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Plans for luxury apartments in Larnaca

Lebanese investor Yussef Kanaan has announced plans to invest €15 million to build luxury apartments in Larnaca on land that he purchased for €3.5 million and expects to get a building permit within the week.

larnaca promenade

Photograph Larnaca Promenade by: Valantis Antoniades

A LEBANESE investor who has purchased land worth €3.5m in Larnaca on Tuesday announced plans to invest a further €15m to build luxury apartments on the site.

Yussef Kanaan, who represents investors from Lebanon, said within the week he expects to submit the architectural plans to get a building permit.

“We think Cyprus is a very good place for investment, especially the city of Larnaca. We want to start construction by June,” Kanaan told state broadcaster CyBC. He added that they will hire local contractors for the job.

He also said that the close proximity of Larnaca to Lebanon, twenty minutes by plane, makes the town an attractive destination for Lebanese people.

Larnaca deputy mayor Petros Christodoulou welcomed the move and said that investments in the tourism sector are among the priorities of the town.

Last year, the Larnaca municipality sold off the land formerly housing the town hall for €5 million to Russian Lanomex Development Ltd which plans to construct a luxury five-star hotel, a shopping complex, apartments, offices and recreational and leisure developments in the Phinikoudes area.

Readers' comments

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  • Aggis says:

    8.5 million land purchase and let’s say a total of another 10 million to build Is merely a drop in the ocean for the building industry, It’s just not enough to get this Island moving again.

  • Andrew M says:

    What piece of land in Larnaca was purchased?
    The picture seems to suggest: Phinikoudes

    So Russians to build luxury pads in Phinikoudes and now (possibly, subject to approval) the Lebanese. Sounds like they see bright things for Cyprus on the horizon.

    It’s all positive good news amid the cloudy news of property sales figures and the title deeds fiasco.

  • Mike says:

    Is that ‘Submit the plans and get a building permit within the week’ if so it must be who you know not what you know or of course how much you pay. If its ‘submit the plans within the week then get a building permit (at some time in the future)’ then good luck with that. A welcome inward investment however, I do hope it goes smoothly for them and meets their expectations.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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