Anton Karbanovich: Larnaca stands out in burgeoning “flipping sector”

Larnaca is the up and rising Cypriot town to look out for when it comes to investing in real estate, and it is particularly standing out in the burgeoning “flipping sector”, according to the Founder of innovative real estate platform INDEX, Anton Karbanovich.

In a recent comprehensive analysis by INDEX, Larnaca has been identified as the prime hot-spot for investors and home-buyers looking for lucrative opportunities in the real estate market.


This revelation comes at a time when the sector is witnessing significant inflows from both institutional and retail investors, driven by the quest for higher returns on investments amidst persistently low deposit interest rates.


“In recent years, the real estate landscape is evolving, with a burgeoning 'flipping sector' making its mark,” said Karbanovich. “Mirroring trends in the US and central Europe, an increasing number of retail and small investors have started venturing into the realm of buying pre-owned properties, undertaking renovations, and then flipping these assets for a profit. INDEX 's data analysis underscores Larnaca's standout position in this market, especially within the residential real estate segment.”


A deep dive into the figures, extracted from a pool of over 4,200 real estate listings on INDEX, reveals a striking disparity in the pricing of new versus pre-owned properties in Larnaca. The median price per square metre for brand-new real estate stands at €3,619, whereas pre-owned properties come in at €2,289 per sq.m. The analysis by INDEX takes into account the 19% VAT for brand-new assets and the 4% Transfer of Title Fees (TTF) for pre-owned. “This substantial 36% discount on pre-owned properties not only positions Larnaca as an attractive investment avenue but also as an ideal locale for those scouting for their next home,” INDEX said.


Notable yet lesser differences in new and pre-owned property pricing were also observed in other regions, including Limassol (25% difference), Nicosia (27%), Paphos (27%), and Famagusta (21%). These findings are based on an analysis of 24,773 new properties and 4,539 pre-owned ones, a sample size robust enough to paint a comprehensive picture of the current market landscape.


The insights provided by INDEX are invaluable, highlighting Larnaca as a rising star in real estate transactions but also emphasising its unparalleled offerings in terms of investment and residential opportunities, make it the go-to destination for both investors aiming to flip properties for a profit and individuals in pursuit of their dream home.


As the real estate market continues to evolve, driven by both global trends and local dynamics, Larnaca stands out as the new destination for real estate endeavours.

Read More

AstroBank: Investment opportunities in Paphos
Leptos Group: Paphos remains the champion of property sales to foreign nationals
Cyprus will succeed in shaping a stable investment environment, President says
Building permits up in first two months of this year on annual basis
Housing prices rise 2.3% in Q4 of 2023, driven by apartments
Government will continue supporting the construction sector, President says
Adonis Beach Villas: A project by Leptos Estates in coveted Chloraka
Residential and commercial land for sale by AstroBank
Property sales by city- Positive trend returns with jump in Nicosia and Larnaca sales
Chestertons Global launches in Cyprus