Property Investment in Larnaca
Property investment in Larnaca is growing in popularity. Although the city has seen less interest from investors in comparison to other Cypriot cities in the past, it is becoming a hub for residential and commercial real estate investment.
There are many reasons why Larnaca is emerging at such a rate and in this article we will discuss topics such as location and property types available in Larnaca.
Property Types in Larnaca
If you are considering property investment in Larnaca then you should know the city offers a variety of property types. This versatile city has commercial and residential investment opportunities that include apartments, villas, houses and office space.
In this section we will discuss why Larnaca offers an ideal location for each of the above.
Apartments within new luxury complexes are continuously in demand in Larnaca. To start, Larnaca has residents and citizens wanting to either purchase or rent. But it also has a market for tourists who need both short- and long-term rental apartments. The tourist market sees a lot of apartments being rented in Larnaca center as this is close to the waterfront and most conveniences. However, in more recent years the city has seen long-term residents wanting to rent in downtown Larnaca. This is due to the surge of global companies moving their offices to Larnaca thus high demand for employee housing. So, as you can see investment in apartment complexes can become a very smart move.
Second on our list is the option to invest in a villa. Villas can offer you so much, including a high quality of life as well as privacy and security.
The idea of a villa is to have a spacious private plot for you and your family. Unlike apartments, villas offer more privacy as they provide a greater amount of space between your neighbors and yourself. Furthermore, as Larnaca is a coastal city and growing tourist destination, holiday villas are in demand. Therefore, investing in a villa or multiple villas for this purpose is rather popular.
Again, much like with apartments, investing in a villa can offer many opportunities.
Investment in commercial property includes office spaces, apartment complexes of over 5 units, multi-family buildings, retail parks and more. The main property types we see investors interested in, in Larnaca are office spaces and apartment complexes. Now, we’ve briefly spoken about apartment complexes so let’s discuss office space.
As Larnaca is the up and coming corporate hub of Cyprus, more and more offices are needed. However, many office buildings are outdated so new modern buildings are in demand. In recent years we have seen global businesses wanting downtown office space that is close to city center facilities. In fact, office space is estimated to be at 260,000 square meters in Cyprus by the end of 2020. Therefore, it is understandable why so many investors, particularly foreign investors, are interested in commercial real estate investment in Larnaca.
Property Investment in Larnaca: The Location
Property investment in Larnaca is popular with foreign investors for a number of reasons. One of these reasons is the ideal location of the district.
Larnaca is located on the southern coast of Cyprus, approximately 52km from Nicosia, 68km from Limassol and 134lm from Paphos. With highway links to all these major cities on the outskirts of Larnaca, travelling for pleasure or business is easy.
Secondly, Larnaca is home to the island’s primary airport. Larnaca International Airport handles over 8 million passengers a year with flights to and from other major airports. These airports include Heathrow, Sheremtyevo and Dubai International Airport, amongst others.
The city is also home to a port that is located just 2km from the town center and 6km from the airport. The port covers 445,000 square meters and holds a petroleum facility to the north side with the marina to the south.
As mentioned, the city is ideal for investment opportunities due to its location. Travelling for locals or visitors is easy and the port provides excellent prospects.
Private Education in Larnaca
Property investment in Larnaca does not just involve investing in properties for some. It may also involve investing in your children’s future. Luckily Larnaca has a vast choice of excellent private schools that teach in English.
PASCAL was founded in 1978 and now is the largest chain of teaching institutes on the island. The establishment has English schools in Nicosia, Larnaca and Limassol, ranging from kindergartens to secondary schools as well as boarding schools. There are also schools in the PASCAL chain that offer the Cyprus National Curriculum.
The school is determined to maximize the opportunity of its students and help them progress onto highly reputable universities. In previous years these universities have included Cambridge, Stanford University and Columbia University.
The American Academy is a well-known throughout Cyprus. The English curriculum-based school has both native and foreign students of various nationalities. The American Academy is the second oldest secondary school in Larnaca and prides itself on the numerous facilities it holds. These facilities for education help with business, creative arts and languages. There is also a sports team and summer school for those that are interested.
Med High School prides itself on its encouragement for young individuals to invest it their unique traits and talents. Although it is not the largest school in the area it does has quality teaching staff who are all trained in modern teaching methods. The private school follows a broad English curriculum with the main focus being ‘personalized learning’. The multicultural school helps students learn about numerous cultures, races and religions as whilst they are in a nurturing environment. Med High School ranges from pre-school teaching right through to secondary school and also offers a summer school.
As you can see, there are a great deal of reasons for you to consider property investment in Larnaca. Not only does the district grant many different types of properties to invest in such as, apartments, villas and office space, it also is a rather ideal location. The city also gives you peace of mind if you are searching for an outstanding private school. As mentioned, the city has 3 English speaking private schools with excellent curriculums.