Welcome to GROWTHONICS
where we are dedicated to shaping the future of real estate through innovation, quality, and a commitment to long-term value. Our expert team of developers, architects, and designers works tirelessly to bring visionary projects to life, transforming landscapes and creating spaces that inspire.
With a focus on both simple and luxury residential properties, GROWTHONICS is not just about building structures; we’re about building futures.
Our Mission
To develop high-quality, sustainable real estate projects that enhance communities and provide exceptional value for both our clients and the wider environment. We aim to create spaces that combine modern design with lasting functionality, contributing to the growth and well-being of the people who live, work, and invest in them.
Our Values
- Excellence: We pursue the highest standards in every project, ensuring quality and attention to detail in every aspect of development.
- Innovation: We embrace new technologies and creative approaches to design, construction, and sustainability, staying ahead of industry trends.
- Integrity: Honesty and transparency form the foundation of our relationships with clients, partners, and stakeholders.
- Sustainability: We are committed to building responsibly, minimizing environmental impact, and creating developments that contribute to long-term ecological and social well-being.
- Customer Focus: Your needs are at the core of everything we do. We work closely with clients to understand their goals and deliver solutions that exceed expectations.
Our Vision
To become a leader in the real estate development industry, known for our innovative approach, integrity, and commitment to excellence. We envision a future where GROWTHONICS is synonymous with trust, quality, and sustainability in real estate, providing properties that meet the evolving needs of our clients and the communities we serve.
Our Resources
At GROWTHONICS, we are proud to leverage our wide range of resources to ensure the success of each project:
- Expert Team: Our highly skilled team of architects, designers, engineers, and project managers collaborate to bring creativity and precision to every development.
- Innovative Technology: We utilize cutting-edge technology in design, planning, and construction to ensure our projects are efficient, sustainable, and built to the highest standards.
- Strategic Partnerships: We maintain strong relationships with top contractors, suppliers, and financial institutions, allowing us to manage resources effectively and deliver projects on time and within budget.
- Client Support: From the initial consultation to project completion, our dedicated customer service team is available to support our clients every step of the way.
Frequently Asked Questions
Find answers to common questions about real estate in Cyprus, and how we can help you achieve your goals.
Yes, non-Cypriot citizens, including EU and non-EU nationals, can purchase property in Cyprus. However, non-EU nationals are subject to certain restrictions and must apply for permission from the Council of Ministers to acquire property.
Yes, Cyprus offers residency permits and citizenship through investment programs. For example, under the Permanent Residency Program, non-EU nationals can gain residency by investing a minimum of €300,000 in real estate. There is also a Citizenship by Investment Program, but it is currently suspended.
In addition to VAT, buyers must pay several other taxes and fees:
- Transfer Fees: Calculated based on the property’s market value, ranging from 3% to 8%.
- Stamp Duty: Payable on the purchase agreement at a rate of 0.15% to 0.20%, depending on the property’s value.
- Immovable Property Tax (IPT): Abolished in 2017, so buyers no longer pay this annual tax on property ownership.
These taxes apply equally to both foreign and local buyers.
Cyprus offers a stable and growing real estate market, driven by demand from both locals and foreigners. Property prices have risen steadily over the past few years, with a 5.8% increase in residential property prices in 2023. Additionally, the island’s strategic location, favorable tax incentives, and mild climate make it a top destination for property investors. Cyprus also benefits from being a member of the EU, offering a reliable legal framework and attractive investment conditions.
Foreign buyers are subject to the same taxes as Cypriot nationals. These include VAT (if applicable), transfer fees, stamp duty, and immovable property tax. VAT on new properties is typically 19%, though a reduced rate of 5% may apply under certain conditions.
The standard VAT rate on new properties in Cyprus is 19%. However, a reduced VAT rate of 5% applies to the first 200 square meters of a primary residence, provided the buyer intends to use it as their permanent home and meets certain criteria. This reduction is available to both Cypriot and foreign buyers but must be applied for before the property transfer.
Non-EU citizens are generally allowed to buy a single residential unit (e.g., apartment, house, or villa) or a plot of land up to 4,014 square meters. Larger plots or multiple properties may require special permission from the government.
Cyprus offers competitive rental yields, especially in popular tourist and urban areas. On average, rental yields range from 4% to 6% for residential properties, with prime locations such as Limassol and Larnaca offering even higher returns. Property values have shown consistent growth, with the real estate market recovering strongly post-pandemic, and foreign direct investment contributing over €1 billion annually to the economy. Investors can expect both capital appreciation and solid rental income.
Get in touch today
Our experts and developers would love to contribute their expertise and insights and help you today.