Pyla is becoming one of the fastest growing areas in Larnaca.
Many new residential and commercial properties are being built here. According to the head of the local community council, Simos Mitides, this trend is due to the high demand for property from local and foreign investors.
Currently, the Pyla area has one of the highest development rates in Cyprus. More than a thousand residential projects are underway. A similar number are awaiting building permits," Mytides said.
He pointed out that the largest project currently underway, with 300 residential units, is valued at €30 million. In addition, numerous apartment blocks and villas are being built throughout Pyla.
The demand for property in Pyla has increased dramatically in recent years, with the number of new projects almost doubling. The permanent population of the area has increased to 8,000 people. Greek Cypriots are the main buyers of land for residential development, partly due to government subsidies for the revitalisation of border and mountain areas," says Mitides.
In addition to local buyers, Israeli, Lebanese, Ukrainian and Russian investors are showing considerable interest. However, Mitides pointed out that development could proceed even faster if the district administration streamlined its procedures.
Despite the district's rapid development, the main coastal sites remain in Zwabwe, including the former Beau Rivage hotel. Plans announced for 2023 to build two hotels - one four-star and one five-star - with a total capacity of 330 beds have yet to materialise and there is no clear timetable for construction.
The delay affects Larnaca's tourism sector, as the project was intended to improve the area around the former oil refineries, where major investments are planned.