CYPRUS INVESTORS BUY NICOSIA PROPERTY FOR RECORD 18.25 MLN

ANSAmed
February 22, 2010 Monday 11:35 AM CET

(ANSAmed) Cyprus Investors have paid the highest price for an
inner-city plot in Nicosia when they bought a parcel of 2,000 sq.m.

off Makarios Avenue for a record EUR 18.25 mln, as Financial Mirror
reports. The plot that looks on to Stassicratous, Mnassiadou and
Princess De Tyra streets, has a market value of EUR 22 mln, as per
two different valuers.

It is currently being used as a parking lot next to the Enosi Neon
Trust house. In addition to a transfer fee of EUR 1.45 mln, the
purchase from Takis Kazolides also generated EUR 3.2 mln in capital
gains tax, which left the Inland Revenue Service and Finance Minister
Charilaos Stavrakis very pleased. The deal went ahead despite the
economic crisis, suggesting that there are bargain deals to be made
and reinforcing the principle that property in Cyprus hardly ever loses
value. The buyer, HAYASA Properties Ltd, along with its sister company,
HAYASA Productions, a music and digital media company of French and
Cypriot Armenians, also holds another property on Stasikratous street
that will be transformed into a premium parking project to provide
luxury and secure facility on monthly corporate agreements and will
also be available for event hosting. A company official said that the
new purchase will be developed into a multi-storey venture that will
include a modern boutique hotel, commercial and residential space and
the capability to rise up to 18 floors with five underground levels.