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25th February 2024
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HomeMarinasInvestment in Larnaca booming

Investment in Larnaca booming

Once lagging in urban development compared to the other cities, Larnaca is undertaking multimillion projects, says the town’s mayor and local economy stakeholders.

In comments to news site Stockwatch, Larnaca Mayor Andreas Vyras said the coastal town’s future looks brighter, as foreign investors are excited about its potential.

“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.

The Larnaca Mayor was referring to plans for new investments with upscale tourist projects destined on the Dhekelia coastal front, 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.

CSE-listed Petrolina Holdings set up a subsidiary company, Petrolina Bayfront, acquiring three plots from ExxonMobil on the Larnaca-Dhekelia road.

After dismantling their fuel tanks, Petrolina acquired ExxonMobil’s properties through a €30 million deal, which they plan to incorporate in their bayfront property development.

Petrolina presented its plans for the area in April.

The development is a mixed-use complex, including a hotel, office space and residencies, entitled the “Land of Tomorrow”. The cost of the whole project is expected to exceed €1 billion.

Larnaca municipality will also contribute to the area’s development with infrastructure projects along the Larnaca – Dhekelia road.

“At the same time, western Larnaca is getting a facelift, as a municipal scheme to improve and restore the facades of houses on Piale Pasia Street will highlight the city’s traditional architecture and historical character”.

Vyras expressed his confidence that western Larnaca will get its share of the city’s ‘building frenzy’ currently taking off in the area of Mackenzie Beach.

Applications worth millions for hotels, apartment buildings, and mixed-use developments submitted by local businesspeople and foreign investors are pending before the municipal authorities.

The local Chamber of Commerce and Industry chair, Stavros Stavrou, said they were pleased with the plans for the suburbs but noted that the historical centre should not be left out.

“The heart of the city beats in the urban centre where the traditional character has been preserve