Buying a property in Larnaca
Larnaca is a beautifully compact city that offers everything that most overseas buyers crave from a life by the Med.
That includes a city centre backed by a palm-lined promenade, a mix of traditional and cosmopolitan influences and ancient monuments accentuated by skilful architecture. It’s no wonder so many people are interested in buying a property in Larnaca.
Here, you’ll find out why people buy property in Larnaca, gain insight into the property market, uncover top locations and get a step-by-step guide to purchasing a home there.
Why buy property in Larnaca?
Active lifestyle
Larnaca is an up-and-coming town. There are lots of places for keen walkers, runners and hikers, with interesting routes up into the mountains. The seafront has been modernised and it now has a brand-new marina, where many events are organised, ideal for social buyers.
You’ll also notice there’s a huge emphasis on water sports in Larnaca, particularly boating and yachting, with many opportunities to get involved.
Traditional appeal
More so than Paphos and Limassol, Larnaca offers a slightly more traditional slice of island life. There are a number of pretty villages outside Larnaca that are dotted on the landscape up towards the Troodos mountains. These offer an escape from the busy city and enjoy cooler temperatures in the heart of summer.
Tourism is on the rise
Larnaca’s appeal as a tourist destination is on the rise, with its beautiful coastline, rich cultural heritage and improved infrastructure. The increase in tourism is fuelling the demand for short-term rental properties, making it a lucrative market for property investors.
Delicious food
Due to its coastal location, Larnaca enjoys the freshest seafood. Locals love to visit traditional tavernas which are known to serve the best (and usually most affordable) food. There are lots of seafood restaurants in the areas, particularly along the promenade. Treat your tastebuds to everything from grilled octopus to the more traditional, Cypriot fish meze.
Well connected
Larnaca is well connected with the rest of the world thanks to Larnaca Airport (LCA) which offers affordable flights year-round to most major European cities. Larnaca is also less than a 45-minute drive from the capital of Nicosia and just under an hour from Limassol. There are buses, but driving is much more efficient. Please note, that there are no trains in Cyprus.
Understanding the property market
The Larnaca property market is diverse and ever-growing. It offers a range of affordable properties in a convenient location – both near the airport and the beautiful coastline.
In 2023, 21% of properties acquired by foreign buyers took place in Larnaca and a large number of those were from non-EU buyers (74%), proving the location is just as appealing to those from further afield seeking a Mediterranean property.[i]
With properties available at more affordable prices than in Nicosia and Limassol, you can find attractive bungalows or small villas for €150,000. The average Larnaca apartment is €156,000 and the average villa is €257,000.
However, just a short car ride from the city centre, you can find villas in coastal villages like Oroklini for around €150,000.
Where to buy property in Larnaca
Pyla
Pyla is a unique village in the district of Larnaca, known for its diverse community and rich history. The village exudes traditional charm and its modern amenities make Pyla an attractive location for both native and foreign property buyers.
The properties in Pyla are relatively affordable when compared to those in the city centre. It’s close to the University of Central Lancashire Cyprus, which makes the area a popular choice for students and investors wanting to let to students. The village is home to around 2,000 residents who enjoy its relaxed lifestyle, however, it’s not to be mistaken as a sleepy town. There’s lots to discover in Pyla from the sea caves to the many seafood restaurants.
Perivolia
Perivolia is a pretty village just a short drive from Larnaca’s city centre. It attracts buyers seeking a peaceful lifestyle which can be appreciated in the village’s picturesque setting. It’s characterised by narrow streets, traditional houses and a friendly, community atmosphere.
Perivolia properties range from charming village homes to modern beachfront villas. The demand for holiday homes in this location is high, driven by the village’s coastal location and tranquil setting. Due to the growing demand, property prices have been on the rise in recent years.
Livadia
Popular among families and professionals, Livadia is a rapidly developing suburb of Larnaca that offers urban convenience and excellent infrastructure. Its location between the city centre and the beach is a hit for many, seeking a blend of the cosmopolitan and beachy lifestyle. Properties in Livadia range from affordable apartments to luxurious villas.
Oroklini
Oroklini, also known as Voroklini, is a pretty, coastal village that lies about 9.9 km (about a 15-minute drive) northeast of Larnaca. It is known for its picturesque landscapes, including the Oroklini Lake, which is a haven for birdwatchers and nature enthusiasts. The village combines traditional Cypriot charm with modern amenities, making it an attractive destination for both locals and expatriates.
The property market in Oroklini is vibrant, offering a mix of traditional village houses, modern apartments and luxury villas. The area is popular among families and retirees due to its peaceful environment and proximity to Larnaca city centre. Property prices in Oroklini are relatively affordable, making it an appealing option for first-time buyers and investors. The ongoing development projects in the area are expected to further boost property values in the coming years.
Is property in Larnaca a good investment?
Larnaca’s real estate market is experiencing a significant upswing, thanks to the influx of foreign investment and strategic urban development. Investors are particularly attracted to the city’s potential for high returns on investment, bolstered by the growing demand for residential and commercial properties.
The city’s transformation into a metropolis is expected to drive property values upward, making it an opportune time for investors to capitalise on the burgeoning market.
In 2023, the number of real estate transactions soared by 20%, reflecting a whopping investment of €862 million.
There were a number of high-value property developments beginning, the largest spanning 38,000m² which is to become a new development, just 100 metres from the sea.
10 steps to buying a property in Larnaca
Buying a property in Larnaca is not difficult if you have a plan and some help from professionals. Follow our step-by-step guide to make your dream a reality.
- Define what you’re looking for: Determine what you want in terms of property type, size, location, accessibility and budget. Separate your must-have features from your nice-to-haves. Allow for buying costs of up to 10% on top of the sales price.
- Research and planning: Download guides, go on trips, and sign up for events and exhibitions to gather all the information you may need about buying a property in Larnaca. Try to narrow down the location you want to buy a property in.
- Speak to a currency expert: Firstly, you need to know your budget. Secondly, moving exchange rates are a risk in international property purchases, so discuss managing that risk with a forward contract that fixes your exchange rate.
- Make essential connections: Connect with a local estate agent. The easiest way to do that is to make an enquiry on a property in Larnaca. Also, contact an independent property lawyer and maybe a tax specialist too.
- Viewing trip: Speak to your estate agent about your requirements, then book a viewing trip to visit potential properties. The agent will advise on the best time for that.
- Make an offer: When you find a property you like, you can make an offer via your estate agent. Your lawyer will begin the legal and due diligence processes.
- Sign the reservation and sales contract: You may have to pay a reservation fee to take the property off the market. Once approved, and due diligence completed, you’ll sign the contract and pay a deposit (usually 20-30%).
- Plan for utility connections: The wait begins, this can often take up to nine weeks. It’s wise to look into getting your utilities connected during this time.
- Sign the final contract: When ready, you’ll be asked to sign the final contract and pay the outstanding amount on the property. Then, you’ll get the keys to your very own home.
- Register the property: Finally, once you’ve signed the final contract, your lawyer will register the property with the Land Registry to ensure the property is in your name.