homeBASE is a living brand for young entrepreneurs in Cyprus. Agency owners, creators, first-time founders. Arrive, settle, build: we sell the start of a new life, the apartment is the carrier product.
Nobody pays €1,400 for "2 bedrooms, furnished". For a homeBASE with workspace, design and service they do. The brand justifies the concept rent.
Renovations are predictable: we market each apartment while it is being rebuilt and hand over right after completion. Zero agent fees, no ramp-up period.
A professional presence opens doors: with sellers (off-market deals), with banks (refinancing) and with future investors.
Paphos transacts over €1.3bn a year, and almost all of it flows into new builds. Dated apartments in established prime locations sit on the market, even though apartments are the island's highest-yielding residential class. That blind spot is our purchasing edge.
Cyprus' non-dom tax regime and the 60-day rule attract thousands of self-employed people from Central Europe every year. We made the same move ourselves and know exactly where it hurts. Three profiles carry the demand:
Moves company and life to Cyprus. Needs a work-ready setup and tax contacts on day one, zero appetite for furniture stores and bureaucracy.
The apartment doubles as a set: every room has to look good on camera. Wants community and connection from day one, because relocating alone is the main pain.
Earns well but has no local rental history and gets rejected by traditional landlords. Wants predictability: one contract, everything included, a 12-month term.
Letting runs through our network, expat communities and the brand's ongoing inquiry stream, not anonymous portals. We vet tenants the entrepreneurial way: business numbers instead of payslips.
The market offers unfurnished 2010s stock for €800-900, plus weeks of furniture shopping, utility registrations, internet setup and paperwork. We deliver move-in ready within 24 hours, with a workspace, a community and one contact for everything.
A real pilot property: 2 bedrooms, built 2010, title deed, well-kept complex with pool. Modelled conservatively, because the equity gain is created in the rebuild, not by hoping for the market.
We model conservatively below the consensus forecast. Every percentage point above it is upside for investors, not a requirement for the case.
We do not need to hope for growth. It is decided, funded or already under construction. Four catalysts that feed directly into demand and values in Paphos:
Sources: European Commission (State of Schengen 2026), Paphos investment programme announcement (July 2026), Hermes Airports, Cyprus census. As of August 2026.
Every apartment is a distribution channel. The ecosystem monetises tenants, assets and the brand, largely without additional capital.
Conservative effect: 10-15% additional revenue per rented apartment, plus capital-free income streams (management, buyer's side) that gain weight from year 2.
Reserves are not a footnote here, they are priced in, per property and at company level. The net return of 4.5-5.0% applies after these positions.
All-in for us means rent plus a cost-covering utilities flat rate with a fair-use cap on electricity. Consumption is passed through, not subsidised: one contract for the tenant, clean numbers for the return.
Distributions only happen once reserves are filled. Substance before returns.
Rent, services and appreciation stack on the same investment. All figures relate to the €246,500 deployed on the pilot property, using our conservative market assumption.
After refinancing, the return on equity rises further, because the same income runs on less capital tied up. We deliberately do not show that leverage as the base return.
After every renovation we refinance against the new, higher property value. The equity flows back and buys the next property. The portfolio stays, the rents keep running.
Phase 1 deliberately runs without debt: fast, flexible, strong in purchase negotiations. From property 2-3 onwards, everything banks want to see exists: a track record, running tenancy agreements, the Ltd's financial statements. Then we refinance, we do not speculate.
Three quarters of the capital is working in the next property after 9-12 months, while property 1 keeps producing positive cashflow after debt service (coverage at least 1.5x).
Every phase builds on the last. First we prove the model with single units, then we densify it until homeBASE has a home of its own.
The own building is the direction from phase 3 and not part of the phase 1 case. But every apartment we buy today pays into exactly this goal: cashflow, creditworthiness and a community that fills the building from day one.
Operating costs (marketing, content, letting) are carried by management through service revenue. Investor capital goes into bricks, craftsmanship and safety.
Percentages refer to phase 1 investor capital. The final allocation of company shares, including the founder stake and compensation model, will be fixed in the shareholders' agreement with Cypriot counsel and presented transparently before subscription.
The final structure, valuation and contracts will be set up with Cypriot legal and tax counsel before the first euro flows.
A cashflow asset does not need an exit, but every investor needs options. Four routes, set out in the shareholders' agreement: