Residential property investment in Larnaca has become very attractive to local and foreign investors within the past few years. Previously we have seen Limassol and Nicosia being the most redeveloped cities in Cyprus however, Larnaca is definitely one to watch.
Larnaca is now a hub for commercial property investment but let’s not forget residential property investment. The location, property types and infrastructure of Larnaca makes residential real estate investment very interesting. And, that is exactly what we are going to discuss in this article.
When considering residential property investment in Larnaca you need to know as much information regarding the location as possible. So, let’s talk about why the location of Larnaca makes it the investment hub that it is.
Firstly, Larnaca is located approximately 52km from Nicosia (the capital of Cyprus), 68km from Limassol and 134km from Paphos. The city has links to highways which travel to all other major cities in Cyprus, making travel for business or pleasure very accessible.
Secondly, Larnaca hosts Cyprus’ primary airport. Larnaca International Airport welcomes over 8 million passengers a year and conducts flights to many major airports such as Heathrow and Dubai International Airport.
As mentioned above, Larnaca is a coastal city. This means that no matter where you invest in residential property, you are not far from the beach. This can be a very good incentive for potential tenants if you are planning to rent out your property. Especially if you are considering renting it to tourists. Of course, it also means that if you plan to use this property as your focal residence, you have access to the beach every day.
Finally, Larnaca has an active port located just 2km from the center of the city and 6km from the island’s primary airport. The port is 445,000 square meters and has a petroleum facility to the north of the marina. This opens up many more investment opportunities if you are interested.
Let’s begin the discussion with investment in apartments. There is a great demand for luxury apartments in attractive locations. Investors see a great opportunity here because not only are there permanent residents and locals wanting apartments, there are also tourists who need both short-term and long-term rental apartments. With Larnaca being a coastal city, we see a lot of tourists wanting to rent apartments close to the waterfront. This is a prime location of residential property investment in Larnaca. Not only is the waterfront an attractive feature, this area also has many restaurants, shops and bars in the area. Permanent residents also have begun to look for long-term rental apartments in the downtown area. This is partly due to the surge of global companies opening up offices in this area. This has created a high demand for employee housing, with some companies acquiring whole blocks of apartments. This trend is set to continue. So, investment in apartment complexes in Larnaca may be a good idea for you.
Secondly, Larnaca has no shortage of villas to invest in. The city has extensive amounts of land surrounding it, with many plots being sold in order to build luxury villas.
Villas provide a high-quality of life as well as privacy, therefore it is understandable why this is a significant trend in residential property investment in Larnaca. When investing in a villa, you can invest is a spacious and private area for your family and self. With plenty of space between the neighbors and yourself you are not confined as much as it seems in an apartment block.
Furthermore, with Larnaca being the coastal city that is it, many tourists are keen to rent out a villa for their vacation. Therefore, villas are very much in demand in Larnaca. Investing in a villa can give you a passive income if you consider renting it out during the height of the seasons. You can also find property managers to help you with gardening, cleaning and general upkeep if you do not live in the area or country.
Other Investments in Larnaca
The landscape of Larnaca is dramatically changing, hence why we said that the city is becoming an investment hub. Investors can see the potential. Recently there has been a lot of investment, commercial and residential. For example, the marina in Larnaca is currently being redeveloped. This has created over 4,000 jobs and set to make many more as investors shift their attention to building luxury apartment blocks. The second major investment Larnaca has seen is the investment of the new Metropolis Mall. This mall is set to be completed by the end of 2020. Again, this will create many jobs but also gives Larnaca a feature that it previously lacked.
Conclusion on Residential Property Investment in Larnaca
You can probably understand the significance of residential property investment in Larnaca. The city has a lot to offer in terms of property types. The location makes it ideal for many reasons including ease of travel with the primary airport being located in Larnaca. Other major investments continue to happen in Larnaca, proving that local and foreign investors see great potential in the city.