Investment in commercial real estate of Larnaca

The coastal city of Larnaca is becoming more popular every day.

Approximately 10 years ago, the world's leading developers came here.

67 km east of Limassol and 46 km from the capital of Nicosia, the "air gate of Cyprus", a quiet and comfortable Lаrnaca can easily become a new center of attraction for business, as long as it has room to grow and there are still untouched "oases" of land.

Who is investing in property in Cyprus today

According to the Cyprus Securities Commission, approximately 14% of investments today are in real estate. According to the Land Department, from the beginning of 2018 to the end of 2022, 90,251 property transactions were concluded on the island for a total of 17.3 billion euros. Last year (2022) was the most active, which is explained by an unprecedented influx of new residents, businesses and attractive loan subsidy programs. The Department of Cyprus also emphasizes that the number of foreign investors has significantly increased over the past five years.

The continuation of the study indicates that from the beginning of 2018 to the end of 2022, the total number of buyers was 79,287: 6,950 were European citizens, and 4,197 were third-country nationals.

According to experts, the local market in 2023 will be different. Due to the sharp rise in inflation, banks had to raise interest rates on all categories of loans. Which means that the usual mortgage will become more expensive by about 2%. And the difficult global situation can hold back the demand of buyers and investors.

Larnaca becomes an ideal option.

Larnaca's new projects show that the city is developing rapidly

A coastal city at the epicenter of the political, business and cultural life of the country. We made a list of eight private and social projects that will change the face of Larnaca and make the city more comfortable and attractive. From this list, several projects are recently completed and others are under construction.

New municipal market

In a couple of months, it will be full of life. For now, it's just a beautiful building.

In the first quarter of 2023, the construction of a new large-scale park "Salina" in Drosia, which will be a continuation of the existing municipal park in the center of Larnaca. In the future, the two public spaces will be connected by a third park located in front of the historic hospital building (the municipality of the city will move into it after the renovation).

The renovated Larnaca Marina. Here will be the construction of a new museum and hospitality facilities. So, the historic pier of Larnaca Marina is being reconstructed.

To the right of the pier is the entrance to the new marina. Several cafes and an entertainment area for children and adults were opened there.

Commercial projects for investment in Larnaca

The most interesting commercial properties for real estate are concentrated in tourist locations. Today, class A hotels and office buildings are in high demand.

Some projects in the new marina are available today. Apartments on nine residential floors of the future skyscraper are already available for investment. The building with a bar and restaurant on the ground floor, as well as a swimming pool and rooftop bar will create the perfect harmony between business and leisure for the residents of the complex in the center of Larnaca.

In the promising tourist center of Oroklini, you can invest in a famous hоtel for 1 million euros. The embankment of this area in a few years will be connected to Finikoudes and Piale Pasia, leading to Mackenzie and the airport.

Become a private owner of the оffice building (880 m2) just 10 minutes drive from the airport . An offer with an annual yield of 6.3% is currently located in a quiet area of Meneou, Larnaca. Today this location is chosen by people who value increased comfort, safety and a measured lifestyle.

New elite 17-storey business center Ion Tower. This elegant building features full-floor offices, a gym and a cafeteria on the ground floor. This is a serviced commercial complex with a 24-hour front desk, 35 parking spaces and controlled access. Price оffice here starts from 764 thousand euros.

Units for sale in Ion Tower

As practice shows, one of the most profitable objects for investment on the island is land. In Skarinou, land (1,537 m2) for the construction of a house or a small hotel 9 km from the village of Pano Lefkara costs 190 thousand euros. A bigger land of 7 plots (8,862 m2) costs 1 million 200 thousand euros. The future community already has a road and electricity connection. From here it is convenient to go to the highway. There are several hypermarkets nearby.

Detailed information about all projects in Larnaca can be obtained from the specialists of the real estate agency DOM by phone +357 24 030062, or in person at: Agias Faneromenis 21, Faneromeni 6025, Larnaca, Cyprus.

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Source: DOM
Photos: DOM