Cyprus - Investment in Larnaca
Property prices in Larnaca,Cyprus rose nearly 20% in 2007 due to the prospect of lower interest rates anticipated by joining the Euro. Now with European funding heavy investment into Larnaca’s infrastructure and tourism will see growth of this magnitude continue over the coming years. A fantastic time for any investor to consider Larnaca as a strong medium term investment.
The new Larnaca airport in which Easyjet have bought landing rights for is due to be completed in December 2009,ahead of schedule,allowing for increased volumes of tourists and expansion of cheap flights.
The PGA managed Golf Resort,due to be complete January 2010,includes hotels,restaurants and a spa and in response to the development a new desalination plant will be constructed to produce a further 4,000 tons of clear water from the sea each day,to cope with demand in Larnaca.
Work on the spectacular new 750 berth marina has started and will continue until 2012,there will be 105 shops,office and 70 restaurants including bars and clubs which will add a significant economic boost to Larnaca and the surrounding areas.
With the influx of investment,growth in tourism and the restrictions on the number of residential developments within Larnaca demand will outstrip supply pushing house prices up further over the next 3-5yrs.
With deposits for current off-plan developments as low as 20%,paid over the build period,and mortgages now available to non-Cypriot residents,UK property investors have the opportunity to take advantage of Larnaca’s strong anticipated growth.
The already healthy rental market in Cyprus also means that investors can enjoy the benefits of a long term investment as well.
Tags: cyprus, investment, Larnaca
Uncategorized | admin | 
December 22, 2008 3:07 am
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