Larnaca is becoming increasingly promising for both real estate investment and permanent residence.
The city is currently experiencing a construction boom and is actively developing. While some areas have caught up with the prices of more expensive cities like Paphos and Limassol, others maintain low prices while gaining prospects. Let's take a closer look at the most significant areas.
Finikoudes and Harbor
Finikoudes and Harbor are located on the coastline in the city center, with relatively moderate real estate prices compared to other areas. In Limassol, for example, the price per square meter in a new building can reach 4,000 euros, while luxury real estate in Finikoudes can be found for 2,000-2,500 euros per square meter.
However, compared to other areas of Larnaca, the cost of real estate in Finikoudes or Harbor is still relatively high due to the mainly elite complexes being built in these districts.
Moreover, these areas offer the most developed infrastructure and are within walking distance to all necessary institutions and, of course, the sea. Apartments in these areas are in high demand among tenants, especially short-term tourists, so you could potentially earn money through real estate investments in Finikoudes.
One of the most luxurious projects in Larnaca is the QN Kition, a 22-story modern building with an uncompromising view of the sea that will provide its residents with a high level of service. The complex offers various real estate options available for sale.
Real estate options available for sale in QN Kition
Mackenzie
The Mackenzie area is developing rapidly, and its popularity is due to three factors:
- its close proximity to the city center
- developed infrastructure
- gorgeous beaches for comfortable stays.
Additionally, the airport and famous Salt Lake, where you can take a walk, are located very close. Thus, the Mackenzie area offers convenience for both living and tourist visits.
Despite high prices (2.5-3 thousand euros per 1 m2), the cost of real estate in Mackenzie continues to grow. It's already clear that this location is successfully competing with the central areas of Larnaca. There are many new buildings of various levels here, and the demand for apartments is increasing all the time.
City Center:
It's not difficult to see why this area has such a contrast in prices. It all depends on whether the housing belongs to the primary or secondary fund. New buildings here are predominantly business and elite class, so you should not expect low prices among them.
Note that foreign buyers cannot participate in the accelerated program for obtaining permanent residence in Cyprus when buying a resale apartment or house.
Livadia:
Livadia is located in close proximity to Larnaca, which means that all the necessary infrastructure is available here. Moreover, it is actively developing. Livadia is located close to the sea but not on the shore, so real estate prices here are moderate. Although the specific characteristics of the property are no worse than those on the first line. Even from the first floors of some buildings, you can enjoy sea views and sunsets (especially in winter).
Livadia is a promising area for development. Despite being a separate municipality, it has long been considered part of Larnaca. There is currently active development of villas and apartment buildings, but large-scale projects like Marina Larnaca are not yet foreseen. If such projects are approved, then Livadia's real estate prices will likely increase significantly.
Kamares:
Despite Kamares' location on the opposite side of Livadia, the real estate situation here is similar. The price per 1 m2 in a new building is 1.7-1.8 thousand euros, but cheaper options are also available.
Kamares is located in close proximity to the Salt Lake and a local attraction - the medieval aqueduct of the same name. Despite this, the area cannot be considered too touristy. Most people here live on a permanent basis, and tourists prefer to settle closer to the sea. The proximity to the city provides access to all infrastructure, and it's easy to get to the center of Larnaca, beaches of Mackenzie, and the airport. Building is actively taking place, mainly consisting of houses with several apartments. High-rise buildings are not expected to appear here soon.
Oroklini
The village of Oroklini is located behind Livadia and, furthermore, is far from the sea. This location makes real estate in the area very attractive in price. The average cost per square meter is about 1.3 thousand euros, and this is for a new building! Resale properties can be found even cheaper.
It has everything you need for permanent living, and the journey to the center of Larnaca takes about 15 minutes. Families who value peace, tranquility, and a measured rhythm of life love to settle in Oroklini.
There are new buildings here - both apartments and villas. Villas are mainly built in closed complexes where there will be everything for a comfortable stay. By the way, having a pool will be an advantage since you need to drive to the sea by car.
Aradippou
Aradippou is slightly more expensive than Oroklini in terms of real estate value, but at the same time, the area is a direct continuation of Larnaca. It is very convenient to get to the center from here, there is a developed infrastructure, schools, and kindergartens, many large supermarkets, and, in general, everything you need for an active city life.
The average cost per square meter is 1.5 thousand euros. Of course, there are more expensive options (luxury real estate) and cheaper ones - both in new buildings and in the secondary housing market.
Interestingly, the Aradippou area is also suitable for renting out real estate, not for short-term rentals, but for the long term. It is also comfortable to live here with your family; the city is nearby, but there is no tourist rush.
Meneou
The municipality of Meneou is located behind the Salt Lake of Larnaca, in close proximity to the airport. This is a quiet and peaceful place, which can be considered inexpensive in terms of real estate, especially when it comes to the secondary housing market.
But there is also an elite sector. For example, villas in gated new-build complexes will cost an average of 5,000 euros per square meter. These areas are located very close to the sea, have a fully landscaped infrastructure, and are suitable for both luxury vacations and permanent residence.
Pervolia
Pervolia is comparable to Meneou in that it is a municipality situated slightly outside of the city that boasts a large sector of luxury real estate. This is made possible due to its picturesque surroundings and close proximity to the sea, making it an ideal location for a luxurious and secluded lifestyle. However, the secondary housing stock in Pervolia offers houses at relatively lower prices. There are suggestions that the village will become completely elite in the future (like Parekklisia near Limassol); but for now, Pervolia is ideal to almost all buyers.
For detailed information on all the projects in Larnaca, contact the specialists at the DOM Real Estate Agency at +357 24 030062 or visit them in person at Agias Faneromenis 21, Faneromeni 6025, Larnaca, Cyprus.
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