Larnaca is not just the third largest city in Cyprus, located on the south-eastern coast of the island, it is history, inspiration, and beauty wrapped in warm Mediterranean sunshine and good urban infrastructure. And in some areas of the city, you can find relatively affordable real estate.
What makes Larnaca a good place
The coastal city is known as an important seaport and is home to the island's main airport, several universities, and three private English schools. Every corner of Larnaca is alive with its legend. As the successor to the ancient city-state of Kition, Larnaca is rich in history. Highlights include the Byzantine Church of St. Lazarus, the archaeological sites of Kition, and Larnaca Castle. Larnaca is also known for its salt lakes - home to pink flamingos - and the Hala Sultan Tekke Mosque.
The sunken ferry Zenobia is popular among divers. The ancient streets whisper stories of ancient times. This city knows how to surprise, it combines historical heritage and modern life. Larnaca is an invitation to adventure under the bright Cypriot skies!
Investors note the huge potential of the real estate sector in Larnaca. While neighboring Limassol is currently experiencing peak prices, Larnaca still has room to grow. At the same time, the state continues to actively invest in its development: the project of the renewed marina is in full swing, the luxurious Salina Park is already under construction in the center, the colorful houses of Turkish times on the Piale Pasha promenade have been renewed. Local and international developers are erecting grandiose modern buildings and a new business district has begun to take shape in the center, as there are suddenly many people wanting to do business in the city, closer to the airport and other amenities.
Larnaca it is only half an hour drive to the white sandy beaches and the azure waters of Famagusta.
And the local beaches are incredibly tempting with their variety. Here you will find pebble beaches in the areas of Pervolia and Oroklini village, sandy beaches of Mackenzie district with a plethora of good restaurants on the first line of the sea, and quiet bays of Dhekelia district, and noisy promenade Finikoudes in the neighborhood of the Old Town area.
Well and most importantly, the average price per square meter in new buildings, and the old housing sector in Larnaca is relatively low - around 1.5 thousand euros.
What is important to consider when buying real estate besides the price?
When buying real estate in Cyprus, it is important to consider the rights and obligations of the buyer, properties available for purchase for foreigners, the procedure for searching and reserving, as well as the benefits and stages of the transaction. In general, the purchase of real estate offers attractive opportunities for passive income, registration of a permanent residence permit in Cyprus, and later citizenship on naturalization. The process includes reserving, obtaining a purchase permit, concluding a sale and purchase agreement, and registering the property.
Who can buy properties in Cyprus
1. A Cypriot citizen can buy real estate without restrictions.
2. An EU/EAC citizen can also buy real estate without restrictions.
3. A third-country citizen can own two properties, which can be two residential houses or one residential house and commercial premises up to 100 m2.
According to the lawyer of the DOM real estate agency, since May 2013, the Ministry of Interior of Cyprus allowed third-country foreigners to own a maximum of two properties, which can be two residential houses or one residential house and commercial premises up to 100 m2. Buying commercial real estate is more profitable for a company, as the income tax system in this case is more economical than registration on a natural person.
Cyprus companies can buy any type of real estate without restrictions on the number.
Larnaca is actively being constructed. Even the Old Town area is changing the usual outlines of the skyline.
Many people go to Cyprus for the education of children in an international school. And real estate is becoming a fascinating hobby. Why not?
Cheap neighborhoods of Larnaca
In general, Cyprus does not distinguish between some incredibly cheap neighborhoods and ghetto areas. The bright graffiti of the city hotel only partially dilutes the tone of the white stone in the center. The average standard of living of the people can be described as affluent, and European, combined with the traditional Cypriot village spirit. Local people have long been accustomed to living in spacious apartments or houses and having a private parking lot, a garden with a summer kitchen, and several bathrooms is the order of the day. At the same time, the city is economical in many ways, especially in the service sector.
To understand what Larnaca means by cheap neighborhoods, it is worth remembering the premium neighborhoods. Today real estate experts refer to the expensive district of Faneromeni, central Agios Nikolaos with the nearest district Drosia 4 km from the seashore. About 20 minutes away from the Finikoudes Promenade is the area of Dhekelia, a tourist area with big ambitions.
The popular coastal areas of the New Marina and the Old Town Center are classified as mid-range.
The cheap ones include the picturesque and cozy areas of the villages of Kiti, Oroklini, and Tercefanu. In the latter, currently, actively rebuilding and selling cheap residential complexes of the secondary housing sector.
In the village of Oroklini, 2 km from the sea 1-bedroom apartment with a total area of 51 m2, located on the 1st floor of the complex under construction at the off-plan stage is estimated at 115 thousand euros (+ VAT). Note that the complex will have a certificate of energy efficiency class A, and each tenant is provided with private parking and a storage room. In the village, there are lakes, which are always full of all kinds of birds. This is an important nature conservation area in Cyprus.
Nearby in the village of Livadia, a new 2-bedroom apartment with a total area of 82 m2 in a modern project under construction is estimated at 155 thousand euros (+ VAT).
In the same village, there are several options in a residential complex about 2 km from the sea. It has a more economical option: a 61 m2, 1-bedroom apartment is estimated at 128 thousand euros (+ VAT). The apartments are distinguished by high-quality finishing materials and spacious covered verandas. In addition, windows and doors to the balcony are equipped with double glazing, providing heat and good sound insulation.
Properties available for sale in Louvias Oasis project
3 km from the coast, 300 m from the famous Church of Angeloktisti cozy village of Kiti 1-bedroom apartment with a total area of 52 m2, located on the 1st floor of the complex under construction at the off-plan stage, is estimated at 115 thousand euros (+VAT). The apartments are characterized by modern design and thoughtful layout, and open-plan kitchens have granite work surfaces. All city infrastructure is within walking distance.
Although the Drosia neighborhood is considered to be among the most expensive, there are still relatively affordable options here, even among designer new buildings. A stylish 1-bedroom apartment with a total area of 57 m2 in a new complex at the off-plan stage is priced at 165 thousand euros (+VAT).
Properties available for sale in the Metropolitan Residence.
Some variants of luxury housing can also have rather competitive prices in Cyprus. In Aradippou, 5 km from the sea a 1-bedroom penthouse with a total area of 101 m2, a roof garden in a new construction, with a readiness of 65% is priced at 155 thousand euros (+ VAT).
Properties available for sale in the Sky Residence project
of completion, with energy efficiency class A and the usual Cypriot amenities such as covered parking and a storage room for easy storage of belongings, is valued at 166 thousand euros (+ VAT).
Properties available for sale in The Julia Residences project
Another new building in Aradippou in the first phase of construction offers affordable options. A 2-bedroom apartment of 96 m2 is priced at 165 thousand euros (+VAT). The refined interior includes a stylish fitted kitchen, where everything is thought out to the smallest detail, as well as a spacious living room. Covered veranda 17 m2 with views of the city. Infrastructure nearby. The sea is about 10 minutes away.
Properties available for sale in Stylianou Court 10
The last residential project in the quiet neighborhood of Aradippou provides for sale a 2-bedroom apartment of 96 m2 for 165 thousand euros (+ VAT). The covered veranda of 19 m2 offers fresh air and beautiful views. All amenities, including a green park, are within walking distance.
Properties available for sale in A. CH Court
In the district of Vergina 2-bedroom apartment of 97 m2 in a project under construction, expected to be completed at the end of 2024 is valued at 160 thousand euros (+ VAT). The apartment is equipped with aluminum double glazing, solar panels, and a water pump to improve water supply, providing efficiency and convenience. All necessary infrastructure is located in the immediate vicinity.
Properties available for sale in the ADMA 2201 Residences project
So, we have considered the most accessible areas of Larnaca. It is worth noting that they are actively developing and have investment potential. Examples of real estate provided here refer to residential new buildings at various stages of construction. Buildings and apartments are characterized by a high-level of energy efficiency, Mediterranean-style design, and the presence of amenities such as built-in furniture in the kitchen, a private parking space, and sometimes a convenient storage room.
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