Olea Residences

Olea Residences is a community of 5 luxury hillside villas in Peyia, in the Paphos region of Cyprus, developed by Pafilia Property Developers. The project comprises 3 and 4-bedroom villas (“neighborhood villas” and two super villas, Olea ONE and Olea MARE) with a design that blends contemporary architecture with traditional Cyprus elements.

The project is situated on a hilltop bordering Akamas National Park and Pikni Pine Forest, offering panoramic views of the Mediterranean and the surrounding countryside. It is located approximately 4 km from the coast, combining the privacy of nature with accessibility to amenities.

Olea Residences Features

Olea Residences offers 3 and 4-bedroom villas with floor areas ranging from 207 to 326 m² and plots from 680 m² upwards. All villas feature private infinity pools, optimally oriented to maximise sea views. The design combines traditional Cyprus materials such as local stone, terracotta tiles, and glass with modern, minimalist lines.

Each villa features airy living spaces with floor-to-ceiling glass doors, seamlessly connecting the interior and exterior. The living room includes a fireplace, and there is a VRV air conditioning system for the living room and all bedrooms. Olea ONE and MARE are 4-bedroom super villas located on frontline plots, offering panoramic views.

Peyia and Akamas Peninsula – the investment case

Peyia is a coastal town on the hillsides north of Coral Bay, with a population of approximately 12,000, and is one of the areas with the largest expatriate communities in Cyprus. The area borders the Akamas Peninsula – a special nature reserve in Cyprus with pine forests, limestone caves, and pristine coastlines.

The distance to Paphos city centre is approximately 16 km, and to Paphos International Airport is approximately 33 km. The Blue Flag beaches of Coral Bay are nearby, along with a system of restaurants, bars, and tourist amenities along the Coral Bay Strip. The unique location bordering the national park helps maintain stable property values and high year-round demand for the luxury rental market.

Pafilia Property Developers – the developer

Pafilia Property Developers, founded in 1977 by Elias Eliades, is the largest private property developer in Cyprus with 49 years of experience and a portfolio valued at €3 billion. Pafilia is behind ONE Limassol – the tallest building on the Mediterranean coast, the 5-star Minthis resort, and many other iconic projects. The company has been honoured with over 39 international awards and is a market leader in the Cyprus permanent residency programme.

Cyprus Permanent Residence Programme

Under Regulation 6(2) of the Aliens and Immigration Regulations, investors who purchase new residential property (first sale) with a minimum value of €300,000 (excluding VAT) are eligible to apply for Cyprus permanent residency via the fast-track route. The applicant, along with their spouse and dependent children up to 25 years old (full-time students), are included in the same application. A minimum annual income of €50,000 from sources outside Cyprus is required for the main applicant, plus €15,000 for the spouse and €10,000 for each dependent child. Parents and parents-in-law are no longer considered dependents as per the update of 02/05/2023.

Processing time is 2-6 months. Permanent residency is valid indefinitely, with no renewal required, only a minimum of one entry to Cyprus every two years. After 8 years of actual residency within the last 10 years, applicants are eligible to apply for Cyprus citizenship by naturalisation.

VAT and Investment Notes

Standard VAT of 19% applies to new, unused property in Cyprus. According to Law 42(I)/2023, the reduced VAT of 5% only applies when purchasing a primary residence, for the first 130 m² and a maximum price of €350,000, provided that the total floor area does not exceed 190 m² and the total price does not exceed €475,000. The buyer must commit to using the property as their primary residence for 10 consecutive years.

In the case of purchase for rental investment or as a holiday home, 19% VAT applies to the entire property value. Buyers should consider an investment structure that aligns with their residency goals and personal finances.