15.05.2024
Larnaca Real Estate Exhibition 2024, organized by FMW Conferences, more than 20 speakers spoke about Larnaca’s development prospects, planned new projects, the coastal city’s competitiveness in the real estate sector and its attractiveness to foreign investors.
In his addres, Constantinos Ioannou said that the state plans to revitalize the real estate sector to create affordable residential properties for all groups of the population by continuing to stimulate an increase in the maximum construction ratio.
The speech by Ioannou, read by Lena Zachariou from the Larnaca City Planning Department, talked about increasing the total built-up area, which involves the creation of additional residential properties for public use, and in parallel with this action to encourage the creation of new opportunities in the construction sector and related ones work places.
The Minister stated that “through this particular Bill, the State seeks to define a regulated urban planning and development system for the rapid licensing of developments within one year under a modernized single window system, thereby preventing delays and bureaucratic inefficiencies in services for foreign and local investors.”
Larnaca Chamber President Nakis Antoniou mentioned the integrated development of the port and marina and praised “the commitment of the Minister of Transport, Communications and Works Alexis Vafeadis that the project will be implemented one way or another. The development of our city will not stop here, but will continue with the creation of a great port and marina project.”
Also touching on the reconstruction of the port and marina, Mayor Andreas Viras emphasized that, despite any problems, it will be completed one way or another, and added that projects worth a total of 100 million euros are planned in Larnaca in the coming years.
Dinos Lefkaritis, Chairman of the Larnaca Tourism Development Board, stated that tourism in the city and region is constantly developing, as the number of arrivals has increased by approximately 100,000 in the last six years and the region’s share has also increased to 12.1%. During this time, 15 new hotels with a total capacity of 1,472 beds were opened in the city and along the tourist area of Larnaca, international chains such as Radisson, InterContinental, Best were successfully attracted Western and Accor.
Michalis Tiniozu, regional director of the Bank of Cyprus, the conference’s main sponsor, said the city’s development path is reflected in data from the Land Registry Department, according to which in 2023 the volume of transactions recorded an increase of 22%, while in the first quarter of 2024 sales increased by 6 % year on year, with half of the 723 sales coming from foreign buyers.
Rents have tripled since 2019
Warning that any delay in the construction of the marina and port could have negative consequences for the overall development of the city, Panos Danos, CEO of Danos Real Estate, said that Larnaca has experienced phenomenal growth in recent years. He provided rental data showing that in some areas they had tripled compared to 2019.
Danos said rent for a one-bedroom apartment in Larnaca ranges from 450 to 550 euros. Two-bedroom apartments cost between €550 and €650, while three-bedroom apartments cost between €750 and €850.
Andreas Lefkaritis , Head of Sales at Petrolina Group , which is developing the € 1 billion Larnaca Tomorrowland coastal mixed-use project , said that after the dismantling of the oil facilities, the company was left with 450,000 square meters on the 2.5-kilometre Dhekelia promenade.
“An internal team of four managers has been established to begin developing a plan for the use of a specific area that will be an extension of the city of Larnaca and in keeping with its character.”
Deputy Managing Director, Quality Group Iraklis Zavos spoke about a large project promoted by the company on Spyros Avenue Kyprianou, next to Petraki High School Cyprian. According to him, “It will offer an urban innovative development with a variety of residential, commercial and municipal facilities, luxury apartments, numerous parks, playgrounds, restaurants, gyms, cafes and wellness centers.”
