According to the standard classification, seafront real estate is when the distance from the house to the coast is not more than 100 m and nothing else is located between (no buildings, no roads, no promenades with cafes).
However, this type often includes objects a bit far from the sea by a road.
The value of a square in each of them varies depending on the characteristics of the housing and its location. And the rental potential is generally higher for mid-range apartments than for luxury villas.
Nothing prevents persons who are lucky to live here from enjoying the beauty of the sea and the unhurried atmosphere of the ancient city. And investors are literally hunting for real estate on the coast of Larnaca. But we, skeptics, are not surprised by this. Everywhere there are pitfalls.
In recent years, Larnaca has become a promising city for investment.
This is facilitated by the relatively low prices for real estate and the active development of infrastructure projects in the city. In 5-7 years Larnaca will be in no way inferior to Limassol and Nicosia. But, for some, it will seem the most attractive even today. It all depends on the request.
Violent storms are extremely rare in the Mediterranean. Waves do not destroy the coastal area. So why not choose a seafront property in the quiet city of Larnaca?
Along the seacoast in Larnaca, real estate is very diverse.
These are old low-rise houses of the early 20th century in the old district of Skala (it is simply impossible to buy them due to political circumstances), and new elite high-rise buildings in the Art Nouveau style in the central part of the city and near the airport, and quiet villas in the suburbs, which are, in fact, are different municipalities, but they are so close that everyone associates them with this city.
Advantages of buying a seafront home in Larnaca:
- Perhaps the main advantage of Larnaca is its modern international airport. The city is the first stop for most travelers.
- A large seaport opens up new horizons of the Mediterranean.
- Competitive prices for new buildings, coupled with the high rate of development of the city's infrastructure, attract investors from all over the world.
- Such housing is always easy to sell or rent out to tourists.
- Public transport system (buses).
- Many English-speaking preschool institutions.
- Schools (Greek, English, Armenian, Jewish...).
- A colorful historical center and a rich cultural life. Plus two entertainment destinations Finikoudes and Mackenzie.
- A large shopping center is expected to open in the fall of 2021.
- Favorable position between the capital Nicosia, Limassol and Ayia Napa.
- Bonus - during the rainy season, migratory birds flock to the famous Salt Lake (Aliki ): ducks, graceful swans and, of course, absolutely magical pink flamingos.
If earlier only Limassol could boast of high-rises along the sea, now Larnaca is a worthy competitor to it.
In the New Larnaca Marina area, a 101 m2 2-bedroom apartment in an elite new building near the sea will cost 600 thousand euros. A two-room apartment of 105 m2 with a magnificent sea view in the actively developing fashionable area of Mackenzie will cost 340 thousand euros.
In Larnaca, there are many offers on the secondary market as well.
A finished furnished two-bedroom apartment on the Finikoudes waterfront with a total area of 75 m2 will cost 450 thousand euros. Is it a lot or a little when we talk about the most popular Athenian street? In order not to miscalculate, it is safer to buy real estate with the support of a specialist. As you may know that an investor becomes a permanent resident of Cyprus when buying a home from 300 thousand euros, this program does not apply to secondary real estate.
Private buildings are no longer erected on the territory of the city. So if you need a more spacious house, then these are the coastal areas of Livadia, Oroklini, Dhekelia, Pyla - to the east of the municipality of Larnaca. To the west of Larnaca is the village of Pervolia, which includes many modern residential complexes on the first line of the sea for those who like to fall asleep to the sound of the surf.
An ultra-modern three-storey villa with 5 bedrooms in a complex on the banks of the village of Pyla costs about 2 million euros today. More vintage offers can be found for 4-5 times cheaper.
Cons of seafront real estate in Larnaca:
- As in any other city, if the property is located near the water, its value is always 50-70% higher than the market average.
- In general, the number of new buildings in Larnaca today does not cover the demand, which is why the prices do not seem so low in comparison with Limassol.
- High humidity and wind near the sea requires additional costs to maintain the appearance of the building. The quality of building materials for houses near the water is extremely important.
- In the event of a cold winter and high humidity, the utility bill for a house on the first line can significantly increase.
- During the high season it can be noisy due to the influx of tourists.
- For those who do not speak English, it is difficult to communicate with the local multicultural population of Larnaca.
There is always an alternative to living on the seacoast - real estate with sea views or just a house on the hills.
For the same price, you can buy a home that includes many additional features. In terms of investment, do not forget that rare and expensive objects pay off longer and require special attention and care from the owner.
If you are looking for accommodation in Larnaca, please contact the DOM Real Estate office on +357 24621001, or come to the address: Gregoriou Afxentiou 7, Larnaca, 6023, Cyprus. Here you will always be provided with competent advice and help with renting or buying and selling your home.
- First acquaintance with Larnaca (link)
- Larnaca Is Most Promising City In Cyprus For Real Estate Investment (link)
- Oroklini village near Larnaca. Tourist area (link)
- How sugar made Medieval Cyprus the commercial center of the Eastern Mediterranean (link)
- Top 15 buildings of Cypriot Modernism (link)
Photos: DOM, Pixabay