The real estate and construction sectors of Cyprus are in the twilight of the Citizenship by Investment program, turning their attention to the capital and the once abandoned coastal city of Larnaca, while Limassol, with its high-rise buildings and cosmopolitan lifestyle, is still in action.
Larnaca is facing a massive renovation: its €1.2 billion renovation of its marina and port is about to be completed as the consortium has awarded the contract, Kition Ocean Holdings is set to start work on April 1st.
The development of the city does not end with the long-awaited marina, as a number of projects are sprouting throughout the area.
The city is attracting new investment thanks to a number of high-end tourism projects located on the coast of Dhekelia, where once fuel and gas storage tanks were located.
Among the projects ready for completion is the Radisson Beach Resort on Dhekelia Road, where the princess used to live.
Radisson Hotel Group has signed an agreement with Larnaca-based Quality Group and SunnySeeker Hotels to create six branded hotels in Cyprus after the first one, Radisson Blu, opened next to the port in Larnaca.
Meanwhile, the largest real estate owner on the coast of Dhekelia, Petrolina Holdings, is ready to consider developing projects such as holiday homes or a hotel.
Recently, CSE-listed Petrolina Holdings created a subsidiary, Petrolina Bayfront, by acquiring three sites on the Larnaca-Dhekelia road from Exxon Mobil. After dismantling their fuel tanks, Petrolina purchased the ExxonMobil property in a €30 million deal that they plan to include in their Bayfront development.
The news was confirmed to the Financial Mirror by a senior Petrolina Holdings official: “PHL estimates that its investment through Petrolina Bayfront Ltd will significantly contribute to its efforts to diversify and continue its real estate development activities.”
With the participation of local authorities, PHL has contracted the well-known international firm Arup to develop a concept plan for the area, which will serve as a guide for the sustainable development of the area.
This plan also includes land owned by PHL and the Lefkaritis group of companies.
The projects of a tourist village and a museum in the old hospital will also be implemented.