In the northern part of Larnaca, next to the Varosioti roundabout, two residential towers called Aqua Residences are planned . It represents one of the largest investment projects in residential property on the city’s coast in recent years.
Solvin Ltd is responsible for the construction , which is reportedly headed by an Israeli citizen living in Cyprus, Alon Nathaniel Rechter .
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Project characteristics
The complex will consist of two 15-storey buildings , 67.7 metres high . The total cost of construction will be around €40 million . The project will include:
- 155 parking spaces
- pool
- fitness room
- spa area
- roof garden
- “green” public areas
The project is aimed at creating a comfortable and modern living environment on the first line of the sea.
Geotechnical features of the site
One of the conditions for approval was the developer’s commitment to monitor the condition of the coastline for at least six months, including the winter period. This is due to the fact that about 40% of the 1,294 m² site has been subject to subsidence as a result of coastal erosion.
The developer will also have to compensate for some of the lost territory through fill work and ensuring the stability of the coastal zone.
Impact of the project on the real estate market in Cyprus
The approval of the project comes amid active discussions about the growing interest of foreign companies and individuals in purchasing residential property in Cyprus.
Of particular note is the increase in the number of transactions with buyers from Israel – according to data, Israeli citizens account for 1,406 purchases in Larnaca, of which 481 properties already have title deeds.
Speaking on the topic, the leader of the Akel party Stefanos Stefanou noted that in recent months there has been a targeted buying up of real estate in certain areas of Limassol and Larnaca, including gated communities. The Israeli Ambassador to Cyprus,
Oren Anolik , responded to this by saying that such statements contribute to the growth of anti-Semitic sentiments and are a form of hate speech.
Aqua Residences project symbolises the ongoing interest in residential property investment in Cyprus, particularly in coastal areas. Despite the political context, the initiative itself demonstrates the desire of foreign companies to develop quality residential property and infrastructure, strengthening the economic potential of the region.
