The cost of living in Cyprus has risen significantly in recent years.
The prices of fuel, basic commodities, rents and house prices have all gone up.
This trend has not spared any town on the island. This includes Larnaca, where the cost of living is traditionally considered cheaper than in Limassol or Paphos, for example.
In particular, according to the financial publication EXPATISTAN, to live comfortably in the coastal city, a family of four will need a minimum of 3,280 euros per month, while a single person will need around 1,494 euros.
As far as rentals are concerned, prices in Larnaca are as follows:
- The monthly rent for a furnished 85 m2 apartment ranges from €668 to €1,145.
- The monthly rent for a furnished 45m2 studio ranges from €424 to €667.
When buying a property in Larnaca you should bear in mind that the average price of 1m2 in the city centre is 2,966 euros and on the outskirts around 2,182 euros.
Larnaca is considered one of the most promising places to invest in residential property. It is an excellent choice for those looking for profitable ways to buy property in Cyprus.
Indeed, the island nation's property sector is currently experiencing a significant influx of both institutional and private investors. They are all looking to maximise their returns on investment in Cypriot residential property against the backdrop of low deposit rates.