In a recent report by Cyprus-based real estate platform INDEX.cy, Larnaca has been highlighted as the prime destination for investors and homebuyers in the Cypriot real estate market. The analysis, which included over 4,200 real estate listings, points to significant investment opportunities, particularly in light of the low deposit interest rates that are driving investors towards higher returns.
The data shows a striking 36% price difference between new and pre-owned properties in Larnaca, with new real estate averaging €3,619 per square meter and pre-owned at €2,289 per square meter. These figures include the 19% VAT on new assets and the 4% Transfer of Title Fees for pre-owned properties. This substantial discount on pre-owned properties not only makes Larnaca an attractive investment option but also an ideal place for those looking for a new home.
While Larnaca leads with the most significant price contrast, other regions also show notable differences. Limassol has a 25% price difference between new and pre-owned properties, followed by Nicosia, Paphos, and Famagusta with 27% and 21% respectively.
The findings are based on a robust sample size of 24,773 new properties and 4,539 pre-owned ones, providing a comprehensive view of the market landscape. INDEX.cy’s insights highlight Larnaca’s growing importance in real estate transactions and its potential for both investment and residential opportunities.
Anton Karbanovich, the founder of INDEX, commented on the evolving real estate landscape, noting the emergence of a ‘flipping sector’ similar to trends in the US and central Europe. An increasing number of investors are buying pre-owned properties, renovating them, and selling them for a profit. Karbanovich emphasized Larnaca’s standout position in this market, particularly within the residential segment.
As the real estate market continues to adapt to global trends and local dynamics, Larnaca is increasingly recognized as a new hub for real estate endeavors. The report by INDEX.cy underscores the city’s unmatched potential for both profit-driven investors and individuals seeking their dream homes.
