A secure real estate investment in Cyprus.
Professionally managed, results-driven.
Starts here.
Hello, we’re ICY.
A real estate development and investment company operating exclusively in prime locations at the heart of Limassol’s Old Town.
We specialize in creating distinctive urban developments and providing full in-house management across every stage of the investment, from development, through construction, to asset management.
An investment model built to deliver results
A full VAT refund as early as the first year of operation
An 8% annual return
Local bank leverage of up to 60% of the property's value
Projects in prime locations at the heart of the Old Town
Full in-house management for the entire lifetime of the asset
Discover how your investment can work for you, schedule a consultation.
Our Projects
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 differ 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 final 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 effectively 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 fixed 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 unified operational, marketing, and service structure.
Apartments are classified 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 specific apartment isn’t rented during a given period, income isn’t directly affected, since it’s derived from the performance of the entire pool rather than the occupancy of that specific unit.
This method offers several key advantages:
• Greater income stability throughout the year
• Reduced volatility between strong and weak seasons
• Professional, unified hospitality-level management
• Optimization of occupancy, pricing, and guest experience
• Less dependence on the performance of any single apartment
The model enables efficient, 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 financial investment management.
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 profile, deal structure, and projected income.
We guide the process with local banks, help structure the right financing 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 financing structure), while maintaining cash-flow stability and sound financial 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 efficiently, diversifying the portfolio across more than one deal, while maintaining cash-flow stability and controlled risk 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.
How do I determine whether an investment with ICY is the right fit?
We start with a focused conversation aimed at checking mutual fit.
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 fit, 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 fit 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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