THE region near where the Greek goddess Aphrodite rose up from the sea from whence she was created now boasts a real estate development known as Aphrodite Hills.
Lying 17 kilometres east of the town of Paphos, the resort consist of villas, apartments and town houses, the five star Intercontinental Aphrodite Hills Resort Hotel, an 18 hole international championship golf course, tennis courts as well as a tennis academy, a spa, plus an equestrian centre, chapel and a village housing essential shops and casual restaurants.
Owners and developer of the resort are Lanitis Development Public Ltd, a member of the Lanitis Group of Companies. The resort is set on two plateaux on either side of a valley, and its entire 578 acres still play host to ancient olive, cypress and carob trees which are accompanied by many aromatic plants. Of this land, only eight per cent is being developed.
The Aphrodite Hills real estate development consists of 650 villas, junior villas and apartments, all of which are low density and many overlook the Mediterranean Sea. Each accommodation has its own identity although all are designed to the same exacting standards.
The latest development to be released for sale is at Theseus Village, a gated community offering 121 villas, junior villas and apartments. However, only 25 individual villas here remain for sale. Prices start at Euro400,000 for a one bedroom apartment.
Appealing to buyers is the fact that Lanitis Development has an agreement with all the local banks whereby purchasers can apply for a mortgage to finance the purchase of up to 80 per cent of the value.
Andronicos Antoniou, head of sales and marketing, real estate, said that besides a 20 per cent contribution from the buyer, a 40 year low interest mortgage was available in Euros or Swiss francs, plus there is a grace period for both capital and interest up to the delivery of the property for a maximum of two years.
“A minimum five per cent return is guaranteed per year on any investment for a two year period,” he added. And after this, the idea is to participate in a rental pool for three years. The owner also gets free use of the property for six weeks of each year, and landscaping, property management, utilities and insurance expenses are all included in the price.
All accommodation comes complete with furnishings and materials.
Other benefits to ownership include golf club membership, free spa membership for two years for the health club facilities and pool, use of the tennis courts (for two years) and discounts of offerings from the hotel.
Despite the economic downturn and subsequent interest from the UK second home buyer market waning, Antoniou is not downcast.
“Sixty per cent of our buyers here take a house as a second home,” he said. “Buyers from the UAE also fall into this category, but also many view it as an ideal investment opportunity. Coupled with the five per cent return guarantee per annum on investment for a two year period, it is still an attractive option.”
“We will maintain stable prices,” he added. “We are not planning to reduce prices as we feel this would undermine the general feel and the quality of the resort.”
by Cheryl Mandy