Investing in Renovated Apartments in Cyprus for Resale: Advantages and Profitability Analysis

George Georghiou
Managing Director
Reading time 5 minutes
No time to read?
17 08.2023

Investing in previously owned apartments in Cyprus for the purpose of resale presents an intriguing investment opportunity. One highly sought-after strategy involves acquiring secondary real estate in mature developments, followed by comprehensive renovation and subsequent resale.

By revitalizing and modernizing older properties, the potential for significantly boosting their market value emerges. High-quality enhancements render the property more competitive within its category. Prospective buyers often seek properties in Cyprus that are ready for immediate occupancy, eliminating the need for additional investments.

In the subsequent sections, we will delve into the financial aspects of this investment approach, using a specific case study involving one of our clients who acquired an apartment situated just behind the primary line of the central promenade in Larnaca’s Finikoudes area.


✅ Pre-Renovation Apartments



Post-Renovation Apartments


Transitioning to the financial details and advantages for the investor, a thorough understanding of the investment’s potential can be gained through a comprehensive calculation. This calculation takes into account the cost of purchase, renovation and furnishing expenses, as well as the applicable taxes and fees during both the acquisition and sale of the apartment.

Here is a detailed table outlining the client’s gains and returns:

Parameter Value
Purchase cost of apartments 77,000 €
Apartment area 32 sq. m
Renovation and furniture expenses 20,000 €


Parameter Value
Taxes and fees
Transfer fees 1,155 €
Stamp duty 108 €
Legal fees 300 €
Total: taxes and legal fees 1,563 €
Total investment 98,563 €


Sale of apartments
Selling price of apartments 150 000 €
Capital Gains Tax (CGT)

If the seller is an individual resident, CGT is imposed at a rate of 20% on the profit from property sale. There is a lifelong exemption of the first 17,086 € profit for each seller, until this exemption is used.

10 287.40 €
Net profit 41 149.6 €
Investment profitability 41.32%
Duration of process (purchase, renovation, sale) 93 days


Examining the calculations and investment data concerning the acquisition, renovation, and resale of the apartments, the following conclusions can be drawn:

Net Profit. After accounting for the acquisition cost, renovation, and taxes, the net profit from selling the apartments totals €41,149.60. This underscores that investing in this real estate venture leads to substantial financial gains.

High Profitability. The investment’s profitability stands at an impressive 41.32%. This percentage indicates that the investor achieves a return of roughly 41.32% on their initial investment, showcasing the operation’s enticing and favorable nature for potential investors.

Rental Income Potential. Beyond resale, the apartments also possess potential for generating rental income. Their prime location and quality improvements render them appealing to potential tenants.

Finding the Ideal Secondary Apartment in Cyprus: Your Comprehensive Guide to Smart Property Investment

In the face of promising investment outlooks as demonstrated by the data, a critical question surfaces: How do you pinpoint a property that perfectly resonates with these investment opportunities?

The digital landscape is teeming with ads for secondary residences, and real estate agencies are aggressively showcasing various options. Yet, navigating this vast array can be a time-consuming and complex undertaking. It involves regional research, multiple inquiries, coordinated property viewings, and price negotiations. And even then, there’s always the risk of missing out on key factors such as valid Title Deeds, legitimate ownership, and complete legal documentation.

This is where our specialized expertise and professional insight come into play.

Why Choose Feod Group for Your Property Investment Needs:

✅ Regional Insight: We provide you with an in-depth understanding of Cyprus’s regions and districts, guiding you to properties that have high rental or resale potential after renovation.

✅ Tax and Expense Guidance: Our team offers a comprehensive breakdown of all the taxes and fees associated with property acquisition and sale, leaving no room for surprise costs.

✅ Property Selection Expertise: Receive tailored advice on the optimal types of structures, age of homes, and unique features of multi-apartment complexes in Cyprus.

✅ Legal Verification: We rigorously check all sellers’ documentation and offer expert guidance during the property viewing process.

✅ Financial Documentation: Collaborating closely with you, we compile a thorough documentation package that substantiates your source of funds.

✅ Skilled Negotiation: We’ll handle negotiations for price discounts and draft a purchase-sale agreement that safeguards your interests as a buyer.

✅ Quality Construction Teams: Choose from our network of licensed, vetted construction teams to bring your property vision to life.

✅ Engineering Oversight: Our accredited engineers will manage your renovation project, providing you with regular updates and reports.

✅ Post-Renovation Support: Once renovations are complete, we guide you through the intricacies of a successful sale or rental operation.

Your Profitable Investment Awaits

If you’re aiming for your investment to be a genuine income generator, look no further. We specialize in sourcing exclusive properties from sellers, banks, auditors, and auctions, ensuring a streamlined acquisition process. Let our experts guide you to the most lucrative investment that aligns with your goals.


Ready to take the next step? We’d be thrilled to schedule a consultation with you, either at our Larnaca office or via an online meeting. Feel free to reach out today!

Book a consultation

    Read also:

    How useful was this post?

    Click on a star to rate it!

    Average rating 0 / 5. Vote count: 0

    No votes so far! Be the first to rate this post.

    Contact us

    For enquiries please fill in the form below. Our consultants will contact you with the details.

    Cyprus, Larnaca

    Griva Digeni 49, Chrystalla Court 1st Floor Office 11, 6036 Larnaca, Cyprus

    +357 96 345 275

    Ukraine, Kyiv

    11B Lyuteranska St., off. 23, 01024

    +38 044 383 90 30

      Book a free consultation