Real Estate Investing In LarnacaLarnaca is a booming city for real estate investment in Cyprus, thanks to its attractive features and development projects. Here are some of the reasons why investors are choosing Larnaca:
- High-Value Development Projects: Larnaca is undergoing a major transformation with several high-value projects that will enhance its infrastructure, tourism, and economy. The most significant one is the New Marina and Port redevelopment, worth €1.2 billion, which will create a mixed-use waterfront destination with luxury properties, hotels, shops, restaurants, and marina facilities. Other projects include the Metropolis Mall, the New Municipal Market, the Staston Project, and the upgrade of the Larnaca-Dhekelia coastal road.
- Consistent Growth In The Real Estate Market: Larnaca’s real estate market has shown consistent growth in sales value and volume, especially in the apartment and house segments. According to the Department of Lands and Surveys, the total sales value in 2022 reached €682 million from 4,243 transactions, an increase of 30.4% and 23.4% respectively from 2021. The rental market has also increased due to population growth, relocation of companies, and influx of foreign investors.
- Affordable Prices And High Returns: Compared to other cities in Cyprus, Larnaca offers more affordable prices for properties, land, and business registration. This makes it an attractive option for investors who want to enter the market with lower costs and higher returns. Larnaca also offers a range of properties for different budgets and preferences, from modern apartments in the city center to lavish villas by the sea.
- Appealing Lifestyle And Location: Larnaca is a city that offers a high quality of life and a stress-free lifestyle. It has a Mediterranean climate, a low crime rate, a rich cultural heritage, and a vibrant social scene. It also has a strategic location as a gateway to Europe, Asia, and Africa, with the island’s largest international airport and port. Larnaca is also close to other popular destinations in Cyprus, such as Ayia Napa, Nicosia, and Limassol.