Nestled within the vibrant cityscape of Famagusta, Northern Cyprus, lies a gem of real estate development – 7 Palms. An ideal haven for investors, this project brings together contemporary living and robust potential rental income.
7 Palms stands tall in the Eastern Mediterranean University (EMU) campus, with full freehold land ownership by the developer. The architectural design showcases a 9-storey block that houses 59 flats and 7 shops, creating a dynamic and vibrant community that adds value to your investment.
For investors seeking retail opportunities, six out of seven ground floor shops are still available. Ranging from £109k to £188k, these spaces are primed for success in the bustling university environment.
Just above the retail spaces is the loft floor, featuring 1+1 apartments with an innovative loft-style bedroom. These apartments boast an impressive 80 m2 of internal space, with 20 m2 dedicated to the cosy bedroom level.
Floors two through eight house a mix of 1+1 and 2+1 apartments, all equipped with balconies or terraces. The charm of these apartments is complemented by the spectacular city views they offer.
At the pinnacle of 7 Palms, the 9th floor presents a 2+1 penthouse with two separate terraces, priced just shy of £382k.
With completion due by February 2024, these apartments and shops are a golden opportunity for generating healthy rental income. Current rental rates for 1+1 apartments in the area start at around EUR 800, which means the opportunity for a lucrative rental return is high.
The developer offers an attractive payment plan for prospective investors, including:
- £5,000 deposit (reservation for 3 weeks)
- 35% of the purchase price following the reservation period
- An additional 15% of the purchase price due two months later
- The remaining 50% payable in instalments until key handover
Also, note that a 5% VAT will be added to the total price, spread over the instalments, along with a £3,000 fee for water and electricity connection.
At The Savvy Investor Limited, we specialise in providing expert investment advice, focusing on off-plan and resale property, predominantly in Northern Cyprus but extending our reach globally.
To discover more about 7 Palms and understand how it fits into your investment strategy, you can Contact Us or schedule a free, no-obligation online consultation.
You can also use the form below to request more information via email. Don’t let this opportunity slip away. With a myriad of options at your fingertips, let us guide you in making an informed decision that aligns with your investment goals. Make 7 Palms your next successful investment.