Larnaca designated as city with best investment opportunities
The real estate platform INDEX designated Larnaca as Cyprus’ key destination for investors and homebuyers in the real estate market, based on a recent analysis. This analysis, derived from over 4,200 real estate listings on INDEX, showed a 36 percent price discount on pre-owned properties compared to new ones in Larnaca, with the median price per square meter for new real estate at €3,619 and for pre-owned properties at €2,289. The analysis considered 19 percent VAT for new assets and 4 percent Transfer of Title Fees for pre-owned ones. Differences in pricing between new and pre-owned properties were also noted in other regions, such as Limassol (25 percent difference), Nicosia (27 percent), Paphos (27 percent), and Famagusta (21 percent), based on an analysis of 24,773 new properties and 4,539 pre-owned ones. The report highlights Larnaca’s attractiveness for investment and residential opportunities, with a growing trend of buying and flipping pre-owned properties for profit.