A professionally managed real estate investment, built on proven results, starts here.
ICY develops, builds, and manages all under one roof, at the heart of Limassol's Old Town.
A smart investment starts with choosing the right local partner.
01 An investment strategy built on precise market analysis and fi nancial planning.
ICY is the investment real estate company reshaping Limassol, Cyprus. Identifying high-potential opportunities in prime locations across the Old Town, and building precise investment strategies that translate into stable returns over the long term.
Every project starts from the same premise: the end investor’s needs come fi rst. We craft a tailored real estate investment strategy – accurate, relevant, and rooted in deep market analysis, backed by full end-to-end management across every stage of development and execution.
Accordingly, every investment strategy we deliver is tailor-made to match the investor’s pace: entry requirements (personal use, investment, rental, etc.), planning, budgets, timelines, exit handling, and a full year-round operating plan.
Combining local expertise, product knowledge, and readily available data on the ground is what makes rental demand and capital appreciation possible over the long term.
02 Full in-house management that generates real returns, value, and peace of mind.
ICY’s core advantage is its in-house management model: overseeing the asset’s entire lifecycle, from operational day-to-day to ongoing maintenance and management. We run rental operations directly, maximizing rental yield in the short and long term, and demonstrate this through consistently high occupancy rates, transparent income reporting, and rising asset value.
At the same time, we manage the buildings themselves, which allows us to grow the value of neighboring assets in the area (a rental strategy that refl ects positively on the investor).
We also implement advanced technologies: a smart management system, a personal investor portal, and an AI-based reporting, giving investors real-time monitoring, full transparency, and the ability to make fast, accurate decisions.
Full control over the operational and technological process, combined with full transparency toward investors, promises effi cient, professional management, with maximized stability and returns over the long term.
03 Developing a distinctive urban complex in Limassol's Old Town - a synergy that creates value and returns.
We are creating a new urban complex at the heart of Limassol’s Old Town, one of the city’s most sought-after and rapidly developing districts. Its central location off ers unmatched access to the beach, marina, cultural venues, restaurants, cafés, and the port and marina area.
The development includes a full range of buildings that together form a single “ecosystem.” Every building enjoys shared amenities: co-working spaces, gyms, restaurants and cafés, high-end shared-living experiences.
Mutual reinforcement between the buildings, a mix of diff erent audiences and a shared brand, generates added value that grows year over year. Since we manage design and synergy across all the buildings under a single unifi ed standard, we deliver consistent quality throughout. Result in practice: increasing value and rising occupancy under one operator, and the value of each individual building rises together with the rest.
This is how we build a strengthened investment system that boosts asset value and refl ects the momentum of the Old Town’s growth.
04 Premium design and construction that create real estate value.
Design is a core part of every project we deliver. Every project is created in partnership with international architects, and each carries its own distinct, non-generic identity, a clear signature that makes it stand out in the market.
The design preserves historical character while blending old and new, creating contemporary architecture that enhances the atmosphere of the surrounding neighborhood and the buildings’ experience.
Every apartment is planned with functional, professional design that turns spaces into practical, appealing rooms, and elevates its attractiveness in the rental and sales market.
The unique architectural details and precise planning are a central part of the value our assets provide, high demand and value that hold steady over time.
05 A win-win model that drives results.
Our central value is trust. That’s why we’ve built a model in which our interests and our investors’ interests are fully aligned, so that everyone wins together. In every project, we act as co-owners alongside the investor, managing the asset alongside them, so that their success is our success.
If value rises, if rental income grows, if depreciation is professional, we all benefi t. As an in-house management company, we are directly accountable for operations, maintenance, service, and transparency to our investors. Investors know they have a professional, honest partner, one they can rely on at every stage, and one who acts with full responsibility with no extra cost.
This approach creates a genuine, deep long-term partnership, stable returns, precise management, and consistency, and it’s also the reason our investors keep coming back and referring others into our ecosystem.
Your investment - Step by step
Here’s what your investment journey with ICY looks like – step by step.
Planning your investment strategy and choosing the right project for you.
Professional guidance – legal, financial, and operational support to close the deal smoothly and securely.
Full in-house management to maximize returns with complete transparency.
Discover how your investment can work for you and schedule a consultation.
Built for the Old Town -
Designed for Value
Our projects are built at the heart of Limassol’s Old Town; and that’s no accident. It refl ects a clear strategy: choosing locations where value is built long term.
The Old Town is the city’s most authentic and renewing district: historic streets, a rich cultural and culinary scene, a sophisticated local scene, and steady year-round activity. This location naturally drives rental and residential demand, thanks to its proximity to the city’s key routes, the business district, retail, restaurants, cafés, and entertainment, all within walking distance.
The great advantage of the Old Town is a rare combination of limited supply and rising demand, which translates in practice into potential for appreciation, stability, and returns.
We’re not building “just another building in the city.” We’re building an urban complex at the heart of the Old Town, a place where people want to live, stay, and simply, be.
Our Urban Complex -
All Projects Connected in One Ecosystem
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Where Vision Meets Experience
ICY is a real estate development and investment company operating at the heart of Limassol’s Old Town.
The company specializes in creating distinctive urban buildings and providing full in-house management across every stage of the investment; from development, through construction, to asset management. Our vision is to give investors confi dence, stability, and strong returns, alongside a personal and transparent service experience.
The Founders:
Yarden Turgeman:
Yarden Turgeman is a licensed attorney and certified real estate appraiser from Israel, with years of experience in the real estate industry. Throughout her career, she held key roles at leading real estate development companies in Israel, specializing in business development, strategy, and entrepreneurship, with a deep understanding of every facet of the real estate market. Yarden now lives in Cyprus with her family, leading ICY alongside Linor Gross-Cohen with a vision to build a sophisticated investment model that combines professionalism, financial stability, and innovative thinking.
Linor Gross Cohen:
Linor Gross-Cohen brings a rich background in finance, with extensive management experience at leading insurance companies in Israel. Over the years, she held key roles in sales, customer service, and operations, developing a deep understanding of managing complex systems and building results-driven processes. She entered the real estate industry in 2016, and has since led ICY alongside Yarden Turgeman driven by a vision to give investors a sense of security, financial stability, and a sophisticated alternative for real estate investment. Linor now lives in Cyprus with her family, continuing to lead the company by combining financial expertise with entrepreneurial thinking.
The ICY Investment Model - Frequently Asked Questions
Who is behind ICY, and what is its area of activity?
ICY is a real estate development and investment company operating at the heart of Limassol’s Old Town. Our expertise lies in building the strongest possible investment for each client, through precise location selection, sound financial planning, and a system that actively manages the investment over time.
The company was founded and is led by Linor Gross Cohen and Yarden Turgeman, Israeli businesswomen who have lived and worked in Limassol for years, with deep knowledge of the local real estate market, regulation, banking system, suppliers, and urban dynamics.
We operate hands-on: personally guiding each investor and taking full responsibility for the entire process, from development and construction through to operation, management, and income.
Which areas in Limassol does ICY operate in, and why?
ICY has been focused on Limassol for the past decade, with a clear emphasis on the Old Town and the city’s central urban districts.
This location isn’t chosen by chance. Around the world, the Old Towns are historic urban fabrics, with buildings under preservation, extremely limited land supply, and a natural mix of residential, tourism, retail, and culture, with demand that continues to grow.
The scarcity of new construction opportunities, combined with ongoing urban renewal, creates long-term potential for appreciation and sustained value growth. That’s why our focus on this district is a strategic choice, and it is one of the strongest, smartest areas to invest in Limassol today.
Why is ICY the right choice for a Cyprus investment?
ICY’s advantage is continuity and control across every stage of the deal. The same team leads the investment from inception through to actual income generation, development, planning, construction, handover, and in-house management. Nothing gets passed off to another company midway, and no gap between what’s promised at the sales stage and what actually happens.
For the investor, this means managed, transparent oversight, with better control over income, long-term stability, and the ability to actively grow the property’s value, not just hold onto it.
What makes ICY different in Limassol's real estate market?
ICY has operated in Limassol consistently over the past decade, with a clear focus on the Old Town and the city’s key urban districts. Over the years, we have developed, built, and managed investment projects, some already occupied and actively managed, others in advanced stages of development.
We don’t operate around a single project, we build a continuous urban ecosystem within the same district: neighboring projects, ongoing management under one unified approach, and deep familiarity with local demand, tenant profiles, regulation, and the banking system.
Our daily, on-the-ground presence, combined with managing active properties over time, allows us to operate from real market understanding, not theoretical assumptions. For our investors, this means partnering with an established, experienced local team that works and manages real estate in Limassol every single day.
How is an investment strategy built for each ICY investor?
At ICY, we don’t start with a property, we start with the investor.
Every process begins with a deep understanding of the investor’s needs, goals, and budget: desired leverage level, investment horizon, use case mix (holiday, residential, retirement), and comprehensive financial planning.
Our expertise lies in building precise investment strategies for different needs, from growing capital through leverage, to generating steady cash flow, to combining personal or holiday use, retirement planning, and proper diversification and portfolio management.
Our product is, first and foremost, a strong investment, and only after that, a tailored solution for any additional needs.
More Questions
Do you actually refund the 19% VAT?
Yes.
A 19% VAT applies to the purchase of a new apartment in Cyprus. At ICY, we’ve built an investment model that enables a full VAT refund within the fi rst year of operation, provided the property is used for short-term rental and meets the required regulatory conditions.
The VAT refund at ICY isn’t theoretical, it’s a structured process based on:
• The right deal structure
• The nature of the property’s use
• Actual operational management
• Full accounting and legal support
This is an integral part of our investment model, and a meaningful factor in growing equity and improving actual returns.
What is the risk level of investing in Cyprus, and how does ICY minimize it?
Cyprus is a member state of the European Union, with a supervised banking system and clear regulation, creating a stable investment environment for foreign investors. That said, buyer protections in Cyprus diff er from those in many other countries, which makes choosing the right local partner a critical factor in the deal’s success.
As part of the purchase process, the sale contract is registered with the Land Registry, so the buyer’s rights are secured and protected until fi nal title registration is complete.
In addition, in every project we retain ownership of units alongside our investors, so our interests and theirs stay aligned over time, and our company remains committed to the project and the asset for years after handover.
Ultimately, a good investment is a combination of the right property and the right people. ICY has been active in Limassol for years, with live projects and clients who choose to invest with us again, evidence of a company that delivers consistent, visible results over time.
What is important to be careful about when choosing a real estate investment in Cyprus?
As in any market, there are a few key points worth understanding before making a decision. A real estate investment isn’t just about the property itself, it’s about the structure of the deal and the people leading it.
The first step is understanding who is actually behind the deal, a local developer who builds and manages real assets, or a party whose involvement eff ectively ends once the contract is signed. The more parties involved along the way, the greater the risk of gaps between what’s presented at the outset and what actually happens after the purchase.
Another critical point is asset management after handover. Most projects lack a built-in in-house management company as an integral part of the deal, so it’s worth asking upfront who will manage the property day-to-day, what level of accountability they hold, and whether they have a direct stake in the investment’s success.
It’s also worth being cautious of models that may create a lack of transparency for the investor, where the management company’s own interests aren’t fully aligned with the property owner’s, sometimes without the investor having full visibility into how commitments made at the purchase stage will actually play out. Beyond that, the real estate market doesn’t operate in a vacuum: market conditions, demand, seasonality, and regulation all shift over time. A model built around a single fi xed assumption should be treated with caution.
It’s also worth checking the track record of the parties involved against real, delivered results: active projects, disclosed vs. actual income, organized reporting, and genuine, ongoing accessibility over time, rather than relying solely on general promises, presentations, or theoretical projections.
Finally, it’s worth speaking with current investors and hearing about their real experience: how management actually plays out over time, and what it takes to build a genuine, long-term partnership.
A good investment starts with the right choice of property, but succeeds because of the right management, and the right people chosen to run it over time.
What is unique about ICY's management company?
ICY’s management company is an inseparable part of the investment. We manage the entire process in-house, with no intermediaries:
• Operations and maintenance
• Long-term rentals
• Short-term rentals through our hospitality division
• Resident and guest services
• Collections, oversight, and investor reporting
Our management company operates through two dedicated divisions: a long-term management division and a hospitality division for short-term rentals, each with its own specialization, systems, and processes tailored to its purpose.
We take full responsibility for the deal from day one, from development and construction, through operation, to actual income generation, and we manage every asset with a full commitment to results.
How does short-term rental management work, and what is the Pool method?
For short-term rentals, ICY operates through a Pool model, a professional method widely used in hospitality management. Instead of managing each apartment as an independent unit with high income volatility, apartments chosen for short-term rental are managed together as a single pool, under one unifi ed operational, marketing, and service structure.
Apartments are classifi ed into several types based on size and character, and income is distributed according to a clear, transparent formula set in advance for each type, rather than based on the performance of a single apartment on a given day.
For the investor, this means that even if a specifi c apartment isn’t rented during a given period, income isn’t directly aff ected, since it’s derived from the performance of the entire pool rather than the occupancy of that specifi c unit.
This method off ers several key advantages:
• Greater income stability throughout the year
• Reduced volatility between strong and weak seasons
• Professional, unifi ed hospitality-level management
• Optimization of occupancy, pricing, and guest experience
• Less dependence on the performance of any single apartment
The model enables effi cient, controlled management of operations, and allows investors to enjoy more stable income over time, without needing to handle day-to-day management or routine operational decisions.
How do investors track their investment after purchase?
Once the property is handed over and begins operating, tracking is simple, clear, and convenient through a personal investor portal, where each investor can view their investment activity in one place.
The portal displays income data, occupancy, and operational performance, tailored to the rental type and the property.
For properties managed as short-term rentals, each investor has the option of up to 30 days of personal use per year, which can be booked through the portal, subject to availability and the project’s policy.
The data is presented visually and clearly, including charts, breakdowns, and performance metrics, similar to the reporting standard used in fi nancial investment management.
Permanent residency in Cyprus - how does it work?
There is a recognized fast-track residency program for investors in Cyprus:
• A minimum investment of €300,000 + VAT in a new residential property is required.
• Applicants must demonstrate guaranteed annual income of at least €50,000, with an additional amount for a spouse and dependent children.
• Funds must originate from outside Cyprus (not a local loan) and be transferred through the banking system.
At ICY, we structure the investment to align with the residency track, and connect investors with the right legal support to plan the deal, documentation, and process properly, so it’s organized and transparent from day one.
Important note: conditions can change based on policy and government authorities, so we always recommend working with a local attorney throughout the process.
Bank leverage - how does it work in Cyprus?
Cyprus’s banking system allows leverage of up to roughly 60% of the property’s value, subject to the investor’s profi le, deal structure, and projected income.
We guide the process with local banks, help structure the right fi nancing package, and incorporate leverage as part of the overall investment strategy. In practice, an investor can enter a deal with equity starting from approximately €160,000 + VAT (depending on the property price and fi nancing structure), while maintaining cash-fl ow stability and sound fi nancial planning.
In short, bank leverage is a smart investment tool when used correctly. It allows equity to grow over time, improves return on investment, and lets an investor deploy available capital more effi ciently, diversifying the portfolio across more than one deal, while maintaining cash-fl ow stability and controlled risk management.
How do I determine whether an investment with ICY is the right fit?
We start with a focused conversation aimed at checking mutual fi t.
During the conversation, we assess your capital structure, desired leverage level, investment horizon, and related needs, and present only solutions that are actually relevant.
If there’s no fi t, we’ll say so clearly and honestly. The conversation is non-binding, and its purpose is to create a clear, transparent, and accurate picture.
In the conversation we’ll walk through your personal fi t and answer every question, so you can make a calm, informed decision about how to move forward.
Gladstonos 140, Limassol 3036
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