Real estate and construction in Cyprus

Chrysses Demetriades & Co Law Office

As part of the firm's corporate, commercial and M&A practice, Chrysses Demetriades & Co Law Office’s real estate and construction work involves large-scale infrastructure, construction and real estate development projects in Cyprus. Clients include real estate development companies, contractors and real estate investors. Constantinos Mavrellis and Christos Mavrellis jointly head up the practice, which displays an ‘excellent and in-depth knowledge of the relevant legislation as well as the market’. Senior associate Maria Socratous is another name to note.

Practice head(s):

Constantinos Mavrellis; Christos Mavrellis

Testimonials

‘The firm is one of the top law offices in Cyprus. It is a well-organised office with experienced lawyers specialised in various fields including real estate and construction. They give sound advice and handle all legal issues which we entrust them with extremely well.’

‘The firm’s lawyers are easily accessible, they are able to give instant advice on most matters, and they are able to speedily grasp specialised issues.’

‘Excellent and in depth knowledge of the relevant legislation as well as the market.’

Key clients

Allea Group

Pafilia

Cybarco Limited

NBG Pangaea REIC

NKS Group

Ghelamco Group

Lanitis Group

StaDemos Group

Mymall Limassol

Muskita Hotels Limited

Work highlights

  • Advised Stademos Hotels on the construction and operation of the five-star Amara Hotel in Limassol.
  • Advised Shacolas Group on the development of a new project called the Aura in Limassol, which will be the highest building in Limassol.
  • Providing day-to-day legal advice to Allea Group on the development of Project Zaria in Limassol.

Elias Neocleous & Co LLC

Elias Neocleous & Co LLC has particular expertise in advising domestic and international corporations and private individuals on high-end residential and commercial developments. The ‘extremely pragmatic and solution-focusedChristos Vezouvios leads the practice, which also assists domestic real estate funds and developers with immovable property matters. The team is praised for its ability to provide ‘practical and constructive advice’. Associate Christiana Georgiou is a key practitioner and works alongside Vezouvios on some of the practice's most complex work.

Practice head(s):

Christos Vezouvios

Testimonials

‘The team’s main strengths are its business-like advice, its attention to client service, and its specialisation. Their people are accessible and helpful. They meet deadlines and they keep us informed of progress. They give us practical, constructive advice that solves our problems.’

‘Elias Neocleous is at the peak of his profession; an expert who is very helpful, very accessible, and entirely reliable. He always puts his clients first. Christos Vezouvious and his competent team, including Christiana Georgiou, are totally reliable and excellent in every way.’

‘Christos Vezouvios is the best I have worked with in the region. Christos is always available to speak, is technically excellent, and is extremely pragmatic and solution-focused.’

Key clients

Bank of Cyprus

Booking.com

Limassol Marina

National Pangea Real Estate Investment Company

Atterbury Group

Leptos Estates

Landmark Hotel, Nicosia

Invel Real Estate Partners

British High Commission/ UK Foreign Office

KIP Consulting Group

Alokozay Group

Celox

Eurobank

Evolutsia Conglomerate Limited

Galaxia Properties Limited

Galileo Global Education

Hassapis Group

Hellenic Bank

Oriflame Cosmetics

PNS Restaurants Limited

Qatar Mining Company

Radisson Hotels

RREEF Real Estate

Thomas Cook

Work highlights

  • Advised KIP Consulting Limited, a development and construction company, on the acquisition, planning and construction of several developments in central Limassol.
  • Advising Limassol Marina on all its day-to-day real estate issues.
  • Advised a purchasing consortium –  Invel Real Estate Partners Three Limited, NBG Pangaea REIC, Irep 2 Midco Limited, and Aphrodite Group of Companies – on its acquisition and re-financing of the Aphrodite Hills resort.  

Ioannides Demetriou LLC

Ioannides Demetriou LLC primarily advises domestic public entities and semi-governmental bodies on construction and large-scale infrastructure matters. The team, which is cited for its ‘strong and excellent reputation in the practice area’, also has experience in real estate and construction litigation. Practice co-heads Pambos Ioannides and Andrew Demetriou are ‘highly specialised and experienced in all aspects of real estate and construction’.

Practice head(s):

Andrew Demetriou; Pambos Ioannides

Testimonials

‘The team has a strong and excellent reputation in this practice area. The main leaders of the firm, Pambos Ioannides and Andrew Demetriou, are highly specialised and experienced in all aspects of Real Estate and Construction.’

‘Andrew Demetriou is the most competent in Cyprus in Real Estate and Construction and also in dispute resolution by mediation, arbitration or litigation. He has excellent records as a professional lawyer and arbitrator. He has strong knowledge, extensive experience, and he offers high quality services and successful results.’

‘Ioannides Demetriou LLC has very capable individuals. Quality of work is exceptional and, most importantly, on time.’

‘The firm demonstrates a broad knowledge of laws and regulations and will find the people to provide guidance and assistance for all issues raised.’

Key clients

Hutchison Water International Holdings

Elite Constructions Ltd

Nicodemou & Gavrias Construction Company Ltd

Electricity Authority of Cyprus

NKS Shacolas Group

Hermes Airports Ltd

Lois Builders Ltd

Medcon Constructions Ltd

Joannou & Paraskevaides Ltd

N. P. Voniatis & Co Ltd

Demetco Ltd

Miltiades Neophytou Civil Engineering Contractors & Developers Ltd

Paphos Sewerage Board

Orites Wind Farm

Work highlights

  • Acting for Lois Builders in arbitral proceedings against the Cyprus Ports Authority relating to the final account issued by the client for the construction of the new passenger lounge at the Port of Limassol.
  • Advised XZA – Architects and other third parties on a new Cyprus Museum project, including reviewing documents pertaining to the project and handling negotiations with the Public Works Department, other consultants and third parties.
  • Representation of Cybarco before the Tender Review Board in connection with the award of a tender for the Sewerage and Drainage Project of Limassol-Amathus Phase B2 Contract E13 Limassol West WwTP.

Michael Kyprianou & Co. LLC

At Michael Kyprianou & Co. LLC, clients are advised on a diverse range of matters including the sale and purchase of property, asset management issues, real estate litigation, financing work, planning matters and tax and immigration-related mandates. Led by Savvas Savvides, team members ‘are all extremely knowledgeable, helpful and always give every client professional, personal and pain-free assistance’. The group often acts for international clients on complex high-value land purchase transactions; other clients span ultra-high-net-worth individuals, investors, governments and other private organisations. Senior associate Esme Palas is highly regarded.

Practice head(s):

Savvas Savvides

Testimonials

‘Savvas Savvides made us feel at home straight away and explained everything in detail so we could understand what was happening. It was the first time in 10 years in Cyprus that a professional of any type listened to what we had to say and did not talk down to us. Beyond excellent service.

‘Michael Kyprianou & Co LLC are an excellent practice with a fantastic reputation.’

‘They are all extremely knowledgeable, helpful and always give every client a professional, personal and pain-free assistance.’

Work highlights

  • Acted on the acquisition of investment properties valued at €1.6m.
  • Provided legal advice and services relating to property conveyance matters to assist a client with purchasing a plot of land in Cyprus with the purpose of constructing a retirement home.
  • Advised a client on the purchase of immovable property in Cyprus with the purpose of acquiring Cypriot citizenship for the client and his family.

A.G Erotocritou LLC

A.G Erotocritou LLC has ‘a very solid real estate practice in the public and private sectors’ and ‘extensive experience in working with key real estate investors’. The group focuses on international transactions: its notable work includes the construction of skyscrapers, the implementation of large-scale projects including the construction of five-star hotels and industrial parks, and the provision of advice on real estate matters to high-net-worth individuals from various jurisdictions. The team is led by Alexis Erotocritou, who is ‘one of the most highly distinguished lawyers, with exceptional experience in real estate transactions’.

Practice head(s):

Alexis Erotocritou

Testimonials

‘The firm has a very solid real estate practice in both public and private sectors. I am aware the real estate and construction team has extensive experience in working with key real estate investors as well.’

‘Alexis Erotocritou is one of the most highly distinguished lawyers, with exceptional experience in real estate transactions.’

‘Alexis Erotocritou is a highly proactive and dedicated expert with particular in-depth knowledge in real estate and banking & finance legal matters.’

‘The firm consists of qualified lawyers who are very consistent and very professional. Their team has the ability and know-how to assist clients with all legal procedures for buying or selling a property.’

‘Andreas Erotocritou and Alexis Erotocritou have the know-how for any legal case or business transaction and are willing to push a colleague a step further for a client by sharing their knowledge, passion and interest for achieving the best result.’

Key clients

Patroclos Group

AAS

RPT Group

Johnsof

Unicredit Bank

Iktinos Group

Eureka

Primetel

Asia Pacific Bank (APB)

Work highlights

  • Advised a large Chinese petrochemical group on the proposed establishment of an industrial park in Cyprus.
  • Advised on the structure of a high-value real estate project in the Netherlands.
  • Advised on the leasing and subsequent sale of a plot in Cyprus owned by a Turkish Cypriot.

George Z. Georgiou & Associates LLC

The ‘highly organised’ and ‘forward-looking’ team at George Z. Georgiou & Associates LLC advises funders, companies, landowners, landlords and tenants on various contentious and non-contentious matters. The group has experience in work relating to property planning, funding, construction, sales and purchases, maintenance and asset management issues. Managing partner George Z Georgiou and practice head George Ioannou are key names to note.

Practice head(s):

George Ioannou

Testimonials

‘The firm consists of lawyers with excellent knowledge of their field. They are highly organised and work efficiently as a team.’

‘The team is forward-looking, client-focused, and excels at problem-solving.’

Papadopoulos, Lycourgos & Co LLC

Papadopoulos, Lycourgos & Co LLC advises a wide range of Cyprus’ largest developers, construction companies, land investors and land owners on various aspects of the development process and infrastructure development. The group has considerable experience in immovable property transactions, property acquisitions and property disputes, and acts for individuals and corporate clients. Nicolas Papaconstantinou is the key contact.

Practice head(s):

Nicolas Papaconstantinou

Work highlights

  • Advised the client on its €9m acquisition of a plot of land in the most prestigious area of Cyprus’ capital, Nicosia, from a property portfolio owned by a major local bank, for the purposes of constructing luxury residential villas and apartments.
  • Advised the client on a complicated transaction with one of the largest Cyprus construction companies for the division of a large parcel of land, situated in a prime sea-view location in Larnaca, into 70 building plots.
  • Advised the client on the purchase of an under construction hypermarket unit within a large commercial centre in Limassol.

Patrikios Pavlou & Associates LLC

Patrikios Pavlou & Associates LLC frequently acts for project developers and high-net-worth individuals from Cyprus and abroad on property-related matters. Stavros Pavlou and Stella Strati jointly lead the team, which provides advice on immovable assets, acquisitions, sale and purchase agreements, financings, disputes and restructuring matters involving commercial and residential properties.

Practice head(s):

Stavros Pavlou; Stella Strati

Key clients

Alpha Bank (Cyprus) Ltd

Pafilia Property Developers

CNP Cyprus Insurance Holdings Ltd

Work highlights

  • Advising the shareholder of a real estate group of companies on a €20m reorganisation.
  • Advising a private client on the term lease of a large commercial property.
  • Advising a British private client on the €4m purchase of a local private residential property.

Polycarpos Philippou & Associates LLC

Eleni Philippou leads the team at Polycarpos Philippou & Associates LLC, which is recognised for assisting foreign investors with real estate and property-related matters in Cyprus, with a notable focus on Chinese clients. Key areas of strength for the practice include litigation, property acquisitions, property contract developments, tax advice and due diligence work. Gregoris Philippou is also a practitioner to note in this space.

Practice head(s):

Eleni Philippou

Work highlights

  • Advised a contemporary developer on a €7m joint venture with a foreign investor including complicated tax saving finance mechanisms.

Andreas Coucounis & Co LLC

Andreas Coucounis & Co LLC maintains a presence advising public and private entities on real estate and construction matters. Key areas of strength include advising foreign companies which own immovable property, domestic and foreign clients on conveyancing issues, and handling the acquisition and sale of assets including residential and commercial properties in Cyprus and abroad. Executive managing partner Tasos Coucounis leads the practice and is a key contact for real estate work.

Practice head(s):

Tasos Coucounis

Work highlights

  • Retained by a Lebanese national to file proceedings, which will allow him to lodge his purchase agreement of a commercial asset in Larnaca, Cyprus, with the Land Registry Department and secure a separate title deed for his immovable property.
  • Retained by KPMG as part of a group of experts advising the Cyprus Government on its efforts to sell the assets of the Cyprus Grain Commission.
  • Advised the Real Estate Management Unit (REMU) of the Bank of Cyprus Public Company and APS Debt Servicing Cyprus on several property transactions.

Christodoulos G. Vassiliades & Co. LLC

Christodoulos G. Vassiliades & Co. LLC acts for developers, private and international investors, lenders and underwriters on real estate mandates. The group primarily advises foreign clients on their real estate holdings in Cyprus. Other noteworthy areas of strength include corporate acquisitions of property holding companies and indirect real estate investments. Evangelia Tiki heads up the practice alongside Marianna Pavlides and Savvas Georgiou.

Practice head(s):

Marianna Pavlides; Savvas Georgiou; Evangelia Tiki

Testimonials

Good and professional approach to work, quick performance.’

The practice is organised and essential for getting tasks done, they are ask-focused people often adept at problem-solving, especially if the problem relates to the task. Process-focused skills tend to be about people, and about building rapport within the group and making it work cohesively and effectively. The biggest skill is the communication of the company and the team, and they provide working solution partners to their clients.

Christos Georgiades & Associates LLC

Christos Georgiades & Associates LLC’s work in the real estate sector primarily comprises drafting sales agreements, and providing general day-to-day advice on all property-related matters, usually for Cyprus-based private individuals. Fofo Georgiadou and Agis Georgiades jointly head up the practice.

Practice head(s):

Fofo Georgiadou; Agis Georgiades

E & G Economides LLC

The team at E & G Economides LLC provides advice ‘with great commercial awareness’ on a variety of matters. The group acts for foreign and domestic clients on commercial and residential property acquisitions, handles due diligence issues relating to commercial and residential properties, and drafts and reviews property-related agreements including sale and purchase agreements. High-net-worth individuals dominate its client roster. Practice head George Economides is ‘always available’ and ‘produces excellent results’.

Practice head(s):

George Economides

Testimonials

‘George Economides is always available, whether at the office or outside. His work is efficient and produces excellent results.’

‘The firm has direct partner involvement, providing advice with great commercial awareness.’

Key clients

Leptos Estates

Healy’s LLP

D. Zavos Group

Landscope Developments Limited

Cloud Layer 8 (CL8)

Totalserve

Management Ltd

Kosmo-Global Limited

1st Class Homes

Work highlights

  • Advised Kumpablo Management Limited on the assignment of a flat located in Limassol, Cyprus.
  • Advised Landscope Developments Limited, a luxury real estate firm, on the complete legal framework as regards to a new high-rise building.
  • Advised a private individual on the sale of a plot of land.

HARRIS KYRIAKIDES LLC

Led by experienced managing director Harris Kyriakides, the team at HARRIS KYRIAKIDES LLC is particularly active in development work and advises on projects ranging from office buildings and mixed-use facilities to large-scale urban regeneration projects and major infrastructure mandates. The group also assists clients with construction and engineering agreements, acquisitions, real estate asset management issues, due diligence and property finance matters.

Practice head(s):

Harris Kyriakides

Property acquisitions, construction agreements and assistance with land registry procedures feature prominently in STELIOS AMERICANOS & CO LLC’s practice. Clients include multinational companies and domestic property owners. Managing partner Stelios Americanos leads on the work.

Practice head(s):

Stelios Americanos

Key clients

MANTIS GROUP

SPICA SA

IMMOFINANZE

FATTAL/LEONARDO GROUP

TALOS

SHARELINK FINANCIAL SERVICES (SFS Group)

PAPANTONIOU SUPERMARKETS

COFCO AGRO

ADAMA GROUP

EWAVE

OLYMPIC CAPITAL

ClassOne Ltd

K. ATHIENITIS CONTRACTORS DEVELOPERS PUBLIC LTD

PAP MEDICAL

Work highlights

  • Advised Ewave on the acquisition of two plots of land in Limassol valued at €8m and €2.5m respectively and obtained permits for the construction of a multi-storey hotel apartment building.
  • Advised Ewave on the acquisition of a plot of land in Larnaca valued at €5m for the construction of a six-storey building consisting of 22 separate apartments.
  • Advised Frontisa on a joint venture agreement with a Luxembourg company for the development of a prestigious plot in Mykonos.

Stelios Stylianides & Co L.L.C.

Stelios Stylianides & Co L.L.C. handles construction-related disputes and advises clients on the purchase and sale of property in Cyprus, and also drafts and reviews contracts and agreements in the real estate sector. The team is led by Anastasia Schini alongside Christos Stylianides, who is ‘an outstanding professional’ and is praised by clients as ‘skilful in preparing contracts’.

Practice head(s):

Christos Stylianides; Anastasia Schini

Testimonials

‘Legal advisers have a very important role in leading the firm to build a trustworthy reputation in the market, and protecting it, against unforeseen dangers. Stelios Stylianides & Co LLC are performing their duties for our company in such an ideal way that, during the 38 years of our history, we never felt the need of looking for any other legal partner.’

‘Christos Stylianides is an outstanding professional. He earned our trust immediately. Many times now, he has proved his legal education and skills, especially in preparing contracts that make us feel secure against any deal.’

Key clients

Medochemie Ltd

John Theodorou Group of Companies

Roussos Group of Companies

The Municipality of Limassol

S.A. Mesaritis Developers Limited

National Bank of Greece (Cyprus) Ltd

Th. Schinis Enterprises Limited

Kazamias Constructions Ltd

Costas Athanasiou Group of Companies

Timotheos Panagiotou

Akis Charalambous

A.M. Schinis (Investments) Ltd

Work highlights

  • Represented claimants in three separate actions for the determination of compensation payable as a result of a compulsory acquisition by the Republic of Cyprus of plots of land for the construction of the well-known project at the Limassol Marina.
  • Advised on properties subject to compulsory acquisition by the Republic of Cyprus in the area of Amathounta in Limassol, due to archaeological findings in the area.
  • Advised a client on the regeneration and design of the seaside road on the Limassol beach front in the Pyrgos area.