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‘The Courtyard’ - FAQ

Published on 11th October 2021

‘The Courtyard’ residential project is without doubt the most exquisite to be built in Nicosia. Its controlled entrance, with cars present only in the basement area and a landscaped 6000-metre garden area it will facilitate activities fit to the needs of the modern way of life.

The project’s site is truly advantageous as it will offer easy access both to the town centre as well as the highway, while being at the highest location of the peaceful immediate area. Services and amenities like schools, pharmacies, kiosks, restaurants, coffee shops and a private health centre are all within walking distance.

All information about the project, except prices, are found on the webpage

Frequently-asked questions from interested buyers are found below:

.1.       Prices and what is included?

The prices include the following, among others:

·        Two covered basement parking areas, (one for the 2-bedroom flats). The privilege of buying extra parking spaces

·        Underfloor heating with an electric heat pump

·        Air conditioning units in every room

·        Aluminum, electric blinds for all bedroom balcony doors windows and

·        Solar water heater and a water pressure system

·        Town water supply in the kitchen

·        Photovoltaics for the common areas as well as many other features

Prices start at € 228,000 for the 2-bedroom flats, € 371,000 for the 3-bedroom ones, € 476,000 for 4-bedroom flats and € 704,000 for the whole floor flats of 5 bedrooms.

.2. When will construction of the project start and when will it finish?

It is expected that all permits will be issued by the end of the year and construction shall be launched immediately. The construction period will be 2 years. The entire project shall be completed in December 2023.

.3. How are payments made?

Upon reservation of a flat 10% of the purchase price is paid. Another 20% is paid upon launch of the construction and the signing of the sales agreement which will be filed with the Lands Registry and the corresponding percentage of the land mortgaged in favour of the buyer or his/her bank. A further 20% will be paid upon completion of the frame works of all floors, (specifically the foundations, pillars and slabs). 15% is payable upon completion of wall construction. A further 15% when flooring works as well as kitchen and bathroom coverings are completed. 10% will be paid upon installation of cupboards, bathroom fittings as well as doors and windows. Lastly, another 10% is to be paid when all work is completed and the flat is delivered to the buyer.

.4. Who are the shareholders of the GPR Green Park Residences Ltd, company that will develop the project, and who will be the contractor?

There exist 9 shareholders. They include individuals with long experience, both in Cyprus and internationally, in the real estate sector, (both in construction as well as sales). Their nationalities are one Polish, two Lebanese and six Cypriots.

The contracting company will be chosen through the tender procedure to be conducted around December 2021, from a group of Class-A contractors. Both strict economic and quality criteria will apply for the important choice of the contracting company.

Written By: George Mouskides
                   FOX General Director

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