Plus Properties
expands to Cyprus

Its $5 million project is only the beginning

Plus Properties, the real estate development arm of Plus Holding, will begin developing its first project outside the local market, in Larnaca, Cyprus, in early 2015.

“We will start off with only two building blocks in Drochia, Larnaca,” George Chehwan, Chairman of Plus Holding, said. Two-bedroom apartments will be sold for between $170,000 and $270,000.

The Holding’s property brokerage firm, Plus Brokers, sold 40 units to Lebanese buyers in Cyprus in the past six months. These units were not developed by Plus Properties. “This active demand encouraged us to start developing there, especially in light of the flexible system that encourages foreigners to invest in Cyprus,” he said.

An added incentive to purchasing a property in Cyprus is that this earns the buyer a permanent residence in any Schengen country (part of 26 European nations that have abolished passports between each other).

The value of the project is estimated at $5 million, according to Chehwan.

Plus Properties is planning more projects in Cyprus in the near future. It is currently in the process of buying a large coastal plot in Mackenzie-Larnaca and will partner with several investors to launch the project.