Apartment prices in Larnaca have risen by up to 30%. Owning a home is becoming increasingly difficult to obtain.

Housing prices in Larnaca are rising, and purchasing a home is becoming increasingly difficult for local families. Real estate agents estimate that property prices have increased by 20–30% in the past two years. New properties within the city limits cost an average of around €4,000 per square meter, while in Mackenzie, prices reach €6,000.

Renting is also becoming more expensive. Approximate monthly rents are €600–700 for a one-bedroom apartment, €700–800 for a two-bedroom unit, and €900–1,000 for a three-bedroom unit. Some residents are looking for cheaper options outside the city, but the price increases are also affecting surrounding towns.

Apartment prices in Larnaca are becoming a growing barrier

Larnaca has long attracted those seeking properties cheaper than those in Limassol. However, growing demand and the development of new developments mean that this difference no longer guarantees easy access to private housing.

The 20–30% increase indicated by intermediaries concerns the last two years. This is an assessment by market representatives, not a uniform increase in the price of each apartment. Location, building age and standard still matter.

Signs of stabilization are emerging in the city itself. The situation is different on the outskirts and in nearby towns, where price pressures continue.

This includes Kiti, Pervolia, Tersefanou, and Alethriko. Those looking for a cheaper alternative there are also facing increasingly higher prices.

Mackenzie is the most expensive. By the sea it may be even more expensive.

According to industry estimates, new properties within Larnaca cost on average around 4,000 euros per square meterIn Mackenzie, rates are around 6,000 eurosThe limited availability of properties in this seaside location is a significant factor.

Prices also remain high in the city center and around the Church of St. Lazarus.

Selected investments in areas of former oil industry installations may be even more expensive. Some of the planned seaside projects have preliminary rates ranging from 10,000 euros per square meter.

These are indicative prices for selected future investments. They do not represent the average cost of purchasing an apartment in Larnaca as a whole.

Poles are also among the buyers

Demand is generated by both Cypriots and foreign buyers. Israeli and Lebanese buyers account for a significant portion of the market, but agents are also seeing interest from other Europeans.

Among the buyers are the French, Italians, Germans and PolesSome are looking for a place to live and work, others consider real estate as an investment.

Larnaca attracts residents with its seaside access and proximity to the international airport. However, for local families, growing interest in the city means increased competition for available apartments.

How much does rent cost in Larnaca?

One bedroom

600–700 €

monthly

Two bedrooms

700–800 €

monthly

Three bedrooms

900–1000 €

monthly

Rates are approximate. Rents may be higher in newer buildings and beachfront properties. Bedrooms do not include living rooms.

The number of bedrooms does not indicate the total number of rooms – the living room is usually an additional room.

These ranges don't cover every listing. Newer apartments, beachfront properties, and higher-end properties can cost significantly more.

Industry representatives do not currently anticipate a widespread wave of rent increases. However, those renewing older leases at lower rates may feel the impact.

The city is preparing apartments with affordable rent

Larnaca authorities acknowledge that housing availability is a growing problem. Solutions being developed include affordable housing and student accommodation.

One of the concepts involves a land exchange with the Kition bishopric in the area of the new GSZ stadium. The acquired land would be used to build apartments for rent on more favorable terms.

These are plans, not a ready-made offer for residents. Their implementation requires funding and cooperation with the state. For now, those seeking housing must contend with current prices both in the city and its surrounding areas.

Source: Phileleftheros