Cyprus Real Estate

Larnaca: you won’t recognise it soon

  • 30.04.2022

Larnaca: you won’t recognise it soon

How will the face of Larnaca change in the next years

Larnaca is the oldest and most authentic city in Cyprus. Now Larnaca, apart from being the centre of Cyprus' cultural heritage, has become the main attraction for large-scale investment projects. Over the next five years, the city will undergo major modernisation of its tourism infrastructure? Including the construction of new hotels, commercial and residential developments, and, in the next 10 years the city will receive a new marina.

Unique tourism potential

A walk through the historical part of Larnaca gives you the feeling that time stands still here. That's because it dates back to the 13th century BC. According to the legend, it was founded by Kitim, the great-grandson of Noah. Hence the old name of Larnaca - Kition. The different cultures that have succeeded each other in Larnaca over the centuries have left their footprints. St. Lazarus church is the most important relic of the Orthodox Christians dating back to 898. Read more about this and other Orthodox shrines on the island in one of our articles.

Apart from this famous Christian church there are also ancient mosques including the legendary Hala Sultan Tekke, evidence of Ottoman rule. In other words, Larnaca is a wonderful place for tourism but not yet fully appreciated. Apart from the centuries old manmade monuments, Larnaca is also endowed with incredible natural beauty. For instance, the amazing Aliki salt lake, which is home to graceful pink flamingos in winter.

Strategic transport position

Larnaca has the island's second largest seaport as well as its main airport, which receives tourists from all over the world. The tourists then spread to other more developed and hyped-up spots on the island, like Ayia Napa, mentioned in our blog article.

Sooner or later the under-appreciated Larnaka was bound to get the attention of authorities and investors to help it become an even more comfortable place to stay.

A project for decades

The biggest investment at the moment is the reconstruction of the seaport and creation of a new yacht marina. The project is estimated to cost 1.2 billion euros and take almost 12 years to complete. The aim is to create space for 600 berths for yachts up to 115 metres long. The project will be implemented by the Israeli-Cypriot consortium Kition Ocean Holdings Ltd.

The creation of the modern marina will take place in 4 phases. The first phase will include the construction of a walkway at the marina as well as the road connecting the marina with the Finikoudes area. The second phase will see the new residential and commercial buildings built in the area. In the third phase a new hotel, a viewing platform, as well as luxury villas with swimming pools and private berths are planned in the northern part of the pier.

The final fourth phase will include the construction of additional commercial and residential units, as well as the completion of the landscaping work.

Not just the Marina

In addition to the port, the coastal area of Dhekelia, formerly occupied by fuel and gas storage tanks, will also change. With the participation of the local authorities, Petrolina Holdings, the largest landowner on the coast of Dhekelia, contracted a renowned international firm Arup to develop the concept, aimed to guide the sustainable development of the area.

Another Cypriot company, NCH Capital, is also preparing to launch a multi-million dollar tourism project, which will be built on the site of the old Beau Rivage hotel. The project will include a modern hotel as well as a tourist village with villas and commercial properties.
Moreover, Larnaca mayor Andreas Vyras said that the environmental authorities had given permission for the construction of two new 17-storey towers for residential, office and commercial use.

The total height of the complex will reach 75 metres, with around 1,169 underground parking spaces. The proposed project is located in the southern part of the city, in the "Scala" area, close to the Salt Lake.

Larnaka with a new face

Infrastructure development always gives an impetus not only for new projects but also the property prices growth. Larnaca real estate already has apartments in new developments which are much more expensive than the average price in the city. The number of such projects in the near future will increase, which means that the property bought now in good locations will bring good return to investors.

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