Larnaca
Larnaca, a port city on the southeastern coast of Cyprus, is renowned for its beautiful beaches, rich history, and diverse cultural attractions, making it a popular tourist destination.
In recent years, Larnaca has experienced significant growth, and its real estate market is attracting considerable interest from investors for several reasons.
Compared to other regions in Cyprus, Larnaca offers several advantages for real estate investment. Firstly, Cyprus's main airport is located here, making it the primary gateway to the island. This accessibility attracts tourists and investors from around the world. Secondly, property prices in Larnaca are relatively affordable compared to other cities in Cyprus.
Thirdly, Larnaca boasts a growing economy with several development projects worth billions of euros. Numerous projects have been completed in recent years, including the construction of a municipal market, the restoration of the city square, renovations at the Larnaca Archaeological Museum, and the establishment of a modern search and rescue center. Additionally, a significant project in recent years has involved relocating the oil refinery from the city’s coastline, freeing up three kilometers of beachfront for urban renewal, residential development, tourism, and commerce. Current improvements are underway on the new coastal road (Larnaca-Dekeleia), preparing the area to welcome tourists with the construction of new hotels, including the flagship Radisson Blu.
Larnaca’s flagship project is the redevelopment of the port and marina as part of a multi-year initiative. This represents the largest private investment ever made in Cyprus, with an estimated total cost of around €1.2 billion. This investment is expected to create over 4,000 new jobs and generate more than €120 million annually for the city. Completed projects, along with those set to be finished in the coming years, are likely to propel Larnaca forward and increase property values.
The combination of robust tourism, accelerated urban development, and lower property prices makes Larnaca an attractive option for investors seeking strong returns on their investments.
