Onero Residences

Onero Residences is a modern mixed-use complex developed by Aristo Developers in Kato Paphos, the tourism heart of Paphos city, Cyprus. The project combines 1-, 2-, and 3-bedroom apartments, 3-bedroom maisonettes, and commercial retail units – creating an urban living space with direct access to beaches, public parks, Kings Avenue Mall, Paphos harbour, as well as the tourist area's collection of restaurants, bars, and hotels.

Currently, the primary available product is the 3-bedroom maisonette priced at €490,000 excluding VAT, alongside 2- and 3-bedroom apartments under construction. This entry-point price exceeds the Cyprus Permanent Residency threshold of €300,000, qualifying for PR with a single property purchase under Regulation 6(2).

Features of Onero Residences

The project is structured into multiple blocks with distinct functions. Block A and Block B comprise mainly 1–3 bedroom apartments with standard floor plans and mezzanines. Block C is designated for apartments and commercial shops. Block D features 3-bedroom maisonettes with generous built areas of 185–191 m² – currently the primary available option.

Unit floor areas vary widely: 1-bedroom apartments range from 77–112 m², 2-bedroom apartments are around 167 m², and 3-bedroom apartments span 108–206 m². Each unit is designed to maximize natural light with large glass doors and private balconies. Energy Efficiency Class A compliant with Cyprus regulations.

Kato Paphos – the investment case

Kato Paphos is the key tourism and lifestyle district of Paphos city, surrounded by an extensive coastline, the Nea Paphos Archaeological Park (a UNESCO World Heritage Site), Paphos harbour with its famous seafood restaurants, and Kings Avenue Mall – the region's largest shopping centre. Onero Residences sits adjacent to a public park, within walking distance of Kings Avenue Mall and the harbour.

Paphos International Airport is approximately 14 km – a 15-minute drive – from the development. Kato Paphos's location is also a top choice for buy-to-let investors seeking short-term rentals due to year-round tourist arrivals. With select compact 1-bedroom apartments, Onero offers strong potential for short-term rental operations targeting European tourists.

How Onero Differs from Other Aristo Developments

Unlike Aristo developments in suburban or rural coastal areas (Meteora, Zephyros), Onero Residences focuses on a vibrant urban resort lifestyle. The 3-bedroom maisonettes in Block D are a rare offering in Aristo's portfolio – combining the spaciousness of a villa with a prime commercial centre location.

Compared to Serenity Court (located in the same central Paphos district with 3 whole-floor units), Onero is significantly larger in scale and incorporates commercial mixed-use elements, catering to investors seeking residence rights alongside business integration.

Aristo Developers – the developer

Established in 1981, Aristo Developers is one of the largest property development groups in Cyprus. In central Paphos, Aristo has developed several comparable apartment and mixed-use projects, including Serenity Court, Amaranthos Court, and Angelonia Gardens. Aristo features a dedicated advisory team to support international clients throughout the property acquisition and Cyprus Permanent Residency application process.

Cyprus Permanent Residency Programme

Real estate investment at Onero Residences starting from €300,000 excluding VAT qualifies for Cyprus Permanent Residency under Regulation 6(2). The project's entry-point price of €490,000 (3-bedroom maisonette) exceeds this threshold, qualifying for permanent residence with a single unit purchase.

Fast-track processing time is approximately 2-6 months. Permanent residency is valid indefinitely, does not require renewal, and only requires entry into Cyprus at least once every 2 years. The application includes spouse, children under 18, and children aged 18-25 in full-time education. A minimum annual income from sources outside Cyprus of €50,000 is required for the main investor.

Tax Advantages and Yield

Purchasing an Onero Residences unit as a primary residence may benefit from a reduced VAT rate of 5% on the first 130 m², applicable if the total transaction value is below €475,000 and the built area is under 190 m². For 1-bedroom apartments and select 3-bedroom units within this price threshold, almost the entire area qualifies for the tax reduction. Maisonettes priced at €490,000 exceed the 5% VAT reduction threshold and are subject to the standard 19% VAT. Buy-to-let purchases may qualify for a 19% VAT refund. Rental yields in the Kato Paphos area typically average 3–5% per year for short-term apartments based on general market data – contact us for advice to receive updated figures for specific projects.