Pearl Park Residences

Pearl Park Residences is a gated apartment and maisonette development in the centre of Paphos, master-planned by Aristo Developers across multiple blocks built in phases. The project comprises 1, 2, and 3-bedroom apartments and maisonettes, catering to both primary residence buyers and long-term buy-to-let investors in the city centre residential area.

The Pearl Park community has now released Blocks 2, 9, 10, and 11 in its latest phase, following the successful sale of the previous 10 blocks. The project was featured in the Cyprus Mail in August 2025 as one of the most liquid city-centre apartment developments in Paphos.

Features of Pearl Park Residences

Pearl Park comprises studio, 1, 2, and 3-bedroom apartments, alongside 2 and 3-bedroom maisonettes, with built areas ranging from approximately 86 m² to 267 m². The units are distributed across several low-rise blocks (typically 3-4 floors) surrounding a communal pool and landscaped gardens.

On-site amenities include an adult pool, a children's pool, a private gym, landscaped gardens, and a children's playground in the adjacent public park. The entire development is gated and secured. Technical specifications apply Aristo Developers' standards for mid-range residential properties, featuring double-glazed windows, stone or engineered wood flooring depending on the block, and fully fitted kitchens.

Handover schedule by block: Block 1 is approximately 30 months from the contract signing date, while Block 2 and Block 12 are approximately 24 months. Several previous blocks, such as Block 5, Block 14, and Block D, have been handed over or are in the final stages of completion, according to announcements by Aristo Developers.

Paphos city centre – the investment case

Pearl Park is located in the residential centre of Paphos, approximately a 5-minute drive from Paphos Harbour and the Kato Paphos tourist area, 3 minutes from Kings Avenue Mall, and 5 minutes from the beach. Paphos International Airport is approximately 15 minutes from the project via the A6 motorway.

The city-centre location provides full access to schools, hospitals, banks, restaurants, and supermarkets within a 5-10 minute walk. The area is described by Aristo as being close to popular restaurants, commercial zones, entertainment venues, schools, universities, and medical facilities – making it highly suitable for primary residence buyers and the buy-to-let segment.

The entry-point price level of Pearl Park (€290,000 – €300,000 for 2-bedroom units and €450,000 – €500,000 for 3-bedroom units) places the project close to the €300,000 minimum investment threshold of the Cyprus PR programme, making it suitable for investors looking to optimise their initial capital rather than seeking the luxury villa segment.

Aristo Developers – the developer

Aristo Developers, established in the early 1980s by Mr Theodoros Aristodemou, is one of the largest property developers by land bank in Cyprus, with over 265 completed projects and more than 40 projects under development.

Aristo is behind Venus Rock Golf Resort, Kings Avenue Mall, Eagle Pine Golf Resort and The International School of Paphos. The company has a representative office in Ho Chi Minh City.

Cyprus Permanent Residency Programme

Pearl Park Residences meets the Cyprus Permanent Residency criteria under Regulation 6(2) for 3-bedroom units and maisonettes valued from €300,000. Buyers can combine two units as long as the total value reaches €300,000 + VAT – a regulation that allows investing in two properties under a single applicant's file.

The application includes the spouse and children under 25 years of age in full-time education. A minimum secure annual income from sources outside Cyprus of €50,000 is required for the main applicant, plus €15,000 for the spouse and €10,000 for each dependent child. The processing time is approximately 4 to 6 months, as announced by the Cyprus Migration Department in 2026.

Permanent residency is valid indefinitely, does not require renewal, and only requires entry into Cyprus at least once every 2 years. Cyprus is a member of the European Union but is not part of the Schengen Area as of April 2026.

Tax Advantages and Yield

Pearl Park purchased as a primary residence is eligible for a reduced VAT rate of 5% for the first 200 m² instead of the standard 19%. The 2-bedroom units with a floor area of under 200 m² benefit fully from the reduced VAT rate. Cyprus does not levy inheritance tax and exempts annual property tax.

The high density of apartments in the centre of Paphos creates a stable long-term rental market, serving the expatriate residency community and students from local universities. Cyprus corporate tax is at 12.5% with a double taxation treaty network spanning over 60 countries.