Larnaca is the third largest city in Cyprus, located on the southeast coast, between Limassol and the capital Nicosia.
Its cozy airport annually receives millions of tourists from all over the world, and a little more than 80 thousand people live in the city itself.
You can buy real estate in Larnaca for permanent or temporary residence, as well as for investment purposes. Well, an empty area with a convenient location will be an excellent option for long-term and, even more profitable, short-term rental to tourists.
Despite the fact that the prices for residential real estate in the ancient city are average for the island, demand is growing steadily. Today, a 1-bedroom apartment here can be bought for only 95,000 euros. And in general, living in Larnaca, given all the amenities, is very affordable.
What else is remarkable?
The city has many beautiful beaches, private and public schools within walking distance, shops, parks and entertainment centers, cafes and restaurants open all year round. Here the famous Finikoudes palm embankment, behind which the Old Town never sleeps, smoothly flows into the Piale Pasha alley. Further on, the shore of the bay leads to a series of Mackenzie beach bars, where modern and traditional music is played on weekend summer evenings, and the children play on the playgrounds next to the relaxing adults.
At the beginning of this blog, we will look at Larnaca real estate options that are ideal for renting out, and at the end we will analyze the offers for those buyers who are looking for housing for themselves and make a choice in favor of price, larger area and quality of the building.
Central areas of Larnaca by the sea
The center of Larnaca was chosen by tourists who come for a week or longer from all over the world. From here, buses run regularly throughout the island, carsharing and taxi service are available. Buying an apartment in the center, you can be sure that it will be easy to rent out throughout the year.
So far, this part of the city cannot boast of the novelty and high quality of the housing stock. But many tourists with a calm heart book modest apartments, spending most of their time walking by the sea.
In the Finikoudes area, fully furnished apartments with a total area of 75 m2 with two bedrooms only 20 m from the sea cost 450 thousand euros. Unfortunately, there are very few offers on this embankment. Developers are still fighting for the right to build in the most famous point of Larnaca. Everyone understands that the old houses are very colorful, but few foreigners dare to live in them for more than one month.
However, the wait is not so long. A plan for the reconstruction and expansion of the port of Larnaca Larnaca Marina has already been approved, which is estimated at 1.2 billion euros - the largest investment in the history of Cyprus. Approximately 5 years after the completion of the first phase of the project, the construction of new residential buildings and additional infrastructure will begin. We will certainly inform you about new offers in the news feed.
A 2-minute walk from Finikoudes, in the Harbor area today there are offers of ready-made luxury apartments with magnificent views of the sea and mountains. Excellent options for permanent residence of the family, as well as for investment and rental. At the moment, such offers are rare, but there are a great many who want to buy modern housing.
On the next street from Finikoudes, the construction of the tallest building in Larnaca with 22 floors, QN Kition, has already begun. It has a 2-bedroom apartment of 247 m2 worth 2 million 35 thousand euros (+ VAT). The project promises to be the most grandiose building in the city, opening a new era in the architecture of ancient Larnaca.
All purchasable options in the QN Kition project
On the Mackenzie waterfront, a 2-bedroom apartment of 105 m2 in a luxury residential complex under construction with sea views will cost 365 thousand euros (+ VAT). This area near Hermes Airport is considered one of the most promising in Larnaca. Locals and tourists simply love to watch planes flying right over the water in the evenings.
Coastline of Larnaca
For those who are ready for right-hand drive and distance, Larnaca is ready to offer even more seafront accommodation options. When people imagine their vacation in the Mediterranean, most see themselves in a house by the water. Our site has seafront real estate and there are materials dedicated to this topic separately.
Real estate near the water is easy to rent at any time of the year. During the tourist season - from mid-April to October - it will be a short-term rental for people who come to relax and want to spend time in comfort.
The only thing to consider is that it is more difficult to take care of houses that are close to the shore. They should be constructed from materials that are resistant to heat and humidity and easy to care for. All these responsibilities and expenses fall on the shoulders of the landlord, well, or the management company hired by them.
In general, seafront houses are always more expensive by at least 10%. But away from the city center and tourist locations, prices are moderate, and the areas are more spacious. Silence, peace and convenient access to the main roads are a big plus for many. In these areas, you can not do without a personal car, but driving here is a real pleasure. Decorated with lush oleanders and palm trees, the roads are wide and in excellent condition.
In the Dhekelia area, located on the east coast of Larnaca, a spacious 4-bedroom apartment near the water costs 473 thousand euros. Many new buildings will soon be erected here, as the land on the coast has recently been cleared of oil and gas depots.
In Meneou, a 10-minute drive west of the airport, front line villas with 3-4 bedrooms cost an average of 600 thousand euros. This quiet area is especially attractive for those who have to travel frequently to Limassol.
In the Pervolia area in the residential complex Anemona Villas, a 3-bedroom house costs at least 330 thousand euros. Not far from this complex, several more offers are available today in the new exclusive residential complex Blue Sky Residences. The luxury villa configuration provides a true 180 degree panoramic view of the Mediterranean as well as maximum privacy. Today, a 4-bedroom villa with a total area of 380 m2 can be purchased at a price of 2 million 700 thousand euros (+ VAT).
All properties available for purchase in the Anemona Villas project
All options available for purchase in the Blue Sky Residences project
In Pervolia, a spacious and well-maintained secondary villa 50 meters from the water costs 1 million 815 thousand euros. Oddly enough, houses and villas near the water are most often sold with pools, so regular cleaning of the pool is added to the general care of maintaining the building in good condition.
In general, objects within walking distance to the beach can also be attributed to housing near the water. This category can be safely attributed to the real estate of the village of Pile, which is near Dhekelia, the villages of Oroklini and Livadia closest to the center of Larnaca, as well as almost the entire village of Kiti and the residential complexes of Meneou.
There are many wonderful high-tech houses in Kiti at a price of 300 thousand euros - relevant for those who are looking for not just a heavenly place to live, but also gets the residence program in Cyprus.
We offer you to pay attention to the new complex Aurelia Resort in Pyla with a large selection of studios and 1-2-bedroom compact apartments at an attractive price of up to 200 thousand euros. From here, the center of Larnaca is only 20 minutes away by car, and the golden beaches of Ayia Napa are within easy reach.
All options available for purchase in the Aurelia Resort project
Cheap secondary apartments in central areas
Inexpensive secondary housing with many rooms is bought for long-term rental to third-country nationals who have come to work. If there is no time and effort to invest money, the owner makes cosmetic repairs and quickly starts the business.
As a rule, this is the central part of the city. The area of the international private school American Academy, on Markou Drakou street, overlooking Grigori Afxentiou and Chrysopolitissa from the opposite side. Along Makariou street, next to the main port of Larnaca.
Today, you can rent a 2-3-bedroom apartment in the old housing stock in the center of Larnaca at a price of 650 to 1200 euros, depending on its location and market segment.
Sometimes, not hoping to get the desired profit, investors decide to take a desperate step - they rent housing to a group of 5-7 people for 100-200 euros per person per month. This is common in the central regions of Larnaca. As a rule, tenants are very calm and appreciate the opportunity to save 300-400 euros in rent, which they would have to pay for an individual one-bedroom apartment in Larnaca.
One-bedroom apartments and studios for students
There are few small apartments in Cyprus. But for people living alone or in families of 2-3 people, sometimes a single apartment is enough. Moreover, such an area is much more economical to heat in winter and cool in summer. The demand for buying and renting one-bedroom apartments and studios is covered by new houses in and around Kamares, Aradippou, where today a 1-bedroom apartment with a total area of 84 m2 can be purchased for 120 thousand euros (+ VAT). These areas have easy access to major motorway networks and bus stops.
Real estate in the central part of Larnaca and its suburbs
The range of prices in today's Larnaca is amazing. But when it comes to real estate for the permanent residence of their own family, we are still guided by very specific tasks: everyone needs a well-built house with comfortable bedrooms for each family member, with a couple of parking lots and a convenient exit. Few people would think of permanently living in a hotel-type building, in which neighbors change every week, or even every day.
Offers for permanent residence can be searched in new areas of Larnaca. The most popular areas are Kamares, Aradippou, Drosia, Faneromeni. They are distinguished by wide roads, developed infrastructure and many new buildings.
There you can find the exquisite Casa Jaguar project under construction in Drosia with class A energy efficiency and the ability to switch to “smart home” technology. It is already possible to purchase a 2-bedroom apartment with a total area of over 100 m2 at prices ranging from 180,000 to 250,000 euros.
All options available for purchase in the Casa Jaguar project
In the suburbs - Pyla, Dhekelia, Livadia, Oroklini, Kiti, Meneou, Pervolia - there is also a rapid construction of modern housing stock in Larnaca. At the same time, if you consider options away from the water, the prices will pleasantly surprise you. For the price of a 3-bedroom apartment in the center of Larnaca in these areas, you can pick up a house with a separate entrance and a green courtyard.
The new project Amphitrion in Oroklini village is a 3-bedroom house in a modern design with a price of 325 thousand euros. But an apartment in the suburbs would be a great option. In the village of Pyla, an ultra-modern 3-bedroom apartment of 87 m2 in the private sector will cost only 195 thousand euros.
All options available for purchase in the Amphitrion
We have divided the areas of Larnaca into those that are ideal for buying profitable housing for rent, and those in which it is advisable to buy a house to move in.
But, as they say, how many people, so many opinions. Someone makes a choice in favor of the view from the window, someone is ready to live in a historic building decorated with vintage furniture, and another person wants everything at once, coupled with new technologies. Often in the process of searching, we find the perfect solution.
Interested in buying property in Cyprus? Welcome to the DOM website! Here you will find options for houses and apartments in Limassol, Paphos, Larnaca and Famagusta, as well as get the help of experienced professionals.
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- Paphos or Limassol: pros and cons
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- The story of Plus Properties in Cyprus
- Long term prospects for buying property in Larnaca
