Facebook
Twitter
Pinterest
LinkedIn
Email
Copy Link
WhatsApp
Messenger
See all 11 
Show All 11 Photos
- €450,000
- House
- For Sale
- Nicosia
Cyprus
CHECK IF AVAILABLE
CHECK IF AVAILABLE
Description of Property
Physical Characteristics
The property is located within the administrative boundaries of Municipality of Nicosia, in the
parish of Agios Savvas, adjacent to Aristidou Street, within the old city walls of Nicosia.
The property consists of a continuous two-storey house which was built in 1896.
The building is of traditional architecture with stone and adobe walls, the floors are of ceramic tiles
and a wooden sloping roof.
The house consists of a central hall with two rooms left and right, with a small storage room and
the addition of a kitchen, bathroom and exit to the backyard from the living room.
Through an independent internal staircase located at the end of the building, there is access to the
floor where there is a space with a similar upstairs layout.
It has single glazing windows in a wooden frame and the exterior doors and windows are all
wooden.
The house needs maintenance, restoration and either modernization or keeps the traditional
character.
Property Area
The property has an area of 320 sq.m.
Ground floor area 155 sq.m.
1st Floor area 155 sq.m.
Yard area 165sq.m. (of which a two-storey wing can be erected in 50 sq.m.)
* The transferred rate is about 74 sq.m.
** This property is located in the centre of Nicosia and According to the current Town Planning
Regulations the property falls within the Planning zone Pa9 with a maximum building coefficient of
1.20: 1, coverage of 0.70: 1, on 2 floors with height 7m.
Local market
The wider area is a mixture of residential uses, with old houses and apartments. The area consists
of the traditional commercial centre, with the historical cultural and architectural value. The area
which the property is located in continuous construction, with the majority of the buildings are old
buildings but in a good condition, with shops on the ground floor and residential apartments on the
floors. The area had deteriorated considerably since 1974, due to the Turkish invasion. The impact
was major, with the removal of the inhabitants and the shifting of the commercial activities in the
region of the city, mainly to the south. It is noteworthy that in the recent years and especially after
the policy of upgrading Nicosia, the region has been revitalized and upgraded with the maintenance
and renovation of many buildings and the trend of setting up young people in preserved and
renovated old buildings in the area of the old Nicosia, as well as the promotion of various plans.
Such measures included the pedestrianization of the Ledras, Onasagorou and others, the
Municipal, other parking spaces and the renovation of neglected residential areas. Effective results
have already been seen in the wider area with the gradual upgrading and renovation of a large
number of warehouses, mainly commercial and residential and an increase in value.
Asking Price: €450,000
Preserved Buildings Grant Scheme
The financial incentives for listed buildings are divided into three categories:
A. FINANCIAL INCENTIVES-which is the direct sponsorship given by the State to the owner for the
complete maintenance of the listed building. No incentives are provided for partial building
maintenance.
B. TRANSFER OF BUILDING FACTOR-which is, on the one hand, the utilization of development
rights that are not used in the protected plot by selling a remaining building factor and on the other
hand securing additional sponsorship in the maintenance cost by selling a given building
factor. This incentive operates in the free market without state mediation.
C. TAX INCENTIVES-what are the tax exemptions that can be taken by the owner of a listed building
that has maintained it according to the Conservation Principles.
A. Financial incentives
In order to first calculate the sponsorship for each listed building that is maintained, the
maintenance costs that are recognized by the State are first determined. Two prices are taken into
account in determining the cost:
The first price is the actual cost of maintenance of the building, ie the costing submitted by the
project designer based on the contractor`s prices, which is provided after the submission of bids.
The second price is the maximum cost per sq.m. based on the costing set by the State for the
recognized building area, according to the last incentive review carried out in 2008.
The recognized construction cost is considered to be the lower of these two prices.
Recognized area
For the recognized area, the area of the existing traditional/valuable building is measured by adding
up to 30% of its area for extensions that are an auxiliary functional part of the preserved building
(eg bathrooms, kitchen, bedrooms, storage). It is noted that additions / new buildings that are an
independent main use/unit in the listed plot are not subsidized.
Recognized cost
As a maximum price per sq.m. considered:
- € 1,200 / sq.m. for buildings with an area of up to 120 sq.m.
- € 1,100 / sq.m. for buildings with an area of 121 sq.m.- 1,000 sq.m.
- € 700 / sq.m. for buildings with an area of more than 1,001 sq.m.
In case the maximum recognized cost is less than the real one (selected contractor`s offer), then for
its final calculation will be added to it the cost of special works that mostly concern the
configuration of the yard of the plot as historically the courtyard was an integral part of the
building. These works include the restoration/construction of a traditional wall, dry-stone structure,
traditional paving/paving, oven, cistern and other authentic elements, as well as maintenance of
existing remarkable murals, specialized static works and any other special constructions. Also as a
special task will be calculated the additional costs of transporting materials, in case a listed
building does not have access from normal vehicles. The maximum amounts and percentages of
the special works are determined by the Director of the Department of Urban Planning and Housing,
with the consent of the Advisory Committee for Conservation Incentives, chaired and represented
by representatives of the Ministry of Finance and the Office of the Director-General. and
Development.
Once approved for sponsorship, any revision of the recognized cost will not be accepted when it
entails an increase.
Grants
In all the listed buildings located in the areas of the Development Plans of the Urban Complexes of
Nicosia, Limassol, Larnaca, Paphos and Polis Chrysochous, the grant amounts to 40% of the
recognized maintenance costs.
For all other listed buildings, located in the countryside, the grant reaches 50% of the recognized
maintenance costs.
The maximum amount of direct sponsorship from the State given does not exceed € 90,000. This
amount also includes 50% of the study/supervision of the project up to the amount of € 4,000, with
a maximum fee of 10% of the actual cost of the project.
The total amount of the grant (from the Special Maintenance Fund of the state budget line for the
listed buildings and from the transfer of a given building factor) will not exceed 50% of the
recognized costs.
B. Transfer of building factor
The development rights of a building are not lost due to its preservation but can be transferred/sold
in another area. In addition, square meters are provided, so that their sale enhances the possibility
of increasing the subsidy for the maintenance of the building (see relevant link).
Criteria for financial incentives
° All incentives relate to the maintenance/restoration of the building and are provided as a whole
only for its complete maintenance, only once, except in the special exceptional cases of a two-
phase grant, referred to in paragraph 2.6. They may be re-provided for complete building
maintenance, after a period of about twenty years from the previous incentive, unless the building
is damaged beyond normal wear and tear by specific causes (eg earthquake, fire, subsidence). )
which is documented with a relevant report by a competent designer.
° The approval for the provision of incentives is secured, after the submission of the relevant
application to the Maintenance Branch of the Department of Urban Planning and Housing, as a rule
before the start of the works or during the execution of maintenance works of a listed building,
provided that the required permits (Consent, Planning Permit and Building Permit).
° Applications for ex post approval authorization may be considered in exceptional cases, after
assessing the reasons for non-compliance with the established procedure. A relevant application is
studied with its own peculiarities and supporting documents and is approved based on the
incentives that were in force during the period of execution of most of the maintenance works,
provided that the genuine purpose of the conservation policy is served.
° In general, applications for a grant for work done in the past are not approved in a period when
there were no incentives or the specific incentives for which the application is submitted unless a
special permit has been granted. It is understood that no incentives are given for work carried out
on the building before it was declared protected, even if they were carried out on the basis of
approved plans. In addition, in the event that a small part of the listed building remains, incentives
will only be provided for the maintenance and repair of the original part and the corresponding
additions. The original part of the building on site In this context, exceptional grants are provided. ,
parts of buildings that have been removed due to poor natural conditions (eg unstable soils, poor
building foundation), but are restored on the basis of complete and verified documentation for their
reconstruction with the original authentic elements (materials, form, foundation and function) and
complement the, significantly larger, original parts of the listed buildings that exist on the spot. and
in no case is it subsidized for the reconstruction of a new building on the traces of an old one that
was demolished or collapsed, regardless of the request of the Urban Planning or Local Authority
for restoration to its original condition.
° Owner of listed buildings other than one, it is possible to benefit from the incentives provided
separately for each independent (in a separate plot) building.
° Two or more main buildings on a plot will benefit from the incentives as two or more separate
buildings, provided that they each operated with a separate main use before 1992 and provided that
they will secure a separate title deed.
° A building owner who houses more than one or more uses will benefit from the incentive only
once, for the whole building, unless there was a separate title deed for each unit/use before 1992, in
which case he will benefit separately for each one.
° In case of co-ownership of a listed building, each co-owner will benefit from the incentives,
according to the area of the building part that belongs to him, meaning that he has a separate title
deed and the total grant percentage of all co-owners is the same as if the building were a. In the
event that, for various reasons (mainly concerning the Department of Lands and Surveys), a
separate title deed has not yet been secured, evidence will be accepted that proves the intention of
the owner. Exceptions to this provision will be cases where there was a separate title deed before
1992 when the individual units will be treated as separate entities.
Incentives for tenants of listed buildings
Tenant buildings under preservation progressing to the overall conservation/restoration can benefit
from part or all of the provided incentives provided for the owner of the buildings under
preservation order unless the remaining building coefficient transfer, provided that the following
conditions are met:
(a) The application must be endorsed by the owner of the listed building, and
(b) all the requirements have been met and all the permits provided by the current Legislation for
the maintenance of the listed building have been secured.
It is noted that the owner of a listed building who subscribes to any application as mentioned
above, is considered to have irrevocably consented to the provision to the tenant of the financial
incentives related to the maintenance of the building (sponsorship of maintenance costs and grant
through the grant sale process) , if the application is satisfied, he is deprived of the right to claim
for himself the incentives provided to the extent and to the extent that they have actually been
provided. With regard to tax incentives, upon complete and correct completion of the construction
work on the listed building, the lessee may benefit from the exemption of the number of expenses
incurred from his taxable income.
Notes
Ancient Monument B
Administrative Act number / Decision of the Council of Ministers 596/2004
Date 04/06/2004
No. Official Journal 3867
Preserved Building
Administrative Act number / Decision of the Council of Ministers 268
Date 13/11/1992
No. Official Journal 2749
By declaring the property a Preserved, it gives the owner the right to benefit from the incentives
defined in the Law on Preserved Buildings Law 68 (I) of 2008 and decisions of the Council of
Ministers
These incentives are:
(a)Possibility of transfer (sale) of the remaining building factor or even transfer of a given
transferred building factor
(b)Exemption of rents receivable from the rent of a listed building from Income Tax if repaired or
maintained
(c)A Government grant of up to €90,000 for repairs or renovations
(d)Exemption of all recognized maintenance costs (after deducting any grants) from the taxable
income of the owner. The cost will be amortized for as many years as required
(e)Exemption of a listed building from the real estate tax
(f)Refund of transfer fees if the building was maintainable when the transfer took place and if
maintenance was completed within 6 years from the date of transfer
Physical Characteristics
The property is located within the administrative boundaries of Municipality of Nicosia, in the
parish of Agios Savvas, adjacent to Aristidou Street, within the old city walls of Nicosia.
The property consists of a continuous two-storey house which was built in 1896.
The building is of traditional architecture with stone and adobe walls, the floors are of ceramic tiles
and a wooden sloping roof.
The house consists of a central hall with two rooms left and right, with a small storage room and
the addition of a kitchen, bathroom and exit to the backyard from the living room.
Through an independent internal staircase located at the end of the building, there is access to the
floor where there is a space with a similar upstairs layout.
It has single glazing windows in a wooden frame and the exterior doors and windows are all
wooden.
The house needs maintenance, restoration and either modernization or keeps the traditional
character.
Property Area
The property has an area of 320 sq.m.
Ground floor area 155 sq.m.
1st Floor area 155 sq.m.
Yard area 165sq.m. (of which a two-storey wing can be erected in 50 sq.m.)
* The transferred rate is about 74 sq.m.
** This property is located in the centre of Nicosia and According to the current Town Planning
Regulations the property falls within the Planning zone Pa9 with a maximum building coefficient of
1.20: 1, coverage of 0.70: 1, on 2 floors with height 7m.
Local market
The wider area is a mixture of residential uses, with old houses and apartments. The area consists
of the traditional commercial centre, with the historical cultural and architectural value. The area
which the property is located in continuous construction, with the majority of the buildings are old
buildings but in a good condition, with shops on the ground floor and residential apartments on the
floors. The area had deteriorated considerably since 1974, due to the Turkish invasion. The impact
was major, with the removal of the inhabitants and the shifting of the commercial activities in the
region of the city, mainly to the south. It is noteworthy that in the recent years and especially after
the policy of upgrading Nicosia, the region has been revitalized and upgraded with the maintenance
and renovation of many buildings and the trend of setting up young people in preserved and
renovated old buildings in the area of the old Nicosia, as well as the promotion of various plans.
Such measures included the pedestrianization of the Ledras, Onasagorou and others, the
Municipal, other parking spaces and the renovation of neglected residential areas. Effective results
have already been seen in the wider area with the gradual upgrading and renovation of a large
number of warehouses, mainly commercial and residential and an increase in value.
Asking Price: €450,000
Preserved Buildings Grant Scheme
The financial incentives for listed buildings are divided into three categories:
A. FINANCIAL INCENTIVES-which is the direct sponsorship given by the State to the owner for the
complete maintenance of the listed building. No incentives are provided for partial building
maintenance.
B. TRANSFER OF BUILDING FACTOR-which is, on the one hand, the utilization of development
rights that are not used in the protected plot by selling a remaining building factor and on the other
hand securing additional sponsorship in the maintenance cost by selling a given building
factor. This incentive operates in the free market without state mediation.
C. TAX INCENTIVES-what are the tax exemptions that can be taken by the owner of a listed building
that has maintained it according to the Conservation Principles.
A. Financial incentives
In order to first calculate the sponsorship for each listed building that is maintained, the
maintenance costs that are recognized by the State are first determined. Two prices are taken into
account in determining the cost:
The first price is the actual cost of maintenance of the building, ie the costing submitted by the
project designer based on the contractor`s prices, which is provided after the submission of bids.
The second price is the maximum cost per sq.m. based on the costing set by the State for the
recognized building area, according to the last incentive review carried out in 2008.
The recognized construction cost is considered to be the lower of these two prices.
Recognized area
For the recognized area, the area of the existing traditional/valuable building is measured by adding
up to 30% of its area for extensions that are an auxiliary functional part of the preserved building
(eg bathrooms, kitchen, bedrooms, storage). It is noted that additions / new buildings that are an
independent main use/unit in the listed plot are not subsidized.
Recognized cost
As a maximum price per sq.m. considered:
- € 1,200 / sq.m. for buildings with an area of up to 120 sq.m.
- € 1,100 / sq.m. for buildings with an area of 121 sq.m.- 1,000 sq.m.
- € 700 / sq.m. for buildings with an area of more than 1,001 sq.m.
In case the maximum recognized cost is less than the real one (selected contractor`s offer), then for
its final calculation will be added to it the cost of special works that mostly concern the
configuration of the yard of the plot as historically the courtyard was an integral part of the
building. These works include the restoration/construction of a traditional wall, dry-stone structure,
traditional paving/paving, oven, cistern and other authentic elements, as well as maintenance of
existing remarkable murals, specialized static works and any other special constructions. Also as a
special task will be calculated the additional costs of transporting materials, in case a listed
building does not have access from normal vehicles. The maximum amounts and percentages of
the special works are determined by the Director of the Department of Urban Planning and Housing,
with the consent of the Advisory Committee for Conservation Incentives, chaired and represented
by representatives of the Ministry of Finance and the Office of the Director-General. and
Development.
Once approved for sponsorship, any revision of the recognized cost will not be accepted when it
entails an increase.
Grants
In all the listed buildings located in the areas of the Development Plans of the Urban Complexes of
Nicosia, Limassol, Larnaca, Paphos and Polis Chrysochous, the grant amounts to 40% of the
recognized maintenance costs.
For all other listed buildings, located in the countryside, the grant reaches 50% of the recognized
maintenance costs.
The maximum amount of direct sponsorship from the State given does not exceed € 90,000. This
amount also includes 50% of the study/supervision of the project up to the amount of € 4,000, with
a maximum fee of 10% of the actual cost of the project.
The total amount of the grant (from the Special Maintenance Fund of the state budget line for the
listed buildings and from the transfer of a given building factor) will not exceed 50% of the
recognized costs.
B. Transfer of building factor
The development rights of a building are not lost due to its preservation but can be transferred/sold
in another area. In addition, square meters are provided, so that their sale enhances the possibility
of increasing the subsidy for the maintenance of the building (see relevant link).
Criteria for financial incentives
° All incentives relate to the maintenance/restoration of the building and are provided as a whole
only for its complete maintenance, only once, except in the special exceptional cases of a two-
phase grant, referred to in paragraph 2.6. They may be re-provided for complete building
maintenance, after a period of about twenty years from the previous incentive, unless the building
is damaged beyond normal wear and tear by specific causes (eg earthquake, fire, subsidence). )
which is documented with a relevant report by a competent designer.
° The approval for the provision of incentives is secured, after the submission of the relevant
application to the Maintenance Branch of the Department of Urban Planning and Housing, as a rule
before the start of the works or during the execution of maintenance works of a listed building,
provided that the required permits (Consent, Planning Permit and Building Permit).
° Applications for ex post approval authorization may be considered in exceptional cases, after
assessing the reasons for non-compliance with the established procedure. A relevant application is
studied with its own peculiarities and supporting documents and is approved based on the
incentives that were in force during the period of execution of most of the maintenance works,
provided that the genuine purpose of the conservation policy is served.
° In general, applications for a grant for work done in the past are not approved in a period when
there were no incentives or the specific incentives for which the application is submitted unless a
special permit has been granted. It is understood that no incentives are given for work carried out
on the building before it was declared protected, even if they were carried out on the basis of
approved plans. In addition, in the event that a small part of the listed building remains, incentives
will only be provided for the maintenance and repair of the original part and the corresponding
additions. The original part of the building on site In this context, exceptional grants are provided. ,
parts of buildings that have been removed due to poor natural conditions (eg unstable soils, poor
building foundation), but are restored on the basis of complete and verified documentation for their
reconstruction with the original authentic elements (materials, form, foundation and function) and
complement the, significantly larger, original parts of the listed buildings that exist on the spot. and
in no case is it subsidized for the reconstruction of a new building on the traces of an old one that
was demolished or collapsed, regardless of the request of the Urban Planning or Local Authority
for restoration to its original condition.
° Owner of listed buildings other than one, it is possible to benefit from the incentives provided
separately for each independent (in a separate plot) building.
° Two or more main buildings on a plot will benefit from the incentives as two or more separate
buildings, provided that they each operated with a separate main use before 1992 and provided that
they will secure a separate title deed.
° A building owner who houses more than one or more uses will benefit from the incentive only
once, for the whole building, unless there was a separate title deed for each unit/use before 1992, in
which case he will benefit separately for each one.
° In case of co-ownership of a listed building, each co-owner will benefit from the incentives,
according to the area of the building part that belongs to him, meaning that he has a separate title
deed and the total grant percentage of all co-owners is the same as if the building were a. In the
event that, for various reasons (mainly concerning the Department of Lands and Surveys), a
separate title deed has not yet been secured, evidence will be accepted that proves the intention of
the owner. Exceptions to this provision will be cases where there was a separate title deed before
1992 when the individual units will be treated as separate entities.
Incentives for tenants of listed buildings
Tenant buildings under preservation progressing to the overall conservation/restoration can benefit
from part or all of the provided incentives provided for the owner of the buildings under
preservation order unless the remaining building coefficient transfer, provided that the following
conditions are met:
(a) The application must be endorsed by the owner of the listed building, and
(b) all the requirements have been met and all the permits provided by the current Legislation for
the maintenance of the listed building have been secured.
It is noted that the owner of a listed building who subscribes to any application as mentioned
above, is considered to have irrevocably consented to the provision to the tenant of the financial
incentives related to the maintenance of the building (sponsorship of maintenance costs and grant
through the grant sale process) , if the application is satisfied, he is deprived of the right to claim
for himself the incentives provided to the extent and to the extent that they have actually been
provided. With regard to tax incentives, upon complete and correct completion of the construction
work on the listed building, the lessee may benefit from the exemption of the number of expenses
incurred from his taxable income.
Notes
Ancient Monument B
Administrative Act number / Decision of the Council of Ministers 596/2004
Date 04/06/2004
No. Official Journal 3867
Preserved Building
Administrative Act number / Decision of the Council of Ministers 268
Date 13/11/1992
No. Official Journal 2749
By declaring the property a Preserved, it gives the owner the right to benefit from the incentives
defined in the Law on Preserved Buildings Law 68 (I) of 2008 and decisions of the Council of
Ministers
These incentives are:
(a)Possibility of transfer (sale) of the remaining building factor or even transfer of a given
transferred building factor
(b)Exemption of rents receivable from the rent of a listed building from Income Tax if repaired or
maintained
(c)A Government grant of up to €90,000 for repairs or renovations
(d)Exemption of all recognized maintenance costs (after deducting any grants) from the taxable
income of the owner. The cost will be amortized for as many years as required
(e)Exemption of a listed building from the real estate tax
(f)Refund of transfer fees if the building was maintainable when the transfer took place and if
maintenance was completed within 6 years from the date of transfer
Description of Property
Physical Characteristics
The property is located within the administrative boundaries of Municipality of Nicosia, in the
parish of Agios Savvas, adjacent to Aristidou Street, within the old city walls of Nicosia.
The property consists of a continuous two-storey house which was built in 1896.
The building i...
Physical Characteristics
The property is located within the administrative boundaries of Municipality of Nicosia, in the
parish of Agios Savvas, adjacent to Aristidou Street, within the old city walls of Nicosia.
The property consists of a continuous two-storey house which was built in 1896.
The building i...
View more
CHECK IF AVAILABLE
Get Alerts