Cyprus has been a popular Mediterranean destination for UK property investors for some years. It remains so,and investors are looking for ever-better bargains.
Things to look for are:
•low deposits
•100% financed options
•low interest mortgages
•long-running guaranteed rental schemes
The Views at Pyla is 15 minutes from Larnaca town,and 20 minutes from the airport. Set on an expansive plot in a quiet residential area between the popular villages of Oroklini and Pyla,The Views is just five minutes drive from the Dhekelia seafront with its beaches,bars and restaurants. The development is due for completion in October 2009.
The Views at Pyla consists of four small apartment buildings,with a total of 58 luxury apartments. There are two-bedroom penthouses with large verandas,eight ground floor two-bedroom apartments,16 two-bedroom and 26 one-bedroom apartments on first and second floors. There is covered parking underneath the four blocks which will stand on columns and the extra height helps to enhance views of the surrounding area.
There are a combination of one and two bedroom luxury apartments over three floors in each block. On the ground floor the spacious apartments lead out to the swimming pools through private landscaped gardens. All apartments are designed to overlook the pools towards the sea. The stunning two bedroom penthouses also benefit from en-suite bathrooms and large south-facing terraces with stone barbecue areas,for private entertainment.
In the Larnaca district the government has plans for around four billion euros of investment over the next five years. The plans include an international airport due to open in 2009,a port suitable for cruise ships and an upgraded and extended marina. There are also plans for a PGS Signature golf course at Tersefanou,with a five-star hotel and country club and superb facilities and amenities.
At The Views,the required deposit is only 10%. The project also benefits from a 10-year insurance backed guaranteed or variable rental scheme and property management agreement.
The Pyla Village resort in Larnaca,Cyprus is a beautiful holiday complex of luxury,self-catering apartments. I stayed in one of their 1 bedroom,ground floor apartments with a private swimming pool for 10 days last year and had a great time,I would recommend it to anyone.
The owner of the apartment arranged everything via his management company BMS Travel so that we could stay their hassle free. Basically the management company called me up after I expressed my interest in using his apartment and arranged my flights,car hire and even gave me a direct contact on the ground in Cyprus should I require any assistance whilst using the apartment.
The property is located in a quiet and picturesque village called Pyla,just ten minutes drive from central Larnaca. It remains far enough outside the boundaries of the town that I could enjoy the local atmosphere and amenities that this traditional village has to offer yet only 2 miles for the beach meant I had the best of both worlds.
If I was to rent in Larnaca again or recommend a luxury apartment in Cyprus I would definitely point people in the direction of Pyla. The development,Pyla Village,was fresh and clean,the people were friendly and we benefited from an onsite pool area and tennis court,local shops,tavernas and restaurants and basically enjoyed the whole experience.
The beach nearby is a blue flag CTO beach and pretty much the best in Larnaca bay,it stretches for a few miles with clean sands and clear water and has multiple parades of bar,shop,restaurant all the way down to Larnaca town.
In all,we enjoyed our stay thoroughly and the price was very reasonable considering the high standard of furnishings within the apartment and everything else the resort had to offer.
Overseas property investment has historically yielded great returns for investors,but with the global credit crunch taking its toll,investors are now seeking new emerging property markets to maximise their returns over the next five to ten years. One of the most exciting places for investors at the moment is Larnaca,Cyprus.
Cyprus is a diamond in the rough as far as Mediterranean holiday destinations go. It has an established tourist and expatriate market that has been growing steadily for the last 40 years under the radar of EU investment.
When Cyprus joined the EU in May 2004 they were granted 6bn Euros to fund the development of the island’s infrastructure including improved roads and airport expansion,but also to grow its tourism industry from 3m visitors per year to 10m.
The bulk of this funding will be injected into the city of Larnaca on the south east coast of the island and will include a new airport,attracting new budget airlines such as Easyjet and Monarch. A PGA golf course just a few kilometres from the town and a luxury 750 berth marina which will replace the old oil refinery,all of which will transform Larnaca into a cosmopolitan holiday destination.
Over the last three years demand for property has increased by an average of 15-20% per annum. This will continue with EU membership as people from the land locked central European countries,which are also destined to become member states,are expected to look for second homes on the island (Source: FT World Report)
For investors looking for healthy capital growth over the next 5 years Larnaca is definitely a location worth considering.
Wherever there’s golf and sun there is also money in property. Perhaps that’s why Larnaca in Cyprus is causing a stir amongst property speculators and holiday home investors alike. A new golf resort in the Larnaca area of Cyprus has been extensively talked about over the last few years. These ambitious proposals also include the building of a new super marina suitable for luxury yachts and a whole host of associated development. As the countries economy continues to grow investors are enjoying a new confidence in Cyprus with some grand projects already under their belts. The Islands capital Nicosia continues to develop at a rapid pace and the recent building of it’s first shopping mall including the Ikea store bears testament to investor confidence in the Island. In fact the climate now appears ideal for further bold investment.
The influx of foreign money generated by the Cyprus property boom has been a major contributing factor to this optimistic view for sure. However this new wealth has created a large amount of disposable income and those that have it are looking for places to spend it.This has created the demand for European shopping centers like the Cyprus mall and improved leisure facilities such as golf. Some observers are predicting the building of more shopping centers in the principle towns and further investment in golf property. Larnaca therefore would look set as the ideal location for both. It’s close proximity to the Islands principle airport coupled with ease of access to the rest of Cyprus strengthens this argument even further.
Larnaca property is not the most expensive in Cyprus right now but of course all that could change very quickly. Once golf arrives in an area prices tend to increase rather quickly and tardy investors often find themselves left behind. The trick is to pre empt the market and buy property before any plans for leisure complexes or major infrastructure changes are rubber stamped by the planing authorities. This is of course a highly risky business but that’s why so much profit is made from such speculation by savvy investors. Even those looking to buy a holiday home for themselves could edge their investment bets by purchasing in Larnaca as apposed to other parts of Cyprus. The resort area of the town is after all a beautiful location for that dream home in the sun.
Anyone who has visited Cyprus a few times in recent years can see just how fast the Island is developing not just in terms of residential building work either. Many of the larger chain stores are opening outlets and foreign investment continues to pour in. The new generation of Cypriots have seen what the rest of Europe enjoys and they want a piece of it for themselves. The battered pick up trucks are giving way to the likes of Mercedes and BMW whilst the marinas are filling up with luxury power boats. There is new money in Cyprus which in turn is attracting plenty more of the same. Larnaca and other resorts in Cyprus could be perched on the crest of a second much larger investment wave.
No one can accurately predict how the economy will perform in the future but leisure and property have always yielded long term sustainable growth. Larnaca could soon be at the center of one of the most lucrative phases of the Islands recent history with the heady mix of golf,sun and holiday property. So if you are looking for that dream home in the Cyprus sun it may be that Larnaca property is just what you are looking for. The other positive factor of the golf equation is that it could turn a summer only holiday resort into an all year golfing centre. This would likely have the knock on effect of putting the town on the map as the East coast’s all year resort just as golf did in the paphos area. Maybe it’s time to consider making your investment in Cyprus Larnaca property.
Larnaca in Cyprus could be described as the resort with everything. It’s a major municipality,a town and a holiday resort all rolled into one. It’s also home to the Islands main airport and and boast a great selection of shops too. Add to that a pretty marina along with Cyprus’s main port and Larnaca certainly appears to have plenty to offer holiday makers and residents alike. That’s before we get started with the historic buildings including a medieval fort and several other listed buildings. There are also several modern industrial estates on edges of the district and a thriving commercial center too. There’s a modern promenade thronged with trendy sea front cafe bars,restaurants and the obligatory fast food chains for the youngsters.
The beach at Larnaca is one of the best in Cyprus and is actually man made though you wouldn’t have guessed so. Most of the restaurants and cafes run opposite the beach making them the ideal place to relax whilst taking in the superb view. It’s a nice stroll from Larnaca marina at one end to the ancient medieval fort at the other. Across the road from the marina is a small public gallery and a beautiful paved area built around an ornamental fountain. Some of the buildings in Larnaca are centuries old and many of them have been painstakingly restored to their former glory. A short walk to some of the quaint back streets behind the main promenade will reveal many more that are still awaiting renovation.
The history of Larnaca stretches back further than any other part of Cyprus and the town has been continually occupied since the bronze age. The town is built on the ancient site of Kition which was in fact once the capital of the whole of Cyprus. Legend has it that the original city of Kition was founded by the grandson of Noah and the biblical connections don’t end there. The church of saint Lazarus in Larnaca square is actually named after the same Lazarus that Jesus raised from the dead. The legends say that after his resurrection Lazarus traveled to Cyprus where he became the Islands first Bishop. The church is actually reputed to have been built over his tomb and visitors can go down into the tombs below the building. Like most of the churches in Cyprus Larnaca church is beautifully adorned with icons and intricate decor.
Ideally situated only a few kilometers from the airport the town has become a thriving vibrant community. In 1974 following the Turkish invasion and subsequent occupation of the North of Cyprus Larnaca offered to accept 40,000 refugees. These displaced persons tripled her population to a then 65,000 inhabitants. With great motorway links to all the coastal resorts and the capital Nicosia the town is perfectly located for those wishing to visit the Islands many places of interest. With the recent boom in holiday home purchases Larnaca has also become something of a property hotspot. The fringe coastal villages such as Oroklini make ideal settings in which to own an apartment or villa and the prices are still quite reasonable compared with other parts of Cyprus. In fact many locals are selling up and buying villas in such places due to their out of town exclusivity which in turn is creating some prime locations.
With so much going for Larnaca it is no surprise that it is earmarked by many to be the next Cyprus property boom area. With this in mind many speculators are investing in off plan purchases on these new developments. They plan to profit from the rising market by selling when the developments are completed. The speculation is being further fueled by the proposals of a larger modern marina for the berthing of luxury yachts and a possible golf development. Golf sun and property are part of any speculators mantra so this is bound to affect values. If the area didn’t have more than enough to offer already these new proposals could turn it into an investors dream come true. So maybe if you are looking to invest in a place in the sun you should take a look at Larnaca Cyprus.
Anyone thinking of investing in Larnaca should consider the development of luxury apartments in this south-eastern region of the island. Ranging from compact studio apartments to sprawling penthouses there is plenty of choice no matter what your budget.
Larnaca could be misinterpreted as an industrial town and on first impressions doesn’t always impress. The large port and disused oil refinery are an eye sore and the outer areas of the town need some attention.
However Larnaca is going through a period of change,huge investment by the European Commission has meant investment into the towns infrastructure including new motorways,airport terminal,PGA Golf Course and a 750 berth marina with 120 retail units. All coming in the next 5 years.
The government in Cyprus plan for Larnaca to be THE tourist hotspot for the island and they certainly have the plans in place to achieve it.
So back to the apartments…
Apartments in Larnaca can be bought for a relatively low investment and recent changes have allowed non-Cypriot residents to obtain local mortgages and buy their properties on a freehold basis. With Larnaca’s average house price being one of the lowest in Europe and with 6bn Euros worth of investment being plowed into the island it makes for an attractive combination of high capital growth and strong re-sale value for Larnaca Apartments.
It is worth bearing in mind that the Cypriot Government are imposing strict development restrictions to curb market saturation and prevent any adverse affects on the property market,citing long term growth and healthy returns for investors.
Larnaca,located in the stunning south east corner of Cyprus is currently undergoing an expansive redevelopment phase funded by just over 3.5bn Euros. Double digit growth is predicted in the property market in Larnaca and this makes investment in off-plan property in the region extremely attractive.
So what is the “double digit” growth actually based on?
Recently valuations by Alpha Bank,Cyprus’ second largest bank have shown a 20%+ increase in property values around the area,especially in village of Pyla,where there is current UK investment in off plan property.
These figures are based on the predicted increase in tourism and the redevelopment of the islands infrastructure to cope with demand. Planning restrictions for development density also mean that market saturation,like we have seen in Spain over the last few years,will be avoided which maintain property prices over the coming decade.
Three key points to note are the development of the first PGA managed Golf Course on the island just minutes drive from Larnaca,the redevelopment of Larnaca’s oil refinery into a 750 berth marina with 120 retail units including bars,restaurants and shops and the construction of the new airport terminal which on its completion in November 2009 will see the introduction of budget airlines such as Monarch and Easyjet enter the market making Cyprus an affordable yet upmarket mediterranean destination.
Unlike most of the other countries that have entered the EU recently such as Bulgaria,Cyprus already has an established expatriate and tourist base. Coupled with the fact that the average house prices in Larnaca are some of the lowest in the Euro zone,it promises to give a healthy return to any property investor who takes advantage of the market sooner rather than later.
Many people follow the misconception that overseas property investment is complicated and risky due to lax planning laws and problems with land/property ownership as we have seen in areas of Spain and Italy,however Cyprus has imposed strict licencing and planning restrictions meaning that not just anybody can buy land and build on it. The main plus point that should put would be investors minds at rest is that Cyprus has the same lad registry system as the UK where title deeds are registered and held documenting legal ownership. The other major factor for investors to consider is that land and property can be purchased on a freehold basis making ownership definite and investment secure.
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.
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May 13, 2009 3:09 am | 
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