Commercial property in Larnaca is making a very positive impression on the city. It has seen many investors take interest in its infrastructure and this is set to continue. In this article we will discuss what commercial property is along with why Larnaca is becoming so popular.
What Is Commercial Property?
Commercial property is real estate property that is usually used for business purposes such as office space. It also refers to land that can be purchased in order to generate profit. Large residential properties are also known as commercial property but must be either multi-family buildings or apartment complexes of 5 or more units.
Commercial property includes:
- Retail Buildings
- Warehouses
- Office Space
- Apartment Complexes
- Hotels
- Multi-family Buildings
Why Purchase Commercial Property in Larnaca?
The investment or purchase of commercial property in Larnaca has been on the rise over the past several years. The city has seen development mainly in office space, apartment complexes and retail. Each sector of commercial property investment is helping the others grow; growth in apartment complexes means a need for more amenities and facilities that retail space can provide.
Due to corporate tax benefits in Cyprus many global giants have been setting up quarters in Larnaca. This has meant that development and redevelopment of office space to house the businesses. It has also impacted the apartment sector of commercial property in Larnaca. With new residents arriving in Cyprus every year for work, complexes are needed to house these people.
The big commercial property news for Larnaca over the past year has been regarding the redevelopment of Larnaca’s port and marina. This redevelopment is expected to cost around €1bn and includes expansion of the port, improvement of the current infrastructure and a new terminal for cruise ships.
Larnaca is also set to have a new mall. The investment of the Metropolis Mall is set to be completed and in operation by Christmas 2020.
Conclusion
As you can see, commercial property in Larnaca has had real positive affects for the city and this is expected to continue throughout the coming years.