Naftikos Residences

Naftikos Residences is a boutique apartment project by Cybarco in the centre of Limassol, inspired by the nautical spirit to match its location just 50 m from the Mediterranean beach. The project comprises 37 apartments with 2 and 3 bedrooms, including 7 penthouses featuring a private roof terrace with sea views. Naftikos is divided into 2 buildings, Building A and Building B, each with 5 floors, connected via a communal pool and landscaped gardens in the centre of the grounds.

There are currently 8 apartments remaining for sale, with prices starting from €780,000 for a 116 m² 2-bedroom apartment and up to €1,520,000 for a 179 m² 3-bedroom penthouse. Handover is scheduled for September 2027. All apartments have achieved an Energy Efficiency Class A certificate in accordance with Cyprus regulations.

Features of Naftikos Residences

The two low-rise buildings are designed with a symmetrical geometric layout, creating spatial balance within the gated grounds. At the centre of the project is a communal pool with changing areas, connecting the two buildings via a landscaped garden pathway. Each apartment features an open-plan design for the living, kitchen and dining areas, combined with a covered veranda facing the sea or the city. Covered areas range from 109 m² to 179 m².

The 7 Naftikos Residences penthouses are specially designed with a private roof terrace on the building's roof, creating a private outdoor living space with panoramic views of the Mediterranean Sea and the Limassol cityscape. These penthouses are located on the 5th floor of both Building A and Building B, representing the most premium segment of the project.

Finishes and fittings in the apartments meet the same premium standards as other Cybarco projects: varnished natural wood flooring in the bedrooms, ceramic tiles and granite in the living room, kitchen and bathrooms; kitchens come fully equipped with imported appliances; a V.R.V air-conditioning system for heating and cooling combined with water underfloor heating; a smart home system with motion-sensor burglar alarms and a video intercom. Each unit has 1 covered parking space with an electric vehicle charging point and a private storage room on the ground floor.

Location of Naftikos — Central Limassol Seafront

Naftikos Residences is located in the central Limassol seafront area, just 50 m from the beach and within a short walking distance of the coastal promenade (Limassol Promenade). Within a 1-minute walk are essential amenities (supermarkets, shops, cafes), and it is only a 5-minute drive to the Limassol commercial centre and Limassol Marina.

A seaside location within 50–100 m is the most valuable segment in the Cyprus real estate market, as coastal supply is limited by zoning regulations. The area surrounding Naftikos brings together fine dining restaurants, boutique hotels, artisanal cafes and international brand boutiques. The Oval — the tallest iconic office building in Cyprus — is within view of the project, along with Limassol's old town and medieval castle.

Cybarco — the Developer

Cybarco is a member of the Lanitis Group, established in 1945 and one of the leading real estate developers in Cyprus. Cybarco's portfolio includes iconic projects in Limassol such as The Oval, Limassol Marina, Trilogy Limassol Seafront, Akamas Bay Villas and the Aktea Residences 1, 2, 3 apartment series — all of which have been handed over and 100% sold out. Naftikos Residences is developed by Naftikos Residences by Cybarco Development Limited, a subsidiary of Cybarco, registered in Cyprus under registration number ΕΕ 58531 since December 2023.

Cybarco operates management and rental services through its subsidiary BeCyprus, supporting non-resident investors in Cyprus with property management after handover. For the premium seafront segment like Naftikos, this is a key factor as short-term rental demand from international tourists and long-term rental demand from the Limassol expat community are both high.

Cyprus Permanent Residence Programme

Purchasing Naftikos Residences with a minimum value of €300,000 excluding VAT qualifies for the Cyprus Permanent Residency application under Regulation 6(2). All 8 remaining apartments at Naftikos Residences exceed the minimum investment threshold of the programme, with prices starting from €780,000. Fast-track applications have a processing time of approximately 2 to 3 months, as announced by the Civil Registry and Migration Department.

The investor, along with their spouse and children under 18 (or children under 25 who are in full-time education), are granted Cyprus permanent residency — in a European Union member state. A minimum annual income of €50,000 from sources outside Cyprus is required for the main investor, plus €15,000 for the spouse and €10,000 for each dependent child. Permanent residency is valid indefinitely, does not require renewal, and only requires entry into Cyprus at least once every 2 years.

Tax Advantages and Market Potential

Purchasing Naftikos Residences as a primary residence qualifies for a reduced VAT rate of 5% (instead of the standard 19%) for the first 200 m² under Cyprus VAT law conditions. For the 2 three-bedroom penthouse units of 178–179 m², the entire floor area falls within the reduced VAT threshold — significantly reducing acquisition costs compared to the standard VAT rate.

The seafront property segment within 100 m of the sea in Limassol has a history of strong liquidity and steady capital appreciation due to limited supply. Cybarco has completed and sold out previous coastal projects such as Akamas Bay Villas, Sea Gallery Villas, and Trilogy Limassol Seafront — demonstrating execution capability and the strong appeal of this segment in Limassol.