The Larnaca property market is considered the least developed in Cyprus. Due to various reasons such as government planning, local authority strategies and decisions, as well as local and overseas demand, kept the prices of Larnaca property lower than other regions of Cyprus. In many cases, especially during the years of 2016, 2017 and 2018 Larnaca properties were even 35% lower than Limassol properties and up to 25% lower than Paphos properties and Famagusta properties.
Many Cyprus Property investors over the last 3 years have taken advantage the low prices of properties in Larnaca. They have invested in Larnaca apartments in prime areas in the center and in Larnaca villas and Larnaca detached houses by coastal areas.
Due to this fact and some other reasons, Larnaca property prices have increased and today have almost matched in certain areas prices of Limassol property, Paphos property and Famagusta property. Investors through their Larnaca property investment have gain very good property yield; either a capital yield by selling their property or rental yields by renting them ; all because of the investors belief and the right timing of investment into the Larnaca property market.
Cyprus government and all local authorities, the last 2 years are also planning major projects in Larnaca. They want to transformed the city into a modern European city with facilities and projects adding value to the quality life of locals, foreigners, investors and tourists. Larnaca property is now on the same track as in all other Cyprus property regions. Larnaca apartments in exclusive projects by Finikoudes promenade are now equivalent in demand but also in price with Limassol apartments. For Larnaca beachfront villas and Larnaca houses although prices have gone up, still there is a price gap from similar Limassol property and Pafos property are also now in demand by local and overseas buyers. The future of Larnaca property is probably at the moment the greatest within the Cyprus property market and industry.