Larnaca; a city where hundreds of years of contrasting civilizations, architecture and culture have left their mark on an authentic and diverse region.
This beautiful coastal city is located on the southeast coast of Cyprus and is one of the oldest cities on the island.
In recent years, the Larnaca real estate scene has undergone significant improvements. It has been transformed into a modern and bustling city full of opportunities to invest and grow wealth.
From new luxury apartments for sale to modern estates and beachfront properties in the city, Larnaca has the potential to grow into a miniature of St. Tropez. Living in Larnaca never seemed so tempting until now!
In this blog, our C21 experts will be looking into the amazing upgrades Larnaca has undergone over the past few years.
A City Under Construction
Larnaca is a rapidly developing city, and new developments are being built to meet the increasing demand for housing.
The attraction of billions worth of new investments could shape its next decade.
At the moment, the largest infrastructure project under construction is the Larnaca Port and Marina valued at €1.2 billion. The project will involve restructuring the Larnaca Marina to include 650 yacht berths, a yacht club, a retail park, and a passenger terminal across 332,449 sqm.
As one of the newest developments in the city, the Marina will be offering a range of properties, from apartments to luxury villas. Located on the seafront, Larnaca Marina offers stunning views of the Mediterranean Sea, making it an ideal location for those looking for a luxurious lifestyle.
In addition to the new Port and Marina, Larnaca has welcomed its first shopping mall as well as luxury high risers. These new developments in Larnaca offer a range of properties, from apartments to houses, and are built to the highest standards.
More Properties On The Way
According to the latest developments in the city, more properties will be available within the next few years.
Sources say that a new major shareholder is interested in moving rapidly with the construction of the mixed development project, covering an area of over 100,000 sqm.
The necessary planning permits have already been secured for this specific project. The development will include integrated medical facilities, with the long-term lease of buildings.
Additionally, there are plans underway for several residential buildings which will host numerous new apartments for sale in Larnaca, a university building, offices, shops and specialized hotel units.
Consistent Growth in the Larnaca Real Estate Market
The Larnaca real estate market has matured considerably.
The apartment sale values have increased for the fourth consecutive quarter in 2022 in comparison to other cities on the island. According to sources, Larnaca reached €682 million in sales value from 4,243 transactions, according to the latest data offered by the Department of Lands and Surveys.
Evidently, Larnaca’s real estate market identified a notable 23.4% increase in transactions compared to the previous year. These transactions were mainly driven by house and apartment purchases which also registered an increase of 30.4% compared to 2021.
The high demand from both domestic and foreign buyers is relatively strong and the elevated construction costs will continue to push house prices upwards in the near future.
CENTURY 21 Cyprus Goes To Larnaca
Larnaca appears to have a very promising future in terms of infrastructure improvement as well as residential and commercial projects.
With new developments on the horizon, the Larnaca real estate market is expected to continue to grow and attract both domestic and foreign buyers.
The construction of the Larnaca Port and Marina, as well as the new shopping mall and luxury high risers, are just a few of the many improvements that have contributed to the city’s transformation into a contemporary hub.
The Global Leader in Real Estate, – CENTURY 21 – and our network of Property Consultants all over Cyprus can assist you navigate the Larnaca real estate market. Our team will help you find, negotiate and purchase the ultimate investment.
Contact us today and enjoy the security and freedom a great investment can offer with CENTURY 21 Cyprus by your side!