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Reasons to invest Larnaca

Reasons to invest Larnaca New and exciting developments planned for Larnaca are sure to increase demand for properties in Cyprus, read what the plans are and start to make your investment in the region now, could this be the next big expansion…….. contact us now for more information on properties for sale in Larnaca
MULTI-MILLION plans involving 15 ambitious development projects, which promise to change the face of Larnaca are in the works over the next five years, the town’s tourism board announced.
“Over the next five years Larnaca will acquire a new upscale image, making it as a very significant tourist destination with excellent infrastructure, superstructure and quality services with facilities for locals and tourists,” said Larnaca Tourism Board chief Dinos Lefkaritis, who is also president of the Larnaca Chamber of Commerce.
“These projects are expected to create a new dynamic,” Lefkaritis however stressed the need for project deadlines to be kept for the huge five-year undertaking to be achieved.
Larnaca has for years been in many respects ‘tourism‘s underdog’ as most tourists saw it simply as the town where the airport was located rather than a tourist destination in its own right.
But the tourism board which is made up of interested parties such as the Chamber of Commerce, the Cyprus Tourism Organisation, the Cyprus Hotels Association and the Association of Cyprus Travel Agents among others, yesterday launched a the new brochure setting out 15 new projects that will be implemented over the next five years.
“Although Larnaca has always offered plenty to both its residents and visitors, this is being further enhanced with a host of changes the town has recently undergone and will undergo,” the board said in its announcement.
“Big investments such as the new international airport and the creation of three town squares – amongst others – have been a welcome addition, but Larnaca has even bigger plans. Thanks to these changes, Larnaca’s future has never looked brighter.”
The projects include such well-known developments as the new marina with some lesser known projects such as the revamp of Piale Pashia, a walkway between Pyla and Voroklini and an environmental centre at the Salt Lake,
A spokesman at the board was yesterday reluctant to put a figure on the total cost of the 15 developments. “Some are just approximate budgets and for others the budget has not been worked out yet,” the spokesman said. However it is known that the marina project alone could come in at over €80 million.
The Larnaca Tourism Board was established in 2008 to promote Larnaca as a tourist destination and to offer new initiatives to attract visitors. “The Larnaca Tourism Board has been working tirelessly to upgrade Larnaca and its services since its inception, and with so many positive changes on the way, it won’t be long before this already-popular destination becomes a firm favourite for all,” the board said.
The 15 projects are:
Marina: Expansion to accommodate up to 900 berths, luxury villas, a 5-star hotel and commercial and recreation areas with plazas, shops, dining, promenades and parks.
Completion Phase 1– 2015, Full – 2020
Piale Pasha: The coastal road from the Medieval Castle towards McKenzie), will become more pedestrian friendly and attractive with a cycle lane, walkways, new lighting and a green area.
Completion 2013
Olympic shooting range in Klavdia village: Four combined Olympic trap-skeet-double trap, one separate skeet, one separate trapdoubletrap layout and 10 – 12 layouts for sporting and kompak shooting, hosting major competitions and European training.
Completion 2011
Golf course at Tersefanou: International standard, 18-hole par 71 golf course will have water features and will boast Cyprus’ only PGA. The Academy will provide state-of-the-art technologies and instruction. It will also boast an elevated clubhouse, spa and banqueting and conference facilities.
Completion 2014
Removal of Oil Refineries: The road from Larnaca city centre to the tourist region of the Larnaca-Dhekeleia Road will undergo regeneration with the removal of the oil refineries and new area upgrades that will provide an extra 3km of beach.
Completion 2014
Completion of Larnaca-Dekeleia Road: Phases C and D of roadworks along the Larnaca-Dekeleia Road will see the roads in the areas of Voroklini and Pyla completed. The road will be modernised with the creation of walkways, cycle paths and green spaces.
Completion 2014
Excavations at ancient Kition: The tennis courts will be relocated so that further excavations can commence and the site will become an archaeological park along with the archaeological museum.
Completion 2013
McKenzie Sports Complex: An attractive and convenient place for training sessions and matches for both local teams/athletes and those from abroad. Facilities will include a football and track field, three football pitches, 10 tennis courts, a café and changing rooms with showers and toilets.
Completion Phase 1– 2012, Full 2015
Alethriko Tennis & Sports Centre: New sports village whose focal point will be a 5,000-seater professional tennis court – as approved by the International Tennis Federation for world-class tennis tournaments like the ATP 500 and the WTA. There will also be a tennis academy and facilities for hockey, basketball, mini football, volleyball, boxing, Olympic standard gymnastics and ice-skating.
Completion 2014
Pedestrian walkway Pyla-Voroklini. The two tourist areas will be seamlessly joined with a single 5.5 km seafront walkway for pedestrians to enjoy a scenic stroll right alongside the sea, spanning the distance from Mer Bleu to Larnaca city limits.
Completion 2013
Voroklini open-air amphitheatre: A traditional open-air amphitheatre to host all types of events and entertainment. Built at the foot of the mountain, it will seat 1,100 spectators.
Completion 2014
Lefkara conference centre: To be built in the traditional architectural style of the village, the centre will serve as a multi-purpose venue with the capacity for 300 people.
Completion 2012
Environmental centre, Salt Lake: The new information centre will provide visitors with information on the different types of flora and fauna that live in the salt marshes and wetlands, and will help to preserve the importance of this natural treasure.
Completion 2013
Skarinou environmental education centre: Based in the hillside village, the centre will educate and inform visitors about Larnaca district’s mountainous villages and their natural beauty. It will also promote visits to these areas and ensure their protection by making people aware of their significance.
Completion 2013
Larnaca Cultural Walk: Larnaca will offer tourists three new walks that take in the town’s various attractions, all with comprehensive signage.
Completion 2011

Is it safe to buy in Cyprus

THE Sale of Land (Specific Performance) Law has helped to protect the rights of property purchasers for some years as the act of depositing a contract of sale at the Land Registry effectively prevented the vendor from selling the property in question to someone else or changing his mind about the sale.   Return to faq’s

It has long been recognised that the Island’s current Specific Performance law has a number of problems that enable unscrupulous vendors to exploit their position. For example, there is no obligation on a vendor to repay any existing mortgage that he may have on a property or from rescheduling or extending those mortgages. This problem has resulted in many thousands of people buying property on land that a developer has mortgaged and who face the very real threat of losing their homes as a result of a developer becoming bankrupt or a mortgagee foreclosing.

To alleviate the problems with the current law, a new law entitled ‘The Sale of Immovable Property (Specific Performance)’,  N81(I)/2011, has been approved by parliament and will shortly come into force. The new law, which contains significant changes designed to help protect those buying property and assist them to secure their Title Deeds, came into effect on 29th July 2011

New legal provisions/safeguards

Some of the key points of the new law are noted below:

  1. A contract of sale for a property can be deposited at the Land Registry within 6 months from its date of signing to ensure the buyer’s right to become its registered & legal owner. (Before this had to be done within 3 months).
  2. Any term in a contract of sale that prevents it from being deposited at the Land Registry is void ab intio (from the beginning). So if a buyer is required to hand over a deposit or any sum of money for the purchase of a property and there is a term in the contract that prevents it from being deposited at the Land Registry until that money is paid, this is illegal and the buyer can file his contract immediately without constraint. (It is quite common for vendors to demand 20% or 30% of the purchase price on signing a contract to secure the agent’s fees).
  3. A vendor of a property is required to deposit a buyer’s contract of sale at the Land Registry before he encumbers that property with (for example) a mortgage.  This is an important change to the law which will now recognises that a buyer has a better right over the property if he has signed a contract of sale as it requires the vendor to deposit that contract before mortgaging the land.
  4. Should a vendor fail to comply with the above he will have committed a criminal offence and will be liable to a prison sentence of up to two years and/or a fine not exceeding €5,000.
  5. In circumstances where a property is sold that is already mortgaged, the buyer may pay a proportion of that mortgage to the mortgagee (usually a bank). The mortgagee is required to accept this – and the buyer’s contract of sale, having been duly lodged at the Land Registry, will take precedence over that mortgage regardless of whether the whole amount of the mortgage has been repaid. Furthermore, the vendor cannot intervene in this arrangement.So if a person purchases a property for (say) €200,000 and it is discovered subsequently that the land is mortgaged for €8,000,000, that person may pay the mortgagee €200,000 (or any smaller sum that is proportionate to the value of the property purchased). So in future, buyers will not be called on to pay the purchase price of the property and the debts of the vendor.

    However, for contracts that have already been lodged at the Land Registry when this law comes into force, the above arrangement can be made providing that both the vendor and mortgagee give their written approval.

  6. The encumbrance that is created by depositing a contract of sale at the Land Registry for Specific Performance secures each sum that the buyer pays towards its purchase price. So if the buyer has paid €200,000 to the mortgagee or the developer (see point 5 above) then that sum is secured against the property he has bought – or to the whole of the land if a separate Title Deed to that property has not been issued. In essence, the contract lodged at the Land Registry is regarded as a mortgage in favour of the buyer giving him the extra security of a secured creditor.
  7. In any legal action for Specific Performance brought against the vendor by the buyer, the Court may decide to award damages for breach of contract rather than a Specific Performance order. In such cases the contract of sale that has been lodged at the Land Registry acts as a mortgage in favour of the buyer to the value of the awarded damages.If a buyer is awarded damages under the current legislation, it is lodged as a ‘memo’  at the Land Registry and goes to the back of the queue behind other possible claimants such as suppliers, contractors, subcontractors, agents and any other unsecured creditors.

    But now that the buyer’s contract of sale is viewed as a mortgage and seemingly holding all the rights of a secured creditor, much like a bank, the buyer’s power to liquidate the immovable asset and seek its liquidation through the Court will be easier under the new law.

  8. Under the present law, a buyer can only sue for Specific Performance once a Title Deed for the property he has purchased has been issued. However under the new law, a buyer can file a single action for Specific Performance – and in that action he may also request the issue of orders enabling him to undertake all the measures necessary to secure the required permits, licences, approvals, so that a separate Title Deed may be issued in his favour plus an order for any costs he has incurred.
  9. The Court may issue a Specific Performance order in favour of a buyer even through there is a pre-existing mortgage on the development. However, the Court will only issue such an order if the buyer has paid a proportion of the debt to the mortgagee (see paragraph 5 above). Under the present law, a court cannot issue such an order unless the whole of the mortgage has been repaid and the mortgagee gives his consent.
  10. Any contracts of sale that were signed and that have not been lodged at the Land Registry may be filed within six months from the 29th July.So if a buyer signed a contract of sale in 2005 and failed to file it at the Land Registry, he now has a 6 month window of opportunity to do so.

Cyprus Information

Cyprus entered the Euro currency in January 2008 which brought interest rates in line with Europe providing mortgages at fantastic rates. Being a full member of the E U Cyprus is considered to be a property hotspot with good investment potential.Cyprus entered the Euro currency in January 2008 which brought interest rates in line with Europe providing mortgages at fantastic rates. Being a full member of the E U Cyprus is considered to be a property hotspot with good investment potential.

NOW is the time to buy, there are so many bargain properties for sale in Cyprus, start your enquiry now by contacting us, after all you have nothing to lose, our services are free to you with no obligation whatsoever.

 You should find this useful for any stage payments you need to make in Euros! Talk to these people to get the best rates with no charges for our clients. (Click here)

Independence from the UK was approved in 1960, with constitutional guarantees by the Greek Cypriot majority to the Turkish Cypriot minority.

In 1974, a Greek-sponsored attempt to seize the government was met by military intervention from Turkey, which soon controlled almost 40% of the island.

In 1983, the Turkish-held area declared itself the “Turkish Republic of Northern Cyprus,” but it is recognized only by Turkey. The latest two-year round of UN-brokered direct talks – between the leaders of the Greek Cypriot and Turkish Cypriot communities to reach an agreement to reunite the divided island – ended when the Greek Cypriots rejected the UN unity plan in an April 2004 referendum.

The promise of year round sun and a culture of respecting older members of society mean that property in Cyprus is a dream for many people, it has been claimed.

According to a recent article in the Daily Telegraph, despite the effects of the global economic downturn and the issues regarding title deeds in the country, Cyprus remains a firm favourite for property investors.

The newspaper recommended that people search real estate in Larnaca, a coastal region which is popular with tourists, and also praised Paphos, which is the location of a number of luxury villas, and the harbour town of Paphos.

Budget airline Ryanair will start flights from 2012  to Cyprus from the UK, which would be good news for anyone with property on the island.

Owning a property in Cyprus brings so much pleasure to ones life, stress just melts away with the sun

We offer you free and factual advice from personal experiences,
we have property bargains and the latest news about the island
and its developing future with new marina's and other infrastructure projects creating high demand for property. Sign up now for Cypruspropertydreams.com Newsletter
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First, each member of our team originates from the UK so there are no communication barriers.

Second, each of us has bought property in Cyprus and understands the the processes from first-hand experience. This has enabled us to help many other people buy property in Cyprus with confidence.

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Linda Reynolds wrote
After research and checking this site over a period of 4 months, we visited Paphos in May and managed to buy a relatively new resale - these are rare and I spent 4 days solid visiting developments and some very poor old...

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