The Palourtis family has been involved in Cyprus property for almost five decades. Its quality construction activities are concentrated in Larnaca, including in the sought-after areas of Livadia and Dekelia Avenue.
In the near future, the value of these locations will increase significantly, and as a result, the value of real estate investments there will grow. About why this will happen and what distinguishes the Larnaca market from other regions of Cyprus, says the managing director of Palourtis Real Estate Adamos Palourtis.
– Tell us a little about the history of the company Palourtis.
– Our family has been active in the real estate market since 1970. At one time, the first real estate agency was opened in Famagusta by my father, Charalambos Palurtis. However, after the Turkish invasion of 1974, we had to relocate to Larnaca – the office still works there, and our name is included in the company’s name. I can confidently say that today our business in Larnaca has, perhaps, the best reputation due to an individual approach to every client who wants to sell or buy property in Cyprus. We always offer the most cost-effective and profitable solutions.
Our track record includes more than 3,000 real estate transactions made with clients – later our friends – from most countries of the world.
– How does the general economic situation in Cyprus affect the residential real estate market in Larnaca?
– Over the past two years, the demand for real estate in Larnaca has grown. This is evidenced by a number of already completed transactions for the sale of objects. Currently, there is an influx of investment in Larnaca, which is reflected in the purchase of small city hotels and in the comprehensive modernization of the city center and the Mackenzie district. Only in the last three months, the local real estate sector has attracted significant investments, which will positively affect the future development of the city. We are talking about the purchase of two large land plots for the construction of a five-star hotel in the coastal zone of Dekelia, as well as the acquisition of a residential and commercial land plot on Makarios Avenue not far from the famous Finikoudes embankment.
– What do you think of what is happening now in Larnaca could contribute to an increase in the number of transactions in such segments as sales to foreigners and sales of luxury housing?
– I believe that the most important change that will positively affect the development of the real estate sector in Larnaca will be the transfer of oil and gas reservoirs from the coastal region of Livadia. The first has already been dismantled, and, as expected, by 2020 all the structures will be transferred to Moni in Limassol. As soon as this happens, the zoning category for the area will change, which will allow the construction of hotels along the coast to begin.
Other important factors that potential property buyers in Larnaca pay attention to are the proximity to the international airport, the many beautiful sandy beaches awarded the Blue Flag, and the fact that Larnaca is a quiet town, ideal for a measured family life. .
In addition, property prices in our city are much lower than, for example, in Limassol. In other words, an investor who seeks to get more profit from their investments has the best prospects here. For example, for luxury apartments with sea views of 200 m2 in Germassoya (Limassol) on the fifth floor of a building 150 meters from the sea, they ask € 1.7 million. For comparison: a house with an area of 212 m2, with many first-class amenities and a garden on the roof, located in the Dhekelia area in the coastal zone of Livadia, just 130 meters from the sea, is available at a price of € 415 thousand.
– Your business is customer oriented. What are the key principles in design and architecture that Palourtis is currently guiding in the implementation of its construction projects?
– When creating projects, we necessarily take into account the needs of the market and current trends. New technological advances (for example, the “smart home” system), as well as modern trends in design using materials such as glass, wood and stone, play a key role in the design of the object. Another distinguishing feature is practicality. I will give a typical example: in each bedroom there are 14 electrical outlets, 2 television, 2 telephone and 2 more – for the Internet. In addition, there are technical options for installing a home surround sound system. It would seem that such simple things, but very useful for any tenant.
You can personally verify this by visiting our Irini Gardens complex, located in the coastal zone of Livadia.
We also value individuality, and therefore we offer the option of building housing on order to demanding customers who already know what their dream home should be.
Buying our properties is a guarantee of security, since none of the land plots on which we build is mortgaged and does not have any other encumbrances.
– Location is a key factor when investing in real estate. Tell us briefly about your projects in which you can invest or which you can buy in the property?
– Indeed, the most important aspect when buying any housing is its location, so for our projects we chose the best areas in Larnaca.
One example is the Academia Tower project, which is a residential high-rise building in the center of Larnaca with convenient access to first-class private schools, such as American Academy and Med High, shops and infrastructure. The building is located just 800 meters from the famous Finikoudes embankment and 150 meters from the museum.
Our other residential properties – Sophia, Irini, Zoe and Marina – are located in beautiful places along Dekelia Avenue, the most sought-after area of Larnaca. These projects include three-bedroom houses, most of them have sea views and are located just a few minutes walk from the sandy beaches framing this stretch of coast.
The location of our facilities attracts those potential customers who invest in order to generate income. Construction is carried out in areas promising in terms of real estate investment and short-term or long-term lease.
In particular, Academia Tower is a good opportunity for long-term rental housing for families in which children attend a private school in the neighborhood.
Located in a quiet area along Dekhelia Avenue, away from the bustle of the city and at the same time close to all amenities, our houses are an ideal place to live with your family. At the same time, the area is no less popular among those who come here to relax and spend summer holidays, which makes it attractive for short-term rentals.