| Market | Verdict | Total Return | Annual Tax Burden | Key Catalyst |
|---|---|---|---|---|
| Larnaca, Cyprus | Invest | ~6.5% p.a. | ~EUR 700/yr | EUR 1.2B marina, structural foreign demand |
| Georgetown, TX | Invest (Cash) | ~4-6% p.a. | ~$9,800/yr | Samsung $37-44B fab, supplier ecosystem |
| Raleigh, NC | Watch | ~6-7% p.a. | ~$3,200/yr | Research Triangle, Apple $1B campus |
| Austin, TX | Over Budget | — | ~$10,500+/yr | Median $525K+ exceeds $500K ceiling |
| Beirut, Lebanon | Pass | — | ~$200/yr | Banking collapse, no PM ecosystem |
Net returns after all ongoing expenses (PM, tax, insurance, maintenance, vacancy) and estimated exit taxes. Cash purchase, no leverage.
| Market | All-In Cost | Annual NOI | 5yr Value | 5yr Net Profit | 10yr Value | 10yr Net Profit | Total Return |
|---|---|---|---|---|---|---|---|
| Larnaca, CY | EUR 373,500 | EUR 6,726 | EUR 446,800 | ~EUR 122,000 | EUR 570,100 | ~EUR 265,000 | ~6.5% |
| Raleigh, NC | $400,000 | $9,700 | $473,000 | ~$110,000 | $590,000 | ~$240,000 | ~6.4% |
| Georgetown, TX | $410,000 | $5,613 | $462,000 | ~$82,000 | $563,000 | ~$177,000 | ~4.5% |
| Austin, TX | Over budget — median $525K+ exceeds $500K ceiling. Georgetown is the Austin-area play at the right price. | ||||||
| Beirut, LB | Pass — banking system collapse, no PM ecosystem, unreliable property rights enforcement. Systemic risk eliminates despite low entry prices. | ||||||
Screened 2026-02-20 via Chrome. 18 original → 1 survived → fresh Bazaraki search found 4 more. 5 verified resale listings.
| Property | Price | Beds | Size | EUR/sqm | Area | Year | Gross Yield | Contact |
|---|---|---|---|---|---|---|---|---|
| Land of Tomorrow PH | EUR 310,000 | 3 / 2 | 150 sqm | 2,067 | Port/Centre | 1998 | 5.8% | DOM Real Estate +357 24 022 445 WA: +357 96 577 799 |
| Mackenzie Sea Views | EUR 239,000 | 2 | 77 sqm | 3,104 | Mackenzie | 2010 | 6.4% | CIC Properties +357 24 652 999 |
| Mackenzie Furnished | EUR 230,000 | 2 | 82 sqm | 2,805 | Mackenzie | Resale | 6.6% | Kalogirou RE +357 24 003 723 |
| Mackenzie 2-Bed | EUR 185,000 | 2 | 68 sqm | 2,721 | Mackenzie | 2004 | 8.3% | Kalogirou RE +357 24 003 723 |
| Mackenzie Budget | EUR 175,000 | 2 | 75 sqm | 2,333 | Mackenzie | 1995 | 8.7% | Zourides RE +357 24 828 877 |
Top picks from the Georgetown analysis. Prices and HOA may change — verify before contacting.
| Property | Price | Bed/Ba | Sqft | Type | HOA | Est. Rent | Gross Yield |
|---|---|---|---|---|---|---|---|
| 1108 Ascot St | $305,000 | 3/2 | 1,538 | Resale (2002) | TBD | $1,950 | 7.7% |
| 1629 Four Waters Loop | $353,990 | 4/3 | 2,022 | New (Lennar) | ~$120/mo | $2,200 | 7.5% |
| 116 Sapling Dew Dr | $367,990 | 4/3.5 | 2,363 | New (Lennar) | ~$120/mo | $2,300 | 7.5% |
| 624 Saturnia Dr | $375,000 | 4/3 | 2,190 | Resale (2020) | ~$100/mo | $2,250 | 7.2% |
Every market is assessed on 7 pillars: Macro Fundamentals, Catalysts, Supply & Demand, Price History, Rental Market, Operations, and Tax & Legal. Each pillar receives a STRONG / NEUTRAL / WEAK rating with supporting data.
| Dimension | Larnaca CY | Georgetown TX | Raleigh NC | Austin TX | Beirut LB |
|---|---|---|---|---|---|
| Budget buys | 2-3 bed apt, 80-150 sqm, seafront | 3-4 bed SFH, new build | 3-4 bed SFH, 1,500-2,200 sqft | Over budget ($525K+) | 2-3 bed apt, Achrafieh/Verdun |
| Gross yield | ~4-4.5% | ~6.5% | ~6.3% | — | 6-8% (collection risk) |
| Annual property tax | EUR 300 (~0.09%) | $7,300 (1.9%) | $3,200 (0.85%) | ~$10,500 (2.0%) | ~$200 |
| Tax at sale | ~6% effective | FIRPTA 15% + ~20% | FIRPTA 15% + ~20% | FIRPTA 15% + ~20% | ~0% |
| Ownership complexity | Personal, minimal | LLC + ITIN + CPA | LLC + ITIN + CPA | LLC + ITIN + CPA | Personal, simple |
| Appreciation outlook | 5-8%/yr | 3-5%/yr | 4-6%/yr | 3-5% (correcting) | Flat to negative |
| Flight from Lebanon | 1.5 hours | 14 hours | 14+ hours | 14 hours | 0 hours |
| Disaster / systemic risk | Low | Hail, foundation | Low-moderate | Hail, foundation | Banking collapse, political |
Listings via Zillow/Redfin/builder sites, Feb 2026. Prices and HOA change — verify before contacting.
| Address | Price | Bed/Ba | Sqft | Type | Community | HOA | Est. Rent | Gross Yield |
|---|---|---|---|---|---|---|---|---|
| 1108 Ascot St | $305,000 | 3/2 | 1,538 | Resale (2002) | Georgetown Crossing | TBD | $1,950 | 7.7% |
| KB Overlook Ranch | $306,995 | 3/2 | 1,477 | New (KB) | Overlook Ranch | ~$100/mo | $1,900 | 7.4% |
| 2228 Singletree Bnd | $339,900 | 3/2 | 1,511 | Resale | Lively Ranch | ~$120/mo | $2,050 | 7.2% |
| 1629 Four Waters Loop | $353,990 | 4/3 | 2,022 | New (Lennar) | Lively Ranch | ~$120/mo | $2,200 | 7.5% |
| 1125 Nesting Bird Dr | $361,990 | 4/2 | 1,430 | New (Lennar) | Woodfield Preserve | ~$120/mo | $2,000 | 6.6% |
| 2417 Four Waters Loop | $362,990 | 4/2 | 1,815 | New (2024) | Lively Ranch | ~$120/mo | $2,150 | 7.1% |
| 116 Sapling Dew Dr | $367,990 | 4/3.5 | 2,363 | New (Lennar) | Woodfield Preserve | ~$120/mo | $2,300 | 7.5% |
| 260 Rivers Edge Dr | $374,990 | 3/2 | 1,751 | New | Rivers Edge | ~$100/mo | $2,100 | 6.7% |
| 624 Saturnia Dr | $375,000 | 4/3 | 2,190 | Resale (2020) | Rancho Sienna | ~$100/mo | $2,250 | 7.2% |
| 401 Peace Pipe Way | $390,000 | 3/2 | 1,535 | Resale (2020) | Riverview | ~$120/mo | $2,100 | 6.5% |
| 121 Pentro Path | $399,950 | 4/3 | 2,096 | Resale (2022) | 78626 | ~$100/mo | $2,200 | 6.6% |
| Tax | Rate | Notes |
|---|---|---|
| Annual Property Tax | EUR 150-400/yr | Abolished 2017 |
| Income Tax on Rent | 0% | Below EUR 22K threshold after deductions |
| GHS | 2.65% | On gross rental income |
| CGT at Sale | ~6% effective | 20% on real gains, inflation-indexed, EUR 30K exemption |
| VAT (new-build) | 19% | AVOID — buy resale |
| Stamp Duty | Abolished | Jan 2026 |
| Catalyst | Scale | Status |
|---|---|---|
| Marina/Port Redevelopment | EUR 1.2B | Re-tendering |
| Airport Expansion | EUR 170M | In progress |
| Foreign Demand (IL+LB) | 1,573 transactions/2024 | Structural |
| Limassol Spillover | 25-33% cheaper | Active |
| Golden Visa Floor | EUR 300K min | Permanent |
| Aphrodite Gas | USD 4B plan | FID 2027 |
| Tech Hub | 3,000+ SMEs | Growing |
| Coastal Road | Phase C | Completing 2026 |
| Area | EUR/sqm | Forecast | Profile |
|---|---|---|---|
| Mackenzie | 2,500-3,000 | 6-8% | Premium beachfront, highest growth |
| Finikoudes | 2,000-2,500 | 3-5% | Tourist centre, beachfront promenade |
| Dhekelia Road | 2,000-2,500 | 4-6% | Seafront strip, marina proximity |
| Drosia | ~1,800 | 5-7% | Growing residential, 5 min to centre |
| Kamares | 1,500-1,800 | 3-5% | Near Salt Lake, good access |
| Livadia | ~1,500 | 4-6% | Emerging — oil facility demolition catalyst |
| Platform | Best For | Link |
|---|---|---|
| Bazaraki | Largest classifieds, most listings | bazaraki.com |
| dom.com.cy | Market analysis, detailed listings | dom.com.cy |
| Spitogatos | "Reduced price" filter | spitogatos.gr |
| Rightmove | UK-facing, good comparisons | rightmove.co.uk |
| Factor | Larnaca, CY | Georgetown, TX | Raleigh, NC | Austin, TX | Beirut, LB |
|---|---|---|---|---|---|
| Verdict | Invest | Invest (Cash) | Watch | Over Budget | Pass |
| Entry Price | EUR 175-310K | $307-400K | $320-420K | $525K+ median | $150-250K |
| Annual Property Tax | EUR 150-400/yr | ~$7,300 (1.9%) | ~$3,200 (0.85%) | ~$10,500 (2.0%) | ~$200 |
| Rental Income Tax | 2.65% (GHS only) | ~$0 (871d + depr.) | ~$0 (871d + depr.) | ~$0 (871d + depr.) | ~0% effective |
| Capital Gains at Sale | ~6% effective | FIRPTA + ~20% | FIRPTA + ~20% | FIRPTA + ~20% | ~0% |
| Acquisition Cost | ~5% (resale) | ~3-5% | ~3-5% | ~3-5% | ~3-5% |
| Ownership Complexity | Personal, minimal | LLC + ITIN + CPA | LLC + ITIN + CPA | LLC + ITIN + CPA | Personal, simple |
| Gross Rent Yield | 4.0-4.5% | ~6.5% | ~6.3% | — | 6-8% (risk) |
| Total Return (est.) | ~6.5% p.a. | 4-6% p.a. | ~6-7% p.a. | — | Negative to flat |
| Appreciation Outlook | 5-8%/yr | 3-5%/yr | 4-6%/yr | 3-5% (correcting) | Flat to negative |
| Insurance | Low, stable | Volatile, rising | Moderate, stable | Volatile, rising | Not standard |
| Natural Disaster Risk | Low | Hail, foundation | Low-moderate | Hail, foundation | Political, infrastructure |
| Flight from Lebanon | 1.5 hours | 14 hours | 14+ hours | 14 hours | 0 hours |
| Market Liquidity | Smaller market | Deep US market | Deep US market | Deep US market | Very low, cash-only |
| PM Ecosystem | Mature (~10% fee) | Stone Oak PM (7%) | Multiple options (8%) | Abundant | Nonexistent |
Assuming ~$400K equivalent property, moderate rent, 5% annual appreciation.
| Cost | Cyprus (10yr) | Georgetown TX (10yr) | Raleigh NC (10yr) | Austin TX | Beirut LB |
|---|---|---|---|---|---|
| Property Tax | ~EUR 3,000 | ~$75,000-120,000 | ~$32,000 | Over budget | Eliminated — systemic risk |
| Rental Income Tax | ~EUR 4,130 | ~$0 | ~$0 | ||
| CGT on ~$200K gain | ~EUR 22,000 | ~$33,000-44,000 | ~$33,000-44,000 | ||
| Admin (CPA/LLC/agent) | ~EUR 2,000 | ~$25,000-30,000 | ~$25,000-30,000 | ||
| Total | ~EUR 31,000 | ~$133,000-194,000 | ~$90,000-106,000 |
For Henry's profile (French passport, Lebanon residence, investment income only), Larnaca is the structurally superior choice: simpler ownership, dramatically lower tax burden (~EUR 31K vs $90-194K over 10 years), strongest appreciation outlook (5-8%/yr), EU citizen rights, and 1.5-hour flight from Beirut.
Raleigh is the strongest US alternative — similar total return to Larnaca (~6.4% vs ~6.5%) with significantly lower property tax than Texas (0.85% vs 1.9%), though US ownership complexity (LLC/ITIN/CPA) and FIRPTA still apply. Needs full 7-pillar analysis to confirm.
Georgetown remains viable with highest gross rent yield (~6.5%) and Samsung catalyst, but Texas property tax drag reduces net returns to ~4.5%. Best as a second investment if capital allows.
Austin and Beirut are eliminated on hard constraints (budget and systemic risk respectively).