Newsroom
Larnaca is dynamically emerging as a key player in investments and major developments, making significant strides in recent years and capturing a new image. With comprehensive studies, strategic planning, and various projects, the city has become a magnet for investors, the real estate sector, businesses from Cyprus and abroad, tourism, and education.
According to data from the Association of Property Appraisers, the first five months of 2024 marked a decrease in property sales in Limassol for the first time in many years, as investors shift their focus to more economically advantageous cities. These sales include apartments, houses, offices, and blocks of land. Larnaca is poised to become the "next big thing" on the island.
Speaking with the Mayor of Larnaca, Mr. Andreas Vyras, about the city’s development and the surge of investor interest, he expressed optimism. "We can only view the development of our city and the strong investor interest positively. However, as a local government, we acknowledge our responsibility to ensure sustainable development that benefits both investors and the residents of Larnaca, so the city remains economically accessible. We seek growth, but we do not want to financially burden our locals."
Investors are turning to Larnaca due to its economic advantages. The increase in real estate sales and demand for residential units and workplaces is driven by both the tourism sector and the needs of businesses choosing Larnaca as their headquarters.
Tourism in Larnaca has seen a significant boost, with over 100,000 additional tourists in recent years and the operation of 15 new hotels. Numerous applications for new hotels are currently pending.
A notable development is the "Land of Tomorrow" project, set to be inaugurated on 8 July along the Dhekelia coastal front. Designed by Foster + Partners for the Petrolina group, this masterplan aims to create a sustainable and modern urban environment that reflects Larnaca's unique culture and heritage. The project includes more than 20,000 new trees, 2.5 km of premium coastline, and is situated five minutes from Larnaca Marina, ten minutes from the city centre, and 15 minutes from the airport. "Land of Tomorrow" is poised to be a significant asset for Larnaca and its residents.
Significant development has also occurred in the reservoirs area and surrounding regions. With the relocation of oil and gas installations, Larnaca has gained a more accessible and development-friendly image.
Larnaca is also making strides in education. The city is in discussions with two of Greece’s top universities, the National and Kapodistrian University of Athens (NKUA) and the National Technical University of Athens, about establishing branches in Cyprus. This collaboration promises to bring additional growth prospects, employment opportunities, and economic development to Larnaca and the island at large.
Simultaneously, Larnaca and the Cyprus University of Technology (CUT) are working on establishing the city’s first State University School. The planned School of Marine Science, Technology, and Sustainable Development will be built in the Mackenzie area, adjacent to the new buildings of the Cyprus Institute of Sea and Shipping (CMMI), which will also be constructed in the area.
Regarding future developments, Mayor Vyras mentioned that several projects are already underway, with more in the pipeline. Larnaca is now firmly on the investment map, marking a significant presence in large-scale projects.
[Summary of Anna Polyviou's original story in Greek published in Kathimerini's Cyprus edition]
