Larnaca's investment scene thriving

Larnaca, once trailing behind other cities in terms of urban development, is now experiencing a surge in progress with several multimillion-euro projects in the pipeline, according to the town's mayor and local economic experts.

Larnaca Mayor Andreas Vyras, speaking to the news outlet Stockwatch, expressed optimism about the future of the coastal town, citing growing interest from foreign investors who see its potential.

Exciting changes are on the horizon for an area spanning over 3 square kilometers in eastern Larnaca, as private development firms have formulated ambitious master plans that encompass substantial projects, Mayor Vyras remarked.

He specifically referred to upcoming investments featuring high-end tourist ventures set to grace the Dhekelia coastal area, which was previously occupied by fuel and gas storage facilities.

Among the major players eyeing the transformation of the Dhekelia Road, Petrolina Holdings, listed on the Cyprus Stock Exchange, stands out. The company's subsidiary, Petrolina Bayfront, acquired three plots from ExxonMobil along the Larnaca-Dhekelia road after dismantling fuel tanks. This €30 million deal marks a significant step toward Petrolina's ambitious bayfront property development.

In April, Petrolina presented its comprehensive plans for the area, introducing a mixed-use complex known as the "Land of Tomorrow." This expansive project, exceeding €1 billion in cost, encompasses a hotel, office spaces, and residential units.

Larnaca's municipality is also actively contributing to the area's enhancement by initiating infrastructure undertakings along the Larnaca-Dhekelia road. Simultaneously, western Larnaca is undergoing a revitalization process, with a municipal initiative aiming to restore and enhance the facades of structures on Piale Pasia Street, highlighting the city's historical charm and traditional architectural essence.

Mayor Vyras expressed his confidence that western Larnaca will partake in the ongoing urban development momentum that is sweeping through the Mackenzie Beach area. Multiple applications for substantial projects, including hotels, apartment complexes, and mixed-use developments, have been submitted by both local entrepreneurs and foreign investors and are currently under review by municipal authorities.

Stavros Stavrou, Chair of the local Chamber of Commerce and Industry, conveyed satisfaction with the suburb-focused plans while emphasizing the significance of including the historical center in these efforts. He stressed the importance of further improvement initiatives to attract new enterprises, acknowledging the appeal generated by the presence of boutique hotels in the area.

Stavrou noted notable delays for the Larnaca Marina and port progress, despite contracts being awarded and signed in December 2020.

Kition Ocean Holdings Ltd, the company responsible for the redevelopment, has reassured stakeholders that the project remains on course, allaying worries expressed by local stakeholders.

In July, Panos Alexandrou, CEO of the Cypriot-Israeli consortium in charge of the marina and port reconstruction, expressed assurances. He added that the €1.2 billion project will be fully operational by the beginning of 2024, with a lively constructing site around the marina area throughout the year.

Alexandrou said that the construction process would take four years from the start of the project, with an estimated contribution to the government of €12 billion. The effort is expected to create 4,000 new employment, including those directly related to marina operations and enterprises in commercial zones.

The renovated marina will house 650 boats and provide services such as boat repairs, while the upgraded Larnaca port will accommodate ships up to 450 meters long, such as luxury cruise liners, energy exploration vessels, military ships, and merchant vessels.

Luxury hotels, apartment complexes, a convention center, shopping centers, educational institutions, research facilities, medical schools, tourism colleges, and universities specializing in environment and energy studies are all part of the complete reconstruction plan.

Larnaca is on the rise. With big projects and more foreign investors, the city's future looks really promising.