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Plus Properties – Cyprus on its first real estate development project in Larnaca Plus 1 Drosia. Ekaruna reports
Plus Properties, the Lebanese-based Real Estate and Development company, offering a diverse selection of luxury projects ranging from residential buildings to mixed-use towers and gated communities in Lebanon and the region, recently expanded its operations reaching Cyprus. But, the company is not a newcomer to the country. In fact, it has established real estate brokerage services in Cyprus over the past two years and built a firm reputation in the region. Plus Properties Cyprus is now launching its first real estate development project Plus 1 Drosia in Larnaca.
In a widely attended reception on the 8th April 2015, at Le Grey Hotel in Downtown Beirut, Plus Properties launched Plus 1 Drosia. The reception was in the presence of journalists, investors, brokers and clients, and the Ambassador of Cyprus in Lebanon Mr Homer Mavrommatis. In support of their latest project with Lebanon, Mr Mavrommatis said “I am pleased to witness the efforts of Plus Properties in Cyprus and I am sure that both countries can really benefit from each other’s resources on different levels.”
Sunbathed Larnaca on the golden coast of Cyprus is the third largest city in the country with a dense urban population. Hosting the main airport of Cyprus, Larnaca is the hub of real estate opportunities and tourist attractions. Only a few minutes away from the picturesque sea, Plus Properties’ latest foreign development, Plus 1 Drosia, is one of the finest properties that Cyprus has to offer. The residential building is gated with a private entrance that guarantees absolute privacy to the inhabitants. Residents are also guaranteed an excellent living experience; there are two blocks of four floors each, two apartments per floor with spacious entrances, two elevators, covered parking spaces, storage rooms, and a swimming pool. Half of the units of this Plus Properties project were sold within the first 48 hours of their release. Mavrommatis added that there are plenty of major economic and political reasons to invest in the booming real-estate scene of Cyprus, especially due to the recent crisis in the country. The cost of properties has in fact declined by 30%, not to mention the current euro value that is practically equivalent to the US dollar. For political reasons, Cyprus has recently become a member of the EU as of 2014. Chairman of Plus Properties, Georges Chehwane, proudly announced at the reception that the launching of Plus Properties in Cyprus had been successful, and that this was only the beginning of development projects in Larnaca. He believes that the economic relationship between Cyprus and Lebanon should expand beyond real estate because both countries are just a few years from producing natural gas. Another reason that Chehwane had for it being the right time for Lebanese and other Middle Easterners to invest in Cyprus is the several advantages that the Cypriot government offers such as permanent residency.
Yet again, Plus Properties has proved itself to be a real-estate pioneer, paving the way for other companies to create excellent investment opportunities locally and regionally.