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 Three bedroom, detached house for sale in Krasa area, Larnaca.
The property comprises of:
Separate kitchen / dining area
Large living / sitting room
Three double bedrooms (master bedroom features an ensuite shower room and walk in wardrobes)
Family bathroom
Guest w/c
Utility room
Verandas
Storage room
Covered garage
Mature gardens
Covered area of 290sq.m
Plot size of 531sq.m
Built in 2003
The home also features:
Airconditioning / heating units throughout
Central heating
Alarm system
Double glazing windows
Title Deeds available.
Krasa is a much sought-after residential area which is just five minutes drive from Larnaka centre. All necessary amenities, including shops, banks and pharmacies, are within walking distance.
Larnaka is an attractive and quiet city which is the same all year round unlike many other areas of Cyprus, which tend to be very busy during the summer months and extremely quiet during the winter. Its famous Palm Tree Promenade and marina ensure a picturesque coastline and Larnaca boasts many of the most appealing beaches in Cyprus. Its central location means that other cities and popular areas of Cyprus are within easy reach – Nicosia, the country’s capital, is less than 45km away, and Limassol and Paphos are approx 60km and 120km distance.
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How does the current Economic Crisis affect the Cyprus Real Estate Market
With banks collapsing, property values decreasing and a European recession looming, it is the general consensus that challenging times lie ahead. What does it all mean for the Cyprus property market and what does the future hold?
Investments in Real Estate had always been very favorable in the preferences of Cypriot Investors. People trust Real Estate and acknowledge that over the years this is the only investment that cannot be taken away from its owner. Even the banking system accepts that Real Estate is the best collateral for the borrower’s obligations. This coupled with the fact that rental income in Cyprus gives a return on investment between 3% and 6% makes investments in Real Estate an attractive option. The justified mistrust to shares, bonds and bank deposits is another reason for investors who choose to place their savings in Real Estate.
There is no doubt that the property market in Cyprus has been suffering the last 3 years due to a number of factors, such as Cyprus joining the Euro in January 2008, the strength of the Euro against the Sterling and of course the global economic crisis. As a result we have seen a reduction in property values but this reduction was very small where the investors chose the right property in the right location after a good market research and with the assistance of a professional licensed estate agent. The Global History has taught us that the only viable and stable investment is the investment in Real Estate and the recent economic crisis and vast haircut in bank deposits that people suffered overnight recently in Cyprus confirms once again that people should place their life’s savings in Real Estate.
Despite what the Eurogroup likes to think, this wrong decision taken regarding Cyprus will affect the whole of Europe and its banking system. People no longer trust the banks and they will look to place their savings and or investments elsewhere. Real Estate is the obvious option.
Taking all the above into consideration the fact that foreign people are attracted to Cyprus and all that it has to offer in terms of the climate, lower taxes and cost of living and relaxed way of life it is not all doom and gloom as far as the Cyprus Property Market is concerned.
Christiana Alexandrou
Licensed Estate Agent
Managing Director of Cyprus Dream Homes
Calls for Serious Cyprus Investment Consideration
The Cypriot Real Estate market has been displaying excelent investment opportunities taking advantage from the recovery of the economy.
Cyprus has been a full member of the EU since 2004 and is the only country within Europe offering a geographical link between Europe and the Middle East with excellent bilateral relations within the region.
Cyprus within Europe has the most favorable tax incentives of all kinds of businesses that decide to establish themselves here. They can enjoy the lowest rate of corporation tax within the EU not to mention the large number of double-taxation treaties that Cyprus has worldwide.
Professional service ranks amongst the best in the world, infrastructure is near perfect, albeit developing further.
Cyprus entered into the Euro zone in 2008.
Looking at property in Cyprus as an income-generating asset, you should know that current income returns are between 5% and 8%. This percentage may be higher depending on location, quality of construction and the type of property.
The Cyprus propertymarket gives you great opportunities to invest. Both capital and income returns are something that you will find fascinating in this part of the world. Cyprus is without a doubt the big success of the new EU states.
We, at Cyprus Dream Homes can give you sound and practical advice on purchasing property in Cyprus by drawing on our long experience in the Cyprus real estatemarket. We can advise you on the right kind of property to buy whether it be for personal use or to rentals out. We get many clients who buy from us purely for investment purposes and we help them to purchase the right villa or apartment to rent out in Cyprus. |
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