Larnaca is situated on the East Coast of Cyprus and is currently experiencing a huge rise in property investment. With large-scale development projects and modernisation of the city over the last few years, the area’s investment desirability has risen considerably. There are several reasons why more and more people are now looking to invest in Larnaca including:
Excellent transport links- Larnaca is home to one of Cyprus’ International Airports, with direct flights available to many parts of the world. In addition, the development of the port and also the brand new Marina has opened up a wealth of profitable opportunities for individuals and business owners. This €1.2 billion expansion project will feature luxurious villas and hotels, international retailers, exciting restaurants and bars, and high-end marina facilities. Sustainability has also been at the forefront of the planning and design process.
Major development projects- This includes the already completed Metropolis Mall which features a multitude of retail and food outlets. A number of luxurious high-rise residential towers and hotels are also being built which aim to boost tourism and also attract local and international property investment.
Affordable land- In comparison to larger cities Limassol and Nicosia, the land prices in Larnaca are much more attractive which has led to an increased interest in property development within the area.
Consistent real estate market growth- Compared to other districts, the Larnaca real estate market has continued to grow significantly, and apartment values in particular, increased for each quarter in 2022. Furthermore, as many foreign companies choose to relocate their operations to Cyprus, this has led to an increase in demand for rental properties, which in turn, has upped the rental prices.
The real estate market in Larnaca shows no signs of slowing down soon, and as development continues at a rapid rate, experts suggest that now is the perfect time to invest to take advantage of the current property prices, before they rise over the next few years.
Source: Cyprus Mail