The Courtyard - Campaign logo

The Courtyard

A pioneering real estate development that redefines urban living.

Real EstateEquity


230% of target






  • Gated development in Nicosia consisting of six residential apartment buildings with 66 units
  • A unique opportunity to invest alongside an experienced team and a trusted contractor
  • Clear exit strategy in three years and an expected return on investment of approximately 70%
  • Property and sales managed by industry veterans with 40+ years of experience
  • Planning and building permits secured, construction begun

Project Description

An Extraordinary Residential Development

The Courtyard is an innovative real estate development project by Green Park Residences (GPR), designed to set new standards for luxury living in Nicosia.

This unique development seamlessly blends traditional Cypriot courtyard architecture with modern design, creating a secure and calm environment for its residents. 

The project is in a prime location, with easy access to major road networks, business centres, shopping malls, and educational institutions.

It also offers the advantage of being close to the natural beauty of Athalassa Forest, providing a rare combination of urban convenience and a peaceful environment.

Spanning an area of over 9,200 square meters, The Courtyard comprises six state-of-the-art apartment buildings, each housing a variety of stylish 2, 3, 4, and 5-bedroom units.

The apartments are designed with a focus on modern living, featuring open-plan layouts, high ceilings, floor-to-ceiling windows, and high-quality materials and finishes.

What sets The Courtyard apart from traditional flat buildings is its emphasis on creating a harmonious community for its residents. The development features a central courtyard inspired by Cypriot architecture, which acts as a shared space for socializing, relaxing, and enjoying the outdoors.

The development also incorporates eco-friendly features such as solar panels, energy-efficient lighting, and water-saving systems, reflecting GPR's commitment to sustainability.

Additionally, the project will include a single-level underground parking area for all residents, providing two spots per apartment, along with provisions for electric vehicle charging to further support sustainable living.


Crowdbase partnered with real estate market data and analytics provider Ask Wire for the analytics below.

Since the end of the second lockdown, the residential market in Nicosia has been experiencing steady growth and increasing demand for high-quality properties, with the average price for new apartments rising from €165K in early 2021 to €207K by the end of Q1 in 2023.

The Courtyard sets itself apart as a medium-to-high-end property development, offering high-quality and spacious apartments, with unique amenities at fair prices.

Comparing The Courtyard's average selling price per square meter to the average price of a comparable group of 10 developments in Nicosia, the project is priced very competitively by offering a comparable level of finishing at lower prices.

Given the increasing demand for residential properties in Nicosia and The Courtyard's competitive pricing, we are confident in the appeal of our offering and that all the apartments will be sold within the expected timeframe.

Project Timeline

Having secured the necessary funding, the project commenced construction, estimated to take approximately two and a half years to complete (est. June 2025):

  1. Site Preparation and Excavation (Q1 to Q3): The land is cleared of any existing structures, debris, or vegetation. The site is leveled, boundaries are marked, and the ground is excavated to the required depth, ensuring the land has the proper slope for effective drainage.
  2. Construction of Underground Parking Area and Foundations (Q4): The foundation for the parking area is laid down. Footings and slabs are constructed and reinforced to support the building's weight. 
  3. Construction of Columns (Q5): Vertical support structures are erected using reinforced concrete and steel. The columns are spaced to bear the load of the six buildings, and their structural integrity is tested to ensure safety.
  4. Commencement of Brick Work (Q6 to Q7): The building phase starts with the walls being constructed using bricks, mortar, and other necessary materials. 
  5. Rising of Floors (Q7 to Q9): Floor slabs for each building level are laid down, integrating seamlessly with the previously constructed columns and walls. Utilities such as plumbing and electrical conduits are strategically placed between the floors.
  6. Internal Detailing and Delivery (Q10 to Q11): This phase sees the onset of internal works, ranging from the installation of electrical systems to plumbing and HVAC utilities. Walls are plastered, doors and windows are installed, and finishing touches like painting and tiling are applied.

Financial Projections & Returns

70% Expected ROI

The Courtyard has a total indoor space of 10,094 square meters, and the selling prices will steadily increase as the construction progresses.

After accounting for sales commissions, the estimated net revenue from selling all apartments is €35 million. In addition, the construction work tender has been agreed at €24.5 million for the entire project, with additional costs of approximately €1 million, of which half have already been paid to date.

After accounting for fees and company running costs, the net return on investment for crowdfunding investors is expected to be more than 70% over three years.

Sensitivity analyses have been conducted on various model assumptions and inputs to evaluate potential adverse scenarios:

Exit Strategy

The investment in The Courtyard will be structured through an intermediary vehicle, CyCrowd Real Estate I PLC (CyCrowd). This was specifically created to enable smaller investors to access this unique investment opportunity.

The funds raised in this campaign will be invested in CyCrowd (at €1.00 nominal value per share), and investors will receive Class A shares in the company.

Afterwards, CyCrowd will invest all funds raised through the campaign in GPR (The Courtyard) in exchange for ordinary shares (at €1.50 per share). Funds raised through the crowdfunding campaign will contribute towards the development of The Courtyard.

Upon the completion of apartment sales, GPR will distribute the profits back to investors as dividends and then return the initial investment through a capital reduction. Following the capital reduction, the company will be dissolved.

CyCrowd will receive its portion of the proceeds from GPR, distribute them back to crowdfunding investors as dividends, and then return the initial investment through a capital reduction, completing the investment cycle.


Over €1.8 Million Invested

The initial group of 10 investors invested €1.8 million to date in the project, showcasing their strong support and willingness to participate in this innovative development. Additionally, the company secured a loan of €2.5 million for the initial purchase of the land in 2019, further underlining the financial backing and credibility of the project.

The project team has received commitments for an additional €2 million in investments from new investors (at the same price as the campaign), excluding funds that will be raised through crowdfunding.

Recognizing the opportunity to engage a broader range of investors and to allow smaller, individual investors to participate in the project, the team has decided to allocate a small portion of the funding round to be raised through crowdfunding. This inclusive approach not only broadens the investor base but also fosters a sense of community and shared ownership in the development of The Courtyard.


Blend of Experience and Innovation

GPR is a new developer group in the local market, consisting of experienced professionals in the development and finance fields, boasting an impressive track record in real estate and promoting projects both in Cyprus and internationally.

The meticulous planning and design of The Courtyard project were executed through close collaboration between the project's architect and the multi-talented team of GPR.

The blend of experience and innovation positions GPR as the ideal developer to bring the ambitious vision of The Courtyard to life, providing a unique living experience for future residents.

Read more about the management team at the Team tab.


While we believe that The Courtyard presents an exciting investment opportunity, it is essential to understand the potential risks associated with the project:

Market risk: The real estate market can be subject to fluctuations and downturns, which may impact the project's overall profitability. If property prices decline or the market becomes oversaturated, selling the apartments at the projected prices could be more challenging, potentially reducing returns for investors.

Construction risk: Delays or complications during construction can lead to increased costs and extended timelines, affecting expected returns. Factors such as labour shortages, or supply chain disruptions can contribute to such delays.

Liquidity risk: The illiquid nature of real estate investments can pose a challenge for investors seeking to exit their positions. In the event of a slow sales process or unfavourable market conditions, it may take longer than expected to sell the apartments and return capital to the investors.

Read more about potential risks in the Analysis tab.


The Courtyard - Lead investor image

K. Athienitis Contractors

Deal Terms





  • 1% discount on the purchase of any apartment




  • 2% discount on the purchase of any apartment




  • 3% discount on the purchase of any apartment




  • 4% discount on the purchase of any apartment