If you are in the market for property in Cyprus, it’s very likely that Larnaca real estate is in your list of options to consider. Indeed, the city of Larnaca offers vast potential in the business of real estate. For the last two years, property developers and investors have been making changes all over the area. They are putting up new projects and looking for new deals on properties.

For someone who is not in the property business, it might be hard to figure out what the big deal is about Larnaca real estate. Of course, it definitely is a great location. It also has a wonderful climate all year round. But why is there a sudden rush to acquire property in the area? To answer this question, read on to learn some surprising things about Larnaca real estate.

1.      It’s not just the beaches that are beautiful but also the properties nearby.

There is no doubt that beaches are one of the main attractions of Larnaca. Indeed, many tourists flock to this city primarily because of its world-famous beaches. But aside from the crystal clear waters and the pristine white sand, there is one other thing that would immediately catch your eye along the coast. Check out ones own luck can be described as cube pastime alles spitze online kostenlos spielen. The beachfront real estate business in Larnaca is teeming with luxurious properties of all kinds and sizes. There are dozens of these properties that are available for sale or for rent.

2.      Larnaca is a city with both beauty and brains.

It is no secret that the city of Larnaca has a stunningly beautiful geography. What many do not realize is that it is also the center of education in Cyprus. For one thing, it has the very famous and highly reputable American Academy. In addition, it is also the home of more than a hundred schools and educational institutions. With such support for academic growth, Larnaca is indeed a great city to live in if you have school age children. Of course, it is also beneficial if you wish to further your own education.

3.      Larnaca offers high diversity when it comes to real estate options.

Whether you are planning to buy or rent property in Larnaca, there is a wide range of selection that is available for you. At first glance, many people would think that Larnaca real estate consists only of costly luxury villas. On the contrary, there are actually a lot of very affordable properties for sale right in the heart of the city.

In the Drosia area for instance, there are very nice apartments that are perfect for young families with small budgets. You will also be spoilt for choice with regards to the type of property. There are plenty of homes with a modern structure. There are also several with a more traditional architecture. Most properties in the city work just as well as permanent residences or as holiday homes.

4.      Major commercial developments will soon raise the value of real estate by a large margin in the coming years.

Larnaca has always had a yacht marina. Plans have already been laid out to expand this marina. Developers will convert it into the primary port for cruise ships and private yachts in the entire island of Cyprus. Likewise, the construction of the Metropolis Mall is also under way. Such developments will surely trigger a rapid rise in the prices of Larnaca properties.

5.      Local and international interest in Larnaca real estate will continue to increase in the next few years.

The trends from the last couple of years show a steadily growing interest in Larnaca real estate. Both local and international investors are setting their sights on acquiring property in this Cyprus city. With this kind of steady growth in interest, we can only expect the value of properties to continue rising as well. So if you are keen on buying, it would be a good idea to do so as soon as you can. This way, you can take advantage of lower purchase value and be able to sell at a high profit in the future.

6.      Larnaca real estate yields a good return of investment at lower costs compared to other countries in Europe.

According to statistics, if you rent out an apartment in Larnaca, you will probably get a yield of 3.9%. The same statistics show that if you lease out a house, your yield will likely be at 2.0%. This is not bad and actually very similar to the return of investment in properties in other countries in Europe. However, the cost of maintenance in Larnaca is considerably lower. If you own a basic apartment, your annual property maintenance costs would be only around €1,700. If you own a villa that has its own private pool, you will spend about €2,900 annually in maintenance expenses.

7.      Purchasing Larnaca real estate can make you a Cyprus resident.

People from other countries usually buy property in Larnaca so that they can have their own holiday home in Cyprus. However, not many realize that by purchasing Larnaca real estate, they can actually become a Cyprus resident. Cyprus law states that a foreigner can obtain a permanent residence permit if they purchase any real estate in Cyprus that is worth at least €300,000.

Living in a peaceful Mediterranean city such as Larnaca       is a dream for many people and it’s not hard at all to see why. But many only see the outward beauty of the place. They are not really aware of the intricacies of Larnaca real estate.

As you can see, there are a lot of surprising facts about the property industry in Larnaca that only a few people might know about. And now that you are aware of these facts, you can better understand why so many investors are rushing to buy property in the area. You will also be able to make a much more informed decision on choosing which property to buy or rent.

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