The mayor of Larnaca told that foreign investments are booming

What has happened? In comments to news site Stockwatch, Larnaca Mayor Andreas Vyras said the future of the coastal city looks bright as foreign investors are encouraged by its potential.

Quote. “New life is expected to be breathed into an area covering more than 3 square kilometres in eastern Larnaca as private development companies have drawn up their master plans, including multimillion projects,” said Vyras.

Examples. New major investments are planned in high-end tourism projects destined for the Dhekelia coastal zone, once occupied by fuel and gas storage tanks. The largest property owner on Dhekelia Road, Petrolina Holdings, is exploring projects like holiday homes or hotels.

The planned mixed-use development, called the Land of Tomorrow, will include a hotel, office space and residences. The cost of the entire project is expected to exceed €1 billion.

The Municipality of Larnaca will also contribute to the region’s development by implementing infrastructure projects along the Larnaca-Dhekelia road.

Vyras expressed his confidence that western Larnaca will get its share of the "building frenzy" that is currently taking off in the Mackenzie Beach area. Applications for the construction of multi-apartment buildings and multifunctional complexes have already been received. They have been provided by local businessmen and foreign investors.

Larnaca Marina. In earlier comments to the media in July, the CEO of the Cypriot-Israeli consortium Kition Ocean Holdings Ltd, Panos Alexandrou, said that the redevelopment of Larnaca's marina and port would gain momentum from early 2024, with the €1.2 billion project taking shape.

According to Alexandru, the contractors will need four years to complete the entire project, which will bring the government about €12 billion. This will create 4,000 new jobs, directly tied to the marina operations and businesses that will open outlets in the commercial areas.

The upgraded port of Larnaca will accommodate vessels up to 450 meters in length, including luxury cruise ships, energy exploration vessels, military and other merchant ships.

The property is expected to include luxury hotels, apartment buildings, a convention center, shopping malls, educational spaces, research auditoriums, a medical school, a tourism college, and an environment and energy university.

Source: Cyprus Property News

Photo by Artur Koichurenko on Unsplash

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