Larnaca or Paphos: which city to choose for investment?

Larnaca and Paphos are comfortable for a measured life, but at the same time they have a developed infrastructure and a good future.

They build modern housing that meets the requirements of the most demanding buyers.

Between the cities is located Limassol, the financial center of the island nation. To determine which city is more profitable for investments, consider the advantages of each one separately.

Paphos

Paphos is located on the southwest coast, 69 km from Limassol. It is a modern city with a harbor and an Archaeological Park. There are always a lot of tourists here. If you wish, you can choose quiet areas for living or closer to the center of the old city, where life is in full swing day and night. The population of the ancient city does not exceed 40 thousand people, but taking into account the inhabitants of nearby settlements (Polis, Latchi, Pomos), the population density is perfectly balanced. According to the Numbeo platform, the monthly expenses of a family of 4 amount to 2,274 euros (excluding housing costs).

Paphos airport

Paphos has the second largest airport in Cyprus. According to the Cypriot airport operator Hermes, in the first month of 2023, approximately 143,000 passengers used it. These are mainly citizens of Great Britain, Greece, Poland, Israel and Germany. As it became known, tour operators are already ready to provide many new programs and routes. The development of the air harbor will make the city even more convenient for travelers.

Paphos attracts lovers of a calm measured rest

Paphos is still talked about as a nice quiet village near Limassol, ideal for family life with preschool children and retirees. Over the past 5 years, the city has also been filled with active young people who choose it as a permanent place to live.

But not only. Demand in Paphos real estate in 2022, new business players are also being raised, attracted by the government program for foreign companies. By the way, over a thousand foreign companies were registered in Cyprus last year. Most of them are now based in Limassol and Paphos.

Predominantly luxury housing is being built in Paphos

It's not so easy to find a cheap apartment in Paphos. Most of the offers include high-quality finishes, a minimal set of furniture in the kitchen, a veranda with a panoramic view of the Mediterranean Sea, a private parking space and a communal pool.

At the same time, their cost is comparable to the price of the cheapest apartments in Limassol and Larnaca. For example, today the cheapest investment offer in Paphos is a 1-bedroom apartment with a total area of 40 m2 with private parking, in the central area of Geroskipou. The price is 121 thousand euros. Such small apartments are in demand among students and young couples.

In the picturesque area of Mesa Chorio, a 2-bedroom apartment (106 m2) with parking and a communal pool costs 169 thousand euros. From here, the city center is only 2 km away.

Small hotel with 11 apartments in Kato Paphos can be sold for 1 million 300 thousand euros.

A short walk from the largest shopping center in the city, Kings Avenue, is a new premium-class investment project consisting of 10 apartments, the cost of which is 3 million 810 thousand euros. There will be 2 bedroom and 3 bedroom superior apartments for rent.

Medium-rise housing is being built in Paphos

There are almost no skyscrapers in Paphos, as the locals carefully take care of preserving the historical appearance of the ancient city. If we compare the "skyscrapers" of Paphos with skyscrapers other cities of Cyprus, we can say that they do not exist in Paphos at all. Obviously, over time, the cost of rare high-rise buildings will only grow.

Soho Resort is the first and only high project in Paphos, located just near the sea in Kato Paphos. It will include a 15-story apartment tower, a 16-story five-star hotel and 20 villas around the perimeter of the territory.

Properties available for sale in Soho Resort

Paphos is the cultural capital of Cyprus

Museums, galleries, theaters and cultural places most characterize the city. In addition to ancient sights, modern art is rapidly developing here.

The most popular theater in the city is called Markidio. After a complete renovation, it opened its doors again in 2018. Performances and concerts are held here. The Attikon Multicultural Center in the Old Town often organizes performances, exhibitions and special film screenings. The modern creative platform Technopolis 20 presents art films, jazz concerts and exhibitions for every taste.

The greenest point in Cyprus

The lush greenery of Paphos is unrivaled by any other city in Cyprus. Through juicy agave stalks and bougainvillea flowers in green meadows, the people of Paphos admire the sunrises and sunsets over the water. Even along the tracks, bright shrubs grow at any time of the year. The landscapes of Paphos with hills, mountains and panoramic views of the Mediterranean Sea will take the breath away of even the most sophisticated travelers. In the northwestern part, there is a large natural reserve of the Akamas peninsula with well-known hiking trails.

Larnaca

Larnaca is located on the south coast of the island, 67 km from Limassol. Here is the main "air gate" of Cyprus and the second most important port. The population of the municipality is about 80 thousand people, but taking into account the nearby settlements (villages Кiti, Меnеu, Pervolia, Аradippou,Livadia, Оroklini, Dhekelia, Skala) it will be over 100,000. There are a large number of schools in Larnaca. At the same time, many residents drive to Limassol and Nicosia to work. Recently, the Metropolis shopping center was opened in the city. According to the Numbeo platform, the monthly expenses of a family of 4 are 2,918 euros (excluding housing costs).

Arriving in Larnaca, most of tourists first go for a walk on the promenade Finikoudes, it's a gourmet area, a walking alley and the most popular and widest city beach. Christmas is celebrated here as well as the annual carnival.

Airport

Larnaca has the largest airport in Cyprus. According to the Cypriot airport operator Hermes, in the first month of 2023, approximately 328,000 passengers used its services. These are mainly citizens of Great Britain, Greece, Poland, Israel and Germany.

In Mackenzie, you can watch the planes landing one by one, reflected by the lights in the sea. This amazing meditation also attracts residents of other cities. Also, along the promenade, there are some of the best coffee houses, restaurants and traditional taverns of Larnaca.

Larnaca is chosen by people who appreciate a quiet lifestyle.

Larnaca is considered a family city: it is quiet, calm, there are many educational institutions and developed infrastructure. There are rarely serious traffic jams on the roads. Near the center there are many picturesque beaches with sand or pebbles.

There are not as many foreigners in the city as in Limassol and Nicosia. Local residents are accustomed to buying property from local developers they trust. There is also demand for real estate from employees of foreign companies and investors, but not as high as in Paphos.

Housing of various types and price categories is being built in Larnaca, here you can find options for every taste and budget

In a residential complex under construction Aurelia Resort, 1-bedroom apartment (53 m2) costs 110 thousand euros (+VAT). The offer includes a parking space, communal swimming pool.

Properties available for sale in Aurelia Resort

In a gated residential complex in the quiet village of Oroklini, a finished 2-bedroom apartment (135 m2) is estimated at 135 thousand euros.

In Oroklini 3 bedroom project house Amphitryon under construction can be purchased today for 325 thousand euros.

Properties available for sale in Amphitryon

In a gated residential complex Krasas Hillside Residences, located in a quiet area of Krasa near the center, the cost of apartments ranges from 135 to 490 thousand euros.

Properties available for sale in Krasas Hillside Residences

In a 9-story residential complex under construction Elite Towe r, located in the rapidly developing and most fashionable area of Mackenzie, the cost of apartments ranges from 210 to 1 million 975 thousand euros.

Properties available for sale in Elite Tower

Althea is a modern 11-storey tower with 33 apartments, 3 on each floor. The purchase price ranges from 586 to 709 thousand euros.

Properties available for sale in Althea

Residential complex at the last stage of construction Habitat, consisting of two buildings of 10 and 12 floors. The landscaped gardens form bridges connecting the two towers at alternating levels and are solely for the enjoyment of the residents of the Habitat. Also, the residential complex is surrounded by a garden with a barbecue area and is equipped with a special space for meditation.

Properties available for sale in Habitat

The most anticipated building that will forever change the usual outlines of the historical center and the Larnaca embankment, the 22-storey tower QN Kition, prices for apartments in which start from 770 thousand euros per a 1-bedroom apartment on the 3rd floor up to 5 million 885 thousand euros for 5-bedroom apartments on the 19th floor.

Properties available for sale in QN Kition

Low- and high-rise buildings are being built in Larnaca

The coastal city is built up with buildings of various heights. As you can see from the examples above, most new homes are 3-4 stories tall, and anything above that is considered high-rise. From time to time there are reports in the news about new skyscrapers in the plans of the city.

Larnaca has many parks and natural areas

Larnaca has many parks and natural areas

The most popular place for walking in Larnaca is the Salt Lake. In winter, pink flamingos fly here and people have a new goal — once again to take pictures against the backdrop of a flock of birds. Smaller birds are found on the swampy lake in Oroklini. Birds in Cyprus are adored and special lookouts with useful information are installed everywhere.

In the center of Larnaca there is a large restored municipal park with a theatre, a museum and a library. In the first quarter of 2023, the construction of a new large-scale parka "Salina" in the Drosia area, which will be a continuation of the municipal park. In the future, the two public spaces will be linked by a third park located in front of the historic hospital building (the municipality of the city will move into it after the renovation).

Not far from the center — the largest and greenest, like an untouched forest — Park of Hamielcos. The Pattichio Amphitheater is located here, so in the evenings walks here are especially pleasant.

A couple of years ago, a 24-hour dog park was opened in Larnaca, where you can just walk with your pets or train them. Benches, awnings from the sun and a column with water are installed here.

So let's summarize our review. Compared to Paphos, in Larnaca today the volume of investment proposals is higher, real estate is more diverse, and comfort-class housing is more expensive than in Paphos. At the same time, in both cities there are offers designed for a specific category of buyers who appreciate the features of each city.

Interested in housing on the island? Visit DOM! The agency's website contains the largest real estate database in the country - more than 30 thousand residential and commercial properties throughout the island. Choose and contact professional brokers who will help you make the right choice!

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Source: DOM
Photos: DOM, Pixabay