The Cyprus real estate sector is going through a significant development phase, and developer Square is at the forefront of these changes. One, a Limassol-based company with 33 active projects, announced the creation of a €200 million real estate investment fund. The fund aims to achieve a net internal rate of return (IRR) of 25%.
About Square One
Founded in 2021, Square One Property Developers is built on a clear concept: creating an investment product in the residential real estate segment. Limassol, focused on international capital and high returns. Over four years of operation, the platform’s results are impressive:
- 11 fully sold out projects (over 25,000 sq.m) have been completed.
- 398 properties were sold for a total of €111 million.
- A portfolio of 15 ongoing projects worth over €200 million has been formed.
The team brings together experts with experience in such organizations as Amazon , LSE , Galliard Homes and the largest developers in Cyprus. Managing Director Demetris Papadopoulos and Commercial Director Antonis Costa built a fully integrated platform that includes an architectural firm, a legal department, and a rental management technology platform, MovingDoors.
Market opportunities in the Limassol area
Limassol has become a key relocation destination in the Eastern Mediterranean for wealthy individuals and tech companies. Demand for quality residential property is structural, while supply is limited by a shortage of land within the city limits and slow planning processes.
Square Foundation One focuses on two of the most promising areas:
- Mid-price segment: where demand for rentals consistently exceeds the supply of professionally managed properties.
- Urban regeneration: transforming historic, commercial and industrial properties into premium residential properties.
Among the iconic projects, The stands out Docks (96 apartments, €33 million), Verengaria Heights (146 apartments, €33 million) and The Landmark is a former shopping center being transformed into a boutique hotel and apartment complex managed by MovingDoors .
Profitability Model and the Build – to – Rent Sector
Build – to – Rent sector (construction specifically for long-term rental) in Limassol, which is currently virtually non-existent in Cyprus.
The 25% IRR model is based not on financial speculation, but on operational advantage. This integrated approach allows for shorter construction cycles and protected margins. MovingDoors’ proprietary network provides flexible exit options: assets can be sold individually as one-, two- , and three-bedroom units, sold en bloc to institutional buyers, or retained as income-generating rental properties.
Today’s Cyprus market is in the early stages of institutionalization, which opens a window of opportunity to generate high returns within a stable EU legal framework. Square One has prepared the systems and project portfolio to realize this potential, offering investors direct access to the most dynamic residential real estate segment in the area .
