Larnaca, one of the oldest cities in Cyprus with a rich history (ancient Citium), has a population of about 85,000 and is located in the southeastern part of the island.

Larnaca is like the "Bat Yam/Yafo" of Cyprus - the city is developing at a dizzying pace thanks to a plan to renovate the marina and port with a budget of $1.2 billion, an international airport located just 15 minutes away, and local attractions such as the promenade along the old port, the Flamingo Park, and nearby resort towns such as Oroklini.

The city enjoys 75 km of coastline, including about 2.5 km of white beaches and clear blue sea (Blue Flag); year-round tourist occupancy that led to an increase of over 50% in overnight stays in 2022; increased demand for housing - the city is becoming a popular choice for relocation, both within and outside the country; the expansion of business centers of international companies is increasing demand for both commercial and residential properties.

These factors position Larnaca as a sought-after destination for investors for residential short-term and long-term tourism. It is no wonder that apartments in Larnaca experienced a steep rise in value in 2022 of about 40% (source: KPMG Cyprus real estate).

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Massive development of the port and marina area

On April 1, 2022, the Republic of Cyprus and Kition Ocean Holdings Ltd signed an agreement to implement the Larnaca port and marina development project with a total budget of €1.2 billion. The renovated port is expected to be one of the most advanced ports in the Middle East. It will include a yacht club with a capacity for 600 berths, commercial areas, open markets, hotels, and residential complexes. The project will create about 4,000 new jobs and contribute billions of euros to the local industry.

In parallel, the city is experiencing massive development of the entire port and marina area - fuel and gas tanks have been moved out of Larnaca, and a new master plan has recently been approved with a change of use from industry to tourism/residential. These moves have created large areas of coastline available for development and investment opportunities, with an expected price increase of almost 300%.

 

General development of Larnaca

Larnaca has enjoyed high development budgets in recent years that have been channeled into the construction of pedestrian paths along the coast and the city center, investments by international hotel chains, such as Radisson Hotel Group, IHG, Best Western, and Holiday Inn; the launch of the new METROPOLIS mall, the construction of a public market and the new entertainment area in the square and Zochour, tennis courts, a skate park, and a public fitness complex.

 

Larnaca has the best accessibility on the island

About 7.5 million passengers each year pass through Glafcos Clerides International Airport (Glafcos Clerides).

The city hosts many international conferences and is a significant hub for business stays for various guests and professionals. Larnaca is known as a center for training camps for international sports teams during their winter season and is within a short driving distance of major cities - Nicosia (35 minutes), Limassol (45 minutes), and Paphos (70 minutes).

 

Larnaca - Best Value for Money

Larnaca enjoys a high potential for appreciation thanks to the current lower price level of real estate assets in its area compared to real estate prices in other cities such as Limassol and Nicosia, high investment potential in the development of the region, and a lower cost of living compared to other cities.

Larnaca is a sought-after destination for immigrants from European and Middle Eastern countries, international companies, digital nomads, and investors who have identified the potential for appreciation in the region. It is no wonder that some say Larnaca is like Tel Aviv in the 1990s...