articles | 06 June 2024

The property market is flying in Larnaca

The city of Larnaca and the communities that surround it along its seafront are very high in the preferences of foreign investors, who are buying up all available residential properties en masse and driving demand and prices to unprecedented levels.

Fresh money is being invested in the real estate market with the introduction of new foreign capital without borrowing, greatly differentiating the economic picture from that seen in the first decade of the 2000s. All stakeholders are alert and actively participating in the observed growth that brings many profits and benefits to the region. After the stagnation observed due to the banking crisis in 2013 and the general global recession that did not leave Cyprus unaffected either, a new dynamic has been created that is transforming Larnaca and its surroundings.

The foundations laid are very solid, enrich the real estate market and help the region and the local economy in general. Real estate is turning into ‘securities’ and Larnaca is growing every day, waiting for the start of the new diamond projects that will turn it into a metropolis. In addition to the traditional development that brings building renewal, demolition of old buildings and reconstruction of new apartment buildings in the city districts, all idle plots are developed, as well as existing apartment buildings being renovated, including listed buildings.

Entrepreneurs with a vision

But the essential development and change in the city and the surrounding area is brought by big businessmen with a vision, who design and plan modern large buildings and developments. They will meet new needs with infrastructure, such as mixed developments, a combination of new modern office and residential units, leisure and wellness centres, large multi-use spaces and shops and modern tourist developments. Larnaca will attract tourism all year round, for short stays to enjoy the sun, sea and fun, for conference events with accommodation, sports activities, tournaments, water sports and team preparation with the provision of playgrounds and equipment. The planned investments will be beneficial for the entrepreneurs themselves and redefine Larnaca on the Cypriot and European map as a growing, safe and prosperous city, with the active participation of entrepreneurs, investors and local and regional self-government authorities.

Modern architectural design

It seems that the adoption of modern architectural design, the use of new construction materials, especially due to the height of the new buildings and which will have fully automated solutions to cover all the new requirements that will provide occupants safety, privacy and above all comfort and enjoyment of the place. Close to the developments are the necessary facilities and services to cover all needs, such as schools, kindergartens and higher education schools.

Advantages of Larnaca

Larnaca offers many advantages as a small developing city located in a favourable geographical area. It can be a business hub, a tourist destination, a service provider and above all a distinct quiet cosmopolitan environment. The international airport offers connectivity to all parts of the world and easy transportation, anytime in all seasons of the year, with flights from a wide range of airlines. The distances are close, it has its own port and marina and if these projects are successful, they will bring even further development potential to Larnaca and the economy. 

Based on the above, a very strong business initiative is being developed with a vision and actions that convince of the reliability of existing and new projects that are planned or executed and which will be an ornament for the city of Larnaca and the surrounding area. Larnaca has for some time now been a continuous construction site of emerging developments which are visible to its residents, who see the city growing and evolving every day. A similar development is observed in the neighbouring communities of Aradippou, Livadia, Oroklini, Pyla, Dekelia, Kiti, Tersefanou and Mazotos.

The population and the foreigners who visit are increasing progressively, there is mobility everywhere, people are flooding the leisure centres, which are bustling with life, and above all offer employment and income. The comparative advantages make Larnaca a favourable investment and tourist destination.

Source: Cyprus Mail

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