Park Residences Nicosia

Park Residences is a boutique apartment project by Cybarco in the Acropolis area of Strovolos — one of the most prestigious residential districts in the capital Nicosia. The project comprises 12 2- and 3-bedroom apartments spread over 4 floors, designed by Michael Cosma Architects. Located adjacent to Agios Dimitrios Park — the largest green space and sports complex in Strovolos, just 5 m from the park.

There are currently 4 apartments available for sale starting from €320,000 for a 109 m² 2-bedroom apartment and up to €525,000 for a 173 m² 3-bedroom apartment. All apartments achieve Energy Efficiency Class A certification in accordance with Cyprus regulations.

Park Residences Features

Each Park Residences apartment features an open-plan layout seamlessly connecting the living, dining and kitchen areas. Floor-to-ceiling glass windows connect the interior with a covered balcony facing the park, capturing maximum natural light. Covered built area ranges from 109 m² to 173 m², with large balconies from 14 to 35 m² depending on the unit.

All apartments are delivered with Cybarco standard finishes: varnished natural wooden floors in bedrooms, ceramic and marble tiles in living rooms, kitchens and bathrooms. Kitchens are fitted with imported appliances including a ceramic hob, electric oven, extractor hood, washing machine, dishwasher and refrigerator. A V.R.V air conditioning system provides heating and cooling, combined with water underfloor heating for Nicosia winters.

Each apartment is equipped with a motion-sensor burglar alarm system, video intercom connected to the main entrance, and 1 to 2 covered parking spaces with EV charging points on the ground floor. The ground floor integrates a private pedestrian entrance, separate vehicular entry and exit, main building entry, emergency exit, marble-floored elevator with stainless steel cabin, and a private storage room for each apartment.

Acropolis Strovolos — the Nicosia Investment Case

Acropolis is one of Nicosia's most highly rated residential districts, concentrating international private schools, the presidential palace and the diplomatic enclave. Park Residences is situated within short walking distance of The Junior School, The English School, Acropolis High School and Acropolis Lyceum — four of Cyprus's leading private schools. To the south of the project lie the Strovolos Municipal Sports Centre and Central Park Football Fields. Makario Children’s Hospital is also within walking distance.

Park Residences is located 2 km from Nicosia city centre, approximately a 10-minute drive to the old town within the Venetian walls, government ministries, banks and commercial streets. Larnaca International Airport is approximately 50 km from Nicosia via the A1 motorway (around a 35-minute drive). Nicosia is the only capital in Europe that remains divided — the south belongs to the Republic of Cyprus, a European Union member state, while the north is North Cyprus.

Cybarco — the Developer

Cybarco is a member of the Lanitis Group, established in 1945 and one of Cyprus's leading real estate developers. Cybarco's portfolio includes iconic developments in Limassol such as The Oval, Limassol Marina, Trilogy Limassol Seafront, Akamas Bay Villas and the Aktea Residences 1, 2, 3 apartment series. In Nicosia, Cybarco is concurrently developing two boutique residential projects: Park Residences and Attikis Residences.

Cybarco operates property management and rental services through its subsidiary BeCyprus, assisting non-resident investors in Cyprus with post-handover asset management. In the Nicosia segment, target tenants are predominantly the diplomatic community, international professionals and families with children attending private schools — all of which are highly concentrated in the Acropolis area.

Cyprus Permanent Residence Programme

Park Residences is a Cybarco project with a starting price close to the minimum threshold of the Cyprus permanent residency programme under Regulation 6(2). Purchasing a 2-bedroom unit priced at €320,000 fully satisfies the programme's minimum investment requirement of €300,000 excluding VAT. It is one of the most accessibly priced Cybarco projects for combining real estate investment with Cyprus permanent residency.

Investors, their spouse and children under 18 (or children under 25 in full-time education) are granted Cyprus permanent residency — a member of the European Union. A minimum annual income from sources outside Cyprus of €50,000 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. Fast-track applications have an advertised processing time of approximately 2 to 3 months by the Civil Registry and Migration Department.

Tax Advantages and Market Potential

Purchasing Park Residences as a primary residence qualifies for a reduced 5% VAT rate (instead of the standard 19%) for the first 200 m² under Cyprus VAT law conditions. All 109 m² 2-bedroom units and the majority of 170-173 m² 3-bedroom units fall entirely within the reduced VAT threshold.

The Nicosia real estate market has distinct characteristics compared to Limassol: high stability, less price fluctuation driven by tourism cycles, and steady long-term rental demand from the diplomatic community and international professionals. Acropolis is one of the most preferred areas among the diplomatic community, thanks to its proximity to the presidential palace and embassies. Cybarco provides property management and rental services through its subsidiary BeCyprus as announced by the developer — ideal for investors not residing full-time in Cyprus.