Cyprus - Location information
When deciding where to invest in Cyprus, one of the most important factors to consider is location. Below is a brief guide to some of the most popular locations for property investors.
Larnaca
Larnaca is situated on the south east coast and is home to the island’s main international airport. Modern day Larnaca, like other Cypriot coastal towns, is divided into an older city centre as well as a wider sprawl of modern hotels and restaurants along the beachfront. Its established infrastructure, shopping centre and communication links make it popular with both tourists and those seeking a second or retirement home in the sun. Larnaca is a lively town throughout the year and its abundant amenities and facilities make it a great location for retirement.
There are two aspects to Larnaca’s property market: one is the development of the main town and the other is the growth of beach-side areas on the outskirts.
Limassol
Limassol is the second largest town in Cyprus ; it is a main port, the centre of the wine industry, and also a holiday resort. It has been the centre for hundreds of Russian off-shore companies over the years which have had a positive effect on the local property market. Limassol has a high Russian and Eastern European demand and as such is the predominant location for their property purchases.
Commercial and residential property prices in Limassol are approximately 5-15% lower than in other areas of Cyprus. Limassol offers year-long rental contracts for commercial and residential properties in the city, and short term letting for holiday property during the peak seasons.
Like the other districts we have examined, Limassol has all the attractions of a modern holiday resort which comfortably sits alongside a vibrant business and commercial sector. Its international port welcomes cruise ships and there is a busy trade in short cruises to the Greek islands.
Pervolia, Kiti and Mazotos
The satellite villages of Pervolia, Kiti and Mazotos are beginning to attract second home owners, retirees and Jet-to-Let investors who appreciate the unspoilt natural beauty of the area and the potential for solid financial returns. The announcement of a new golf course and leisure complex at Tersefanou, combined with the local villages and miles of unspoilt, clean and uncrowded beaches, make this one area of Cyprus to keep an eye on for the future. A new 2 bedroom apartment in Mazotos would cost from CYP65,000 while a 3 bedroom villa with private pool and seas views in Pervolia would cost from CYP190,000
Polis and Latchi
Polis and Latchi on the north-west coast are now currently attracting attention as investor areas due to their proximity to the Akamas peninsula, a protected area of outstanding natural beauty, yet still accessible from Paphos airport and town. Previously small fishing villages, they now attract those interested in a more rural Cyprus experience.
A 2 bedroom apartment in Paphos can be purchased for CYP80,000 and would let during the peak season for CYP500 a week or more depending on location.
