Larnaca, one of the oldest cities in Cyprus, is known for its picturesque beaches, cultural heritage, and well-developed infrastructure. In recent years, Larnaca has become increasingly attractive to investors due to numerous new construction projects offering modern and convenient housing options. In this article, we will explore the process of buying new real estate in Larnaca from a developer, current prices, the city’s districts, and the main stages of purchasing.
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Advantages of Buying New Property
Purchasing property in a new development offers numerous benefits:
- Modern Technologies and Materials: New buildings are constructed using modern technologies and high-quality materials, ensuring a high level of comfort and energy efficiency (often Class A).
- Developer Guarantees: Developers provide warranties on their properties, protecting buyers from unexpected repair costs in the first year of operation.
- Layout and Design: New developments offer modern layouts and design solutions that reflect the latest trends in architecture and interior design. This often includes panoramic windows and large terraces.
- Infrastructure: New residential complexes are usually equipped with all necessary amenities for comfortable living, including parking spaces, swimming pools, fitness centers, and secure areas.
Main Stages of Purchasing Property
The process of purchasing a new property from a developer involves several key stages:
- Property Selection: The first step is to determine the type of property and its location. Larnaca offers a wide range of new developments, from modern apartments to spacious villas. It’s important to consider proximity to beaches, schools, shops, and other amenities.
- Legal Due Diligence: Before closing the deal, conduct a legal check of the property. It is recommended to hire an experienced lawyer to review all documents and conditions of the sale agreement.
- Signing the Contract: After selecting the property and negotiating with the developer, a reservation agreement is initially signed, followed by the main sale contract, with the first payment usually around 20% of the property’s price. The contract must be registered with the Land Department of Cyprus.
- Payments to the Developer’s Account: The remaining amount is paid in installments as construction milestones are completed. The final payment is made before the property is handed over.
Prices for New Developments in Larnaca
Prices for new developments in Larnaca vary depending on location, property type, and features. In 2024, the average prices for apartments and houses in new developments are as follows:
- One-bedroom apartments: from €120,000 + VAT
- Two-bedroom apartments: from €170,000 + VAT
- Three-bedroom apartments: from €250,000 + VAT
- Villas and townhouses: from €400,000 + VAT
Popular Areas of Larnaca
Larnaca offers various districts, each with its unique features and advantages:
- Mackenzie: One of the most popular and vibrant districts in Larnaca, known for its beautiful beach, numerous restaurants, bars, and entertainment venues. Modern apartments with sea views are available here, making this area ideal for those who enjoy an active lifestyle and proximity to the beach.
- Finikoudes: Located along Larnaca’s main seafront, this area is the heart of the city’s life, with cafes, shops, historical landmarks, and hotels. Housing in this district is in high demand due to its excellent location and stunning sea views.
- Oroklini: This area is located slightly north of Larnaca’s center and offers a tranquil atmosphere. It features both apartments and houses with beautiful mountain and sea views, making it popular among families for its good schools and kindergartens.
- Livadia: A developing area in Larnaca that attracts attention with its new residential complexes and infrastructure. Livadia offers more affordable housing compared to central districts and is an excellent investment option.
- Dhekelia: Known for its luxurious villas and cottages, Dhekelia is perfect for those seeking privacy and a high level of comfort. It is home to many international schools and private medical facilities.
Benefits of Living in Larnaca
Larnaca offers a high quality of life, thanks to a combination of modern amenities and rich cultural heritage. The city is famous for its beaches, where you can enjoy the warm climate almost all year round. Larnaca also offers a wide range of restaurants, cafes, and shops, making life here comfortable and diverse.
The city is well-connected to other parts of the island thanks to its international airport and well-developed road infrastructure. This makes it easy to travel and explore other regions of Cyprus.
Purchasing property in a new development from a developer in Larnaca in 2024 is a profitable and promising investment. The city offers excellent living conditions, including high-quality infrastructure, convenient transportation, and scenic natural landscapes. By following the steps outlined above, you can successfully acquire property and enjoy all the benefits of living on this beautiful island.
