Previous years, we could note a big interest in Larnaca among global investors and developers.
Real estate market experts associate the prospects of Larnaca with present and future high-quality projects there, as well as an increase in internal rate of return (IRR).
Even such an important indicator as proximity to the sea is not always of paramount importance. The overall infrastructure of the area is assessed and how well it fits into the overall architectural plan for urban renewal.
When buying real estate for themselves (not to rent it out), not everyone is ready to wait for years for the implementation of urban development plans and hope for the promised improvement in the quality characteristics of investment properties. They would like to immediately move to a prosperous area, even if the profitability of the property is not the highest. In this case, they should pay attention to real estate near busy tourist locations.
As you may know, Larnaca is the third largest city in Cyprus and the main air gate of the island. About 154 thousand people live here today. At the same time, according to the statistics of the Land Department, the foreign investors were most active in the local real estate market in 2022.
Areas near tourist locations
Regardless of the class of real estate you want to buy, the cost per square meter in these areas will be stable, and demand is always hot. In other words, if you want to improve your living conditions, you can do it quickly and even profitably. It is worth paying attention to the coastal areas of Harbor, Mackenzie, New Marina and areas on the Dhekelia road, which is a little far from central Larnaca.
The most high-profile project of recent years, the renovation of Larnaca Marina, is ready for its second phase of construction: high-rise residential buildings, shops, entertainment facilities and a modern hotel.
In the popular tourist area of Mackenzie, on the seafront, construction has already begun on the luxurious and elegant 9-story Elite Tower. The streamlined design of the building embodies the true comfort of living on the Mediterranean coast. The price of units varies from 210 thousand euros to 1 million 975 thousand euros (+VAT). Experts predict an increase in the price by 30-40% by the middle of the construction.
Real estate options available for sale in the Elite Tower project
Areas with a long-term perspective
Of course, almost every area of Larnaca can be called such a way. However, it should be noted the special locations included in the most ambitious projects of Larnaca. These include coastal Dhekelia with Livadia and Oroklini.
The coast has been freed from technical structures as they want to construct a big complex of new buildings of private and public importance. In the future, there will be an embankment leading to the Finikoudes promenade.
Today it is the largest project in the Mediterranean, since such large areas - about 3 km of coastline - are very rare. According to the modernization plan, the Larnaca-Dhekelia road has already been improved. The municipality of Larnaca received the first applications for coastal development.
At the same time, real estate prices in this part of Larnaca are relatively modest. For example, a big plot of land in Oroklini for a house (total area of 527 m2) can be bought for 96 thousand euros (+ VAT).
In Livadia, a new 1-bedroom apartment on the ground floor (total area of 63 m2) costs 140 thousand euros (+ VAT). The offer includes a covered parking space, a storage room and a spacious veranda.
Bedroom suburbs with a big future
Not every tourist ever visited the areas of Faneromeni, Drosia, Aradippou. They are a bit far from the seacoast, but living away from the sea can be quite comfortable. Here a new business district of Larnaca is being formed with convenient entry and interchanges for motorists, parking lots and all the necessary infrastructure for doing business.
The new class A business center under construction - Ion Tower - is an ultra-modern 17-storey tower with offices and all the amenities for office work. The building has a gym and a cafe on the ground floor. The high-rise will also have a 24-hour check-in desk and access control for visitors.
Real estate options available for sale in the Ion Tower project
The first and only shopping center Metropolis is also located here, it opens a new era of commercial life in Larnaca.
Among them is the Habitat residential complex, where apartments are currently available at prices ranging from 202 to 512 thousand euros (+ VAT). For future residents, a well-maintained green common area is being built, where they can relax with family and friends, have lunch or just meditate in a conceptual "underground shelter" for relaxation. The common area also includes a gym, outdoor pool, bar, playground and 100 parking spaces.
Real estate options available for sale in the Habit project
In Kamares, a new 1-bedroom penthouse (total area of 117 m2; to be delivered in April 2023), is estimated at 160 thousand euros (+ VAT). The apartment includes a spacious veranda and a rooftop swimming pool.
A rare investment proposal - a private 4-bedroom house with a green garden, built in the 70s, located within the city of Larnaca in the exclusive area of Faneromeni, near the Salt Lake (Aliki). The total area of the house with a garden and surrounding area is 322 m2, and the living area is 170 m2. The unit is estimated at 195 thousand euros.
It should be noted that Larnaca as a whole is a prosperous and peaceful place for living and recreation. However, most areas are located no more than 10 minutes from each other. Thus, the pricing of real estate of each location is formed in a single way, quite smoothly and harmoniously.
Detailed information about all projects in Larnaca can be obtained from the specialists of the DOM real estate agency by phone +357 24 030062, or in person at: Agias Faneromenis 21, Faneromeni 6025, Larnaca, Cyprus.
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