Pyla is a unique village that is becoming one of the most attractive areas of Larnaca. The demand for residential property here is rapidly increasing due to the interest of both local and foreign investors, which stimulates the active development of the region.
According to Simos Mytides, there are currently more than 1,000 residential units under construction in Pyla, with another 1,000 awaiting approval. Among the key projects is a €30 million development comprising around 300 residential and commercial units.
The construction of large houses and apartment buildings is proceeding at a rapid pace, especially in the areas under the control of the Republic of Cyprus. This underlines the desire to modernise the region and meet the growing demand for quality residential property.
The population of Pyla has increased to 8,000. An important factor in the growth of demand for local real estate has been government subsidies aimed at supporting border and mountainous areas. Greek Cypriots are actively using this opportunity, which is helping to revive the residential real estate market.
It is not only local buyers who are interested in Pyla. Investors from Israel, Lebanon, Ukraine and Russia are making significant contributions to the market. However, despite the influx of capital, bureaucratic inefficiencies within the district administration have slowed down some processes. Simplifying procedures within the district administration could speed up the implementation of projects.
Despite the active development, some key areas, such as the coastal areas, remain undeveloped. For example, the site of the former Beau Rivage Hotel, where two hotels with 330 beds were planned, is still empty. This delays the development of the tourist potential of the area and may negatively affect the economy of Larnaca.
The hotels announced in 2023 could significantly enhance the tourist appeal of the coastal area, where major investment projects are already planned. Without them, Pyla risks missing out on opportunities to attract tourists and investment.
Pyla’s growth underlines its status as a new hub for property investment. However, administrative issues need to be resolved and key projects completed to reach its full potential. With proper planning and effective execution, Pyla could become a pillar for Larnaca’s future development.
