Buying property at Pyla, Larnaca

[Omega2911]

Hello guys, i'm pretty new to Real-Estate but i came up with an oppurtunity to purchase a 1 bedroom apt 65 sqr at a new upcoming project at Pyla Larnaca. at around 160k euro, i wanted to ask for those who may know the market - how is it going in Pyla, Larnaca? is it good option to purchase a 1 bedroom apt there? Will i have people to rent it? i guess airbnb is out of the picture since it's not touristic area right?
But like what is the rent prices on average there?

[Nigel Howarth]

Hi Omega2911 and welcome to the forum

I suggest you take a look at https://www.zyprus.com/search/sale/grid ... %20Larnaca where you can get a 3-bed penthouse apartment in Pyla for a negotiable €165k.

I think (maybe someone will confirm) that Pyla is in the UN buffer zone that separates the Republic of Cyprus from the Turkish occupied areas of the island.

As for its rentability, see what you can find on airbnb and other rental sites..

Regards,

[Omega2911]

Thanks for your reply!
What do you think the situation is currently in Pyla? You think it will be medium-easy to find someone to rent the apartment to?
You think it will be a well established investment to buy a 1 bedroom apt in Pyla? (it's in a new complex that looks really good, it will be ready in about 2 months).

[Nigel Howarth]

Hi Omega2911

I can'[t say what the rental situation is like in Pyla - it's at the opposite side of the island from me. If you look at https://www.bazaraki.com/real-estate-to ... uses/pyla/ you'll find several properties for rent and the asking prices.

It isn't the ideal place for holidaymakers, most of whom would prefer somewhere closer to the Med.

Personally I feel you'll be better off buying a resale if you really want something in Pyla.

What are your thoughts on the place? Are there good facilities - shopping, restaurants, etc?

Regards,

[Omega2911]

Thanks again for the reply, i've started to study the place. The complex itself is really good. Shopping & Restaurants and etc. I know that Pyla has nearby airport and university. But i'm still considering because i don't really know. Maybe it will be better with a resale like you suggest.
Does not sounds like the optimal property to buy. Although it will be really fancy complex but it is too risky i guess.

[Nigel Howarth]

Hi Omega2911

You'll be much better off buying a resale property with its all-important Title Deed.

Please send me a Private Message with a link to the to the new one-bed your considering and I'll take a look. (Click on the contact bubble below my name.)

Regards,

[West]

Hi,

We live in Pyla. I would first check if the property is in the UN zone or outside of the zone. If it is in the UN zone, I would personally not buy a property there. The main town centre is in the UN zone with along the coast a more tourist focused area (2-3KM from the town centre). Secondly, I would check who owns the building / construction company. The Pyla mayor has his own company and is quite well known here (in a good way).

Renting potential in Pyla, there are quite a few properties for rent in Pyla that have been empty for months/years. We rent and the house next to us for example, has not been occupied since October and before that was only occupied for 6 months. We are the first occupants of the house we are renting and before us it was empty for at least a year.

Pyla also has a direct access road into Nord Cyprus and because of that, if your complex is close to that road (exit 59 on the motor way), the road is very noisy and busy throughout the day and night (the UN zone holds quite a few casinos open in the night). Most properties here have cheap metal doors and windows which do not block the noise at all so if you are close (a couple of streets close) to that road, you will have noise throughout the day and night.

Lastly, EUR 160k for a 1 bedroom property feels on the high side from what I have seen around here.

Good luck!