Many thought that the suspension of construction of the new marina in Larnaca would have a negative impact on the local housing market and cool investor interest in the coastal city. By the way, the highly publicised project, at least for the past three years, served as a lure to attract buyers, mainly from Israel, and helped to increase demand for housing in the areas surrounding the port. However, even after the scandalous cancellation of the agreement with Kition Ocean Holdings, investors continue to buy up housing in Larnaca.
Initially, everyone was shocked. However, the government's assurances that it intends to complete the project have reassured buyers, especially foreigners. To date, the city continues to maintain a positive trend, - experts say.
It should be mentioned that agents from Larnaca agree that the demand in the city is very much influenced by the escalation of tensions in the Middle East. Thus, there are fewer Israeli buyers, but the number of Lebanese investors has increased. Some Lebanese are moving to Cyprus for their safety, as they did in 2006. They mostly buy small flats and houses. Although there are those who invest in housing on the island for profit. Moreover, they are buying up properties all over Larnaca, from Oroklini to Pervolia and Kiti.
In addition, new players appeared on the market. For the first time, Polish citizens started to take an interest in property in the coastal city. There is no doubt that this demand will only grow in the coming years. Experts stated that this trend is related to various unpleasant incidents when foreigners buy housing in the occupied territories of the island.
The stable demand for property in Larnaca is also evidenced by the latest sales figures. In the first 6 months of 2024, despite a general decline in property sales in Cyprus, Larnaca has recorded a % increase in transactions.
Larnaca has shown steady growth over the last five years. Perhaps the volume of transactions is not as high as it was before the outbreak of war in neighbouring Israel. As Israelis are cautious about new investments. Nevertheless, they continue to buy property in Larnaca. This is a very promising destination. In the city there are many empty plots of land by the sea, where it is possible to realise large-scale residential projects - experts say.
Meanwhile, residents of Larnaca are concerned about the rapid increase in local property prices. The main reason is the increased demand and a decrease in offers on the market. Recall that despite all of the above, Larnaca remains the city with the lowest rental and purchase prices. According to the Estate Agents Registration Board, the average rent for a one-bedroom flat in the city ranges from €600 to €700, for a two-bedroom flat from €800 to €900, for a three-bedroom flat from €900. - 1,000 euros.