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Buy Abroad News

03 Dec 08

Larnaca Property Market

--- Plenty has been written about the fall in property prices and rental returns not stacking up as they used to.

However there is one bright spot on the horizon and that is the Larnaca property market where continued high demand for good rental property has seen investors having little trouble in renting out their property particularly when it is centrally located in and around the commercial areas of Larnaca.

Property that was purchased two years ago is now coming up for completion and the timing could not be better with eager renters actively looking for apartments and villas in close proximity to the centre of Larnaca.

So why Larnaca over say Paphos or Limassol?

John Reilly from Buy Abroad commented, "Many of our clients who invested in the Cyprus property market chose Larnaca. With the work being done at the moment on the new airport terminal and the planning of the proposed marina and golf course, we have seen a steady increase in workers from outside of Larnaca looking for good rental accommodation. This in turn has driven demand and in some cases we have seen competition from tenants to rent the best apartments."

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