Μαρκ. Δράκου, Λευκωσία

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Property Details

Price : Call for Price Type : Villas-Houses Status : For Sale Area : 210 m2 Beds : 2 Baths : 1 Plot Area: 1659

Property Characteristics

  • Ground storey house of historical architectural heritage built in the mid 1930’s which stands on plot number 270, Sheet / Plan XXI. 46.2.III & 5.I. It is situated at 7 Marcos Drakos Avenue in Nicosia facing the moat of the walled city. It is in a quiet and pleasant environment, opposite a small green park and close to Nicosia District and Supreme Courts of Justice, the Ledra Palace Hotel, the Central Town Planning and Housing Department and the Field Club, approximately 500m west of Nicosia city centre and Eleftherias Square. The property enjoys easy access to the old walled city and the central area, to shops, schools, government departments, banks and the city center.
  • The ground floor consists of a large hall, kitchen, dining-room, study, sitting – room, guest toilet, full bathroom, two bedrooms, covered verandhas and a large garden area.


  • The building is stone built with a tiled roof and stands on a large building site with an extent of 851m2. The house has an enclosed area of approximately 210m2 plus covered verandhas 17m2. There is a basement measuring approximately 44m2 which can be used as storage space or converted into a small flat for domestic aid as well as an attic area of 44m2 which can become habitable space e.g bedroom, playroom etc. At the northwestern end of the property stands an outbuilding garage area of 32m2.   
  • The subject property is officially characterized as a listed building of historical heritage and as such is entitled to a significant number of incentives which are granted by the Government of the Republic of Cyprus for restoration, refurbishment and limited extensions (up to 30% of the existing building area) to the existing building.
  •  Financial incentives i.e. straightforward state grant to the owner for the full restoration of the property.
  •  Transfer of excess building coefficient i.e. the selling of the surplus square meters which derive from the existing planning zone minus the current building area of the property. e.g. Maximum building coefficient of plot 270 is 2,00:1 i.e 1.702m2 minus existing building area of 210m2 = 1.492m2 (surplus m2 for sale).
  • Extra grant can also be secured from the open market by selling “donated” (χαρισμένος) building coefficient.
  •  Tax incentives such as deduction of renovation cost from earnable income, of Annual Property Tax and of rental income from income tax.
Under the existing Nicosia  town centre plan as amended in April 2016, the property falls in commercial zone ΕΖ-δ with the following characteristics:
Building Co-efficient: 2,00:1
Site coverage:  0,60:1
Number of floors: 8-10
Permissible Height: 31m.
Permitted uses: residential, offices, city hotels,theatres and leisure uses.
N.B: As the existing building is listed  it cannot be demolished but the owners can sell the surplus building coefficient undeveloped rights to third parties. The maximum extension allowed to the existing building is 30% of its current building area i.e 210m2 @30%=63 m2.
The adjoining building site at the western end of plot 270 is plot number 267 – Sheet / Plan XXI 46.2.III & 5.I measuring 808m2 which is also available for sale. It has a rectangular shape and enjoys a frontage on Rimini Street which is parallel to Marcos Drakos Avenue. The two properties could be amalgamated and constitute one title deed. Plot 267 falls in planning zone ΕΖ-δ just as plot 270.

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