Residential Building next to a green area with 7 apartments – Under Construction, Larnaca (Kamares Area)

An attractive residential investment under construction in Larnaca (Kamares area), located in a well-established residential neighborhood with excellent access to schools, amenities, and main road connections, such as Limassol and Nicosia.

The project consists of a modern, building over four floors, designed to deliver stable long-term rental income and capital appreciation on completion. The building offers a strong mix of two-bedroom apartments and a premium three-bedroom penthouse, all featuring generous verandas and high-quality specifications.

Asking Price & Acquisition Cost

Asking price: €1,650,000

VAT (19%): €313,500

Total acquisition cost: €1,963,500

(VAT subject to buyer profile and intended use.)

Building Overview

Total apartments: 7

Floors: 4

Unit mix:

6 × Two-Bedroom apartments (Floors 1–3)

1 × Three-Bedroom Penthouse (Floor 4)

Total internal covered area: approx. 620 sq.m.

Total covered verandas: approx. 203 sq.m.

Total uncovered verandas / roof terraces: approx. 100 sq.m.

Private covered parking & storage rooms

Lift and communal areas

Ac units in all apartments

Modern architectural design

Status: Under construction, Delivery July 27

Rental Income Projection (Long-Term, Furnished)

Two-Bedroom Apartments (6 Units)

Estimated rent: €1,000 / month per unit

Monthly income: €6,000

Annual income: €72,000

Three-Bedroom Penthouse (1 Unit)

Estimated rent: €1,500 / month

Annual income: €18,000

Total Estimated Rental Income

Monthly rental income: €7,500

Annual rental income: €90,000

Gross Yield Analysis

Gross yield (on asking price €1,650,000):
≈ 5.45%

Gross yield (on total cost incl. VAT €1,963,500):
≈ 4.58%

(Gross yield calculated before management, maintenance, vacancy, insurance, and taxation.)

Capital Appreciation – Larnaca

Performance Over the Last 5 Years

Larnaca has emerged as one of Cyprus’ fastest-improving residential markets, benefiting from infrastructure investment, affordability relative to Limassol, and growing demand from both locals and international buyers.

National Cyprus House Price Index increased by approximately 9–10% over the past five years

Larnaca has shown above-average momentum in apartment prices, driven by limited supply of modern developments

Strong demand from professionals, families, and long-term tenants

Outlook for the Next 5 Years

Larnaca’s medium-term outlook remains positive, supported by both public and private sector investment.

Indicative capital growth scenarios (not guarantees):

Conservative: 2–3% p.a.

Base case: 3–5% p.a.

Upside scenario: 5–7% p.a.

Key drivers:

Continued urban regeneration and infrastructure upgrades

Proximity to Larnaca city center, airport, and highway network

Growing rental demand with limited new supply in established areas

Increasing investor interest in mid-sized residential blocks

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Apartment Breakdown & Areas:

First Floor

Apartment 101 – 2 Bedrooms / 2 Bathrooms

Internal covered area: 84 sq.m.

Covered verandas: 48 sq.m.

Total area: 132 sq.m.

Can be converted to a 3 bedroom apartment potentially.

Storage room & covered parking

Apartment 102 – 2 Bedrooms / 2 Bathrooms

Internal covered area: 80 sq.m.

Covered verandas: 23 sq.m.

Total area: 103 sq.m.

Storage room & covered parking

Second Floor

Apartment 202 – 2 Bedrooms / 2 Bathrooms

Internal covered area: 80 sq.m.

Covered verandas: 23 sq.m.

Total area: 103 sq.m.

Storage room & covered parking

Third Floor

Apartment 302 – 2 Bedrooms / 2 Bathrooms

Internal covered area: 80 sq.m.

Covered verandas: 23 sq.m.

Total area: 103 sq.m.

Storage room & covered parking

Three-Bedroom Apartments (Floors 2 & 3)

Apartment 201 – 3 Bedrooms / 2 Bathrooms

Internal covered area: 97 sq.m.

Covered verandas: 27 sq.m.

Total area: 124 sq.m.

Apartment 301 – 3 Bedrooms / 2 Bathrooms

Internal covered area: 97 sq.m.

Covered verandas: 27 sq.m.

Total area: 124 sq.m.

Penthouse – Fourth Floor

Apartment 401 – 3 Bedrooms / 2 Bathrooms (Penthouse)

Internal covered area: 102 sq.m.

Covered verandas: 32 sq.m.

Uncovered verandas / roof terraces: 100 sq.m.

Total area: 234 sq.m.

Private roof terraces

Enhanced solar panel system

Premium lifestyle unit with strong resale appeal

Key Features

Spacious open-plan living, dining, and kitchen areas

Generous verandas suitable for outdoor dining

Modern finishes and energy-efficient design

A/C units included in all apartments

Solar panels included

Private parking & storage for each unit

Building Energy Performance:
The building is Energy Performance "A"
2KV photovoltaic system will be installed in the communal areas.
3KV photovoltaic system will be installed in apartment 401


Contact Lextrus Real Estate today for more information or to arrange a viewing.