of promising investments with the new Marina and Port, a new mall, the American University of Cyprus, luxury hotels and other investments.
One of the areas we focused on in Larnaca is the “Mackenzie Golden Square” where we are currently developing 6 unique projects that are uplifting the Real Estate standards: The Pearl (Plus 6), Mackenzie Gardens (Plus 18 & Plus 19), Roy Terraces (Plus 21), Casa del Sol (Plus 37) and Plus 38. All these projects are at a walking distance from the beach, offering breathtaking sea views while providing a modern take on beachfront luxury. Another area we have visualized in Larnaca is the “New Marina area” in which we were one of the very first developers to invest. Up until today, we have reached 19 projects, in proximity to the port and educational institutions, ideal as a permanent house, summer house and for rental.
Limassol: The Vibrant City
Limassol is a city full of life, boasting a wide range of 5-stars hotels, chic boutiques, high-end restaurants and cafes, also acting as a hub for investment and start-up businesses. It has attracted over the past few years foreign investments and international companies in the real estate, banking, hospitality, tourism, trading and advertising sectors. Our projects in Limassol are situated in strategic areas targeting both the local and international markets with apartments of all sizes and budgets.
Marketing, Communication and Public Relations are a key factor in our company, as it drives engagement, increases brand awareness and strengthens our credibility. Since the beginning, we believed in Cyprus as a promising economy, and we promoted Cyprus as the Island of Opportunities all over the world. We have a strong online presence, and we advertise heavily in outdoor advertising, press ads, TV and Radio commercials, in addition to participating in exhibitions in Cyprus and in international markets such as Lebanon, the GCC, Russia, China, and Africa. One of biggest events we held was in 2019, where 200 guests were invited on a private cruise to travel to Cyprus and attend the opening ceremony of The Pearl (Plus 6), one of our largest projects in Larnaca. Recently, we were the first company to advertise on a 600m² billboard, the biggest outdoor sign in Cyprus located in the heart of Larnaca.
Largest Billboard in Cyprus
8- Plus Properties Cyprus is part of a bigger group Plus Holding, can you give us an idea about the group and your expansion abroad?
A GROWING SUCCESS SINCE 1992!
Focused on a diversification strategy, Plus Holding, established in 1992, has quickly and steadily grown into a group of companies operating today in Lebanon, Cyprus, UAE and Bahrain. Boasting strong capabilities in several sectors, it is recognized in the MENA region as a leader in outdoor advertising & media, large-format printing, real estate development, real estate sales & marketing, real estate brokerage and investment, expanding today into the medical and diagnostic operations and agriculture.