03.07.2023
Many projects in the public and private sectors are being implemented in Larnaca.
Refurbishment of the old town continues, stretching from the waterfront to Gregory Afxentiou Avenue and from the Mackenzie beach area to the former gas installations.
A marina project in Larnaca is underway and although it is a long-term project, it has shown the potential and attractiveness of the city.
Recently, six new small boutique hotels have been built, which, along with the Agios Lazaros square, the renovation of old buildings and the new municipal market, will add to the popularity of the old town.
Radisson Hotel Blu and a new skyscraper on Makarios Avenue, across the street from the marina, will add glamour to the city, as will other projects in the Mackenzie fishing harbor area currently underway.
The recent dismantling of former fuel plants and gas and oil tanks is a major problem for the city. The area will be zoned for high-rise office and residential development. Although this project is still a few years away.
The city hasn’t had many high-end property sales, and real estate demand is expected to come primarily from lower-budget homes. There is a lot of interest in Cyprus property from Lebanese, Libyan and Israeli citizens, while buyers from Nicosia show interest in properties close to the beach. There is also demand for high-density residential lots (more than 140 percent) for apartment development.
There are many “ifs” and “buts” regarding the development of Larnaca, but at least the situation is gradually stabilizing and getting better. It seems that the current mayor of the city, Andreas Viras, has the opportunity to help developers successfully implement projects that have already begun.
There are always small groups of people objecting to projects, which can cause problems. Another hurdle to any new development is the archaic legal tenant law, which restricts land acquisition and real estate redevelopment. However, the recent surge in demand for housing has given developers and real estate agents high hopes.
