Today, real estate market in Larnaca is the most promising on the island.
This is a new trend. Even 5 years ago the city was developing much more slowly than Limassol or Nicosia, and now it is time for Larnaca.
The average real estate prices in Larnaca are still affordable - 1900 euros per m2. There are low prices for buildings of all classes, as well as land plots in the city and its suburbs.
Profitable options for investment, first of all, are real estate in new residential complexes at the off-plan stage. It is important to take into account the reputation and reliability of the developer. On average, the construction of a new project in Cyprus takes one year, but sometimes it can be longer. The invested capital can be increased even at the 2nd and 3rd phase of construction as the investor can resell the property at 30-40% above the sum they invested. The rules of registration of the transaction with your developer can be found in advance. Usully, the procedure takes no more than 15 minutes.
Resale properties of old housing stock (houses of 2010 and older) and plots are growing in price more slowly, in line with the global market. In this case, the value of the property is also associated with its unique characteristics, distance to the sea and the plans for the development of the area.
Here you can find TOP 5 profitable options for investing in real estate in Larnaca:
5th PLACE. Residential complex Habitat
The two Habitat residential towers are located on Griva Degeni Avenue in Aradippou. The project is located at the exit to the main highway network linking Larnaca with other major cities. The area around is very developed, but it will be a little difficult to walk around on foot, there is a high-speed highway without a sidewalk nearby. So this house is for car owners. Directly opposite the residential complex there is a public high school, and a 5-minute walk from the city's main shopping center Metropolis.
A well-maintained common area will be created for future residents, where they can relax with their family and friends, have lunch or just meditate in a conceptual "underground shelter". The common area also includes a gym, outdoor pool, bar, playground and 100 parking spaces.
Tower A and Tower B have 10 and 12 floors. They are connected at each level by bridges with landscaped gardens, where the future owners of the 3-bedroom apartments will be able to walk. The total area of 1-bedroom apartments is 71-72 m2, 2-bedroom apartments will have 110-134 m2, 3-bedroom apartments will be 136-143 m2.
The construction of the building complies with European standards and seismic regulations. The foundation and all concrete surfaces in contact with the ground, as well as all balconies and roofs, will be insulated from moisture. All exposed surfaces (walls and roof) are thermally insulated. Air conditioning will be installed in every room. Finishing will meet business class standards.
Today, the project has several unique offers for Cyprus, including 1-bedroom and 3-bedroom apartments. There are also 2-bedroom apartments on the 10th floor for sale. At the same time, the price per square meter varies from 1499 euros to 2327 euros, depending on the floor and the size of the total area of the apartment.
The most affordable offer is a 1-bedroom apartment on the ground floor (total area of 135 m2) for 202 thousand euros (+ VAT). The most expensive apartment available in the complex is a 2-bedroom apartment (total area of 220 m2) with a large veranda (33 m2) on the top 10th floor for 512 thousand euros (+ VAT). Luxurious 3-bedroom apartment (total area of 252 m2) on the 8th floor for 470 thousand euros (+VAT).
Without a doubt, after the delivery of the project, the price of its residential units will increase by 20-30%.
4 PLACE. Ion Tower Business Center
The new class A business center under construction - Ion Tower - in the business district of Larnaca is an ultra-modern 17-storey tower with offices and all the amenities for quality office work. The building will have a gym and a cafe on the ground floor. The skyscraper will also have a 24-hour check-in desk and access control for visitors. For employees of companies that have chosen this location, 35 parking spaces will be provided.
Ion will be located 2800 meters from the tourist center and the beaches of Larnaca, in the area of Drosia. From the upper floors you will have a great view of the Mediterranean Sea.
Today, the price per square meter in Ion Tower starts from 4534 euros. For example, an office (163 m2) on the 8th floor can be purchased for 765 thousand euros (+VAT). And a spacious room for a store (437 m2) for 2 million euros (+ VAT). Given the high demand for high-quality commercial real estate on the island, the business center is very interesting for investment.
3RD PLACE. Elite Tower
In the popular tourist area of Mackenzie, on the seafront, construction has already begun on the elegant 9-storey Elite Tower. The stylish, streamlined design of the building is reminiscent of light savoiardi cookies in tiramisu. The project embodies the true comfort of life on the Mediterranean coast and the modest charm of the bourgeoisie.
The advantageous location of the building will provide access to urban and resort infrastructure. In just a minute you will be able to go down to the beautiful beaches of Mackenzie and restaurants to watch the landing of planes in a relaxing atmosphere with a cup of cappuccino. Within a 17-minute walk you can reach the Finikoudes promenade and the colorful historical center with many museums and galleries. Schools are located 5 minutes away by car.
Elite Tower residential complex consists of spacious apartments with 1, 2, 3 and 4 bedrooms. Each of the residences has an uncompromising panoramic sea view, underground parking and storage room. On the ground floor, a 1-bedroom apartment (70 m2) can already be purchased today at a price of 240 thousand euros (+ VAT). On the same floor, a 2-bedroom apartment (105 m2) costs 365 thousand euros (+ VAT). On the 4th floor, a 3-bedroom apartment with a total area of 152 m2 is for sale at a price of 490 thousand euros (+ VAT).
Luxurious duplex penthouses on the eighth and ninth floors have a roof garden, jacuzzi and 2 private parking spaces each. The price of such an offer with a total area of 277 m2 is 1 million 975 thousand euros (+VAT).
With an average price per square meter in the Elite Tower of 3,700 euros at the initial stage of construction, the expected growth is 30-40%.
2ND PLACE. QN Kition
QN Kition, a grandiose project, a stylish and uncompromising tower of 22 floors, which will radically change the usual outlines of the Larnaca skyline. Why Kition? Kition (Citium) a the city-state of the Bronze and Iron Ages in modern days Larnaca. Buying a property in such a project means becoming a part of the history of the ancient city. The new building is very different in many ways from the houses nearby, although it does not argue with their architecture, but rises in a beautiful wave and strives for the sun, breathing a completely new rhythm into the atmosphere of Larnaca.
The price per square meter in the project varies from 6.5 thousand euros to 21 thousand euros. The cheapest offer in a high-rise building is a commercial space for a store (78 m2), it is estimated at 760 thousand euros (+ VAT). And the most expensive is a 5-bedroom penthouse with a total area of 557 m2, it was put up for 12 million euros (+ VAT).
It would seem, where else to rise in prices. However, by the middle of the project, they may increase by 30-40%, since the building will become a real art object on the main embankment of the city, next to the new marina.
1 PLACE. Plus 21 Roy Terraces
A very prestigious residential complex from the leading developer of Larnaca - Plus 21 Roy Terraces - is located in the famous tourist area of Mackenzie, about 100 meters from the sea and within walking distance from the city infrastructure. It consists of two blocks, which have apartments with 1, 2 and 3 bedrooms, spacious verandas, private gardens and roof terraces. The adjacent territory includes a communal swimming pool and a green recreation area. Covered and underground parking will be built for future residents.
This residential complex, you can find seaview 1-bedroom apartments are available for 252 thousand euros (+ VAT), and a luxurious 3-bedroom penthouse at a price of 720 thousand euros (+ VAT). By investing in a 2-bedroom apartment, prices for which start at 340,000 euros, you can expect to receive a simplified permanent residence for yourself and the whole family. The building is still under construction, so the prices will still rise at the finishing phase. In the meantime, the average price of a square in the project is 3,000 euros.
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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