If you’re looking to sell your house apartment or villa in Larnaca Cyprus, you should know that the property market there is fast picking up. In fact, apartment prices in Cyprus’s third biggest city increased by 5 to 10% this year.
Larnaca has a lot going for it. It is home to Cyprus’s biggest airport and is well connected by flight to the UK and other cities in Europe. Indeed, most foreign tourists who make their way to Cyprus first arrive at the Larnaca International Airport and from there visit other places in the island state.
Larnaca lies on the southeast coast of Cyprus. It is a charming city with a lovely view of the Mediterranean Sea. The lifestyle here is decidedly relaxed and laidback and nothing ever happens at top speed.
You don’t see the same sort of crowds as in Limassol, which is the financial hub of Cyprus. Larnaca is arguably more tourist friendly although it does not offer the same business or employment opportunities as Limassol does.
You have tens of thousands of tourists visiting all throughout the year, and not just during the holiday season as in some of the other places in Cyprus. That’s why having a property in Larnaca is a great investment – it can provide you with a consistent rental income for the entire year.
There is a large British expat community in Larnaca. There are a number of Swedish and Norwegian expats who have made this city their home as well. Germans, French, Italians, Russians, you will find people of all nationalities living in Larnaca.
Larnaca is well known for its beaches, which many consider to be amongst that best in Cyprus. This place has a lot going for it. But we are specifically interested in the property market in Larnaca.
The Property Market in Larnaca
There is certainly a huge demand for properties in Larnaca. If you are looking to sell your house in Larnaca, then you will do well to promote your property to the most likely buyers – investors from Briton, Scandinavia, China, Russia and other countries.
This means hiring the services of an overseas property specialist that knows how to market the property to such rich, high net worth foreign buyers. Ideally, you will want an all-cash transaction. A good buyer is one that sticks to their commitment and pays the full amount of the property on the agreed upon date.
The good thing about the property market in not only in Larnaca, but across Cyprus is that the property taxes are very low. As of today the real estate transfer tax is between 3 and 8 percent. Also, the Immovable Property Tax has abolished by the Government of Cyprus, which is great news for buyers and sellers alike.
The only real issue is Brexit, whether we are going to have a Hard Brexit or Soft Brexit. This matters because Britons are the biggest buyers of properties in Cyprus. A Hard Brexit could lead to a drop in interest from British expats, but you never know.
They are attracted by the relaxed and laidback lifestyle here, as well as by the modern amenities. Nicosia is very much an urban city that offers plenty of opportunities for business and work. There are many jobs to be found here. This is good news for expats as they can live here and earn a decent income as well.
In addition to that, there are many expats who are attracted by the low taxes and low cost of living here. This is especially true among those aged 45 and above. Pensions are tax free in Cyprus and home prices are quite low. So there is always a chance of getting a prime property in Nicosia for an affordable price.
Then you have wealth, high net worth individuals from China, Russia, Brazil and other countries who invest in properties in Cyprus to get the Golden Visa, which assures residency permits for an extended period of time with the possibility of getting a European Passport. This is an attractive prospect as well.