Key emerging trends within real estate in Larnaca are very important, especially if you are considering investment in the area. The foreign investment sector of Cyprus makes up the second most important pillar of the economy for the island; especially in its more populated zones such as Nicosia, Paphos and Larnaca. The government has paid great attention towards developing its potential areas which includes the ongoing ideas as well as future changes that provide a better living system. Here is some of the most important topics which you should know about the real state in Larnaca:
Energy and Solar Power
In Cyprus, energy is generated by the Electricity Authority of Cyprus. Due to power consumption which globally rises every day and the need to generate more power, Cyprus has made special plans for electricity production through the transmutation of energies:
In Association with First electric LTD (First independent power producer in Cyprus) the sector is working on finding a reliable investors/partners to construct and subsequent a heavy fuel oil fired power plant located in Larnaca.
In another upcoming project, Cyprus is about implement a project which will make use of the Cyprus abundant solar energy to generate electricity to be delivered to the utility’s grid. This solar power project will make a huge relief for the grid specially in high seasons which the demand for electricity reaches its highest level.
These Energy sectors developments will have an immediate impact on the Cypriot economy, bringing more jobs into the economic system, and more foreigners to invest in Cyprus and its favorable areas
Real Estate in Larnaca: Investment
The city of Larnaca has seen a surge in real estate developments, especially from foreign investment. Interest in residential and commercial property has caused a positive impact on the economy and it is expected to get even better in the coming years. One reason behind this interest is because and global companies are beginning to set up operations in Cyprus. This has caused a demand for more accommodation and commercial office space.
Th city has also seen investment regarding the redevelopment of Larnaca’s port and marina as well as the new Metropolis Mall. With these two giant projects taking place it is no wonder we are seeing a trend in investment for the city.