The coastal area of Larnaca is fast becoming one of the most attractive property investment destinations in Cyprus.
The area from Livadia to Pyla has become a magnet for large Israeli companies.
In recent years, they have acquired most of the coastline here. The exception is land owned by three Cypriot oil companies (Lefkaritis Group, Synergas and Intergaz) involved in the Land of Tomorrow project.
Israeli investors have already announced a number of initiatives that promise to radically change the face of the region. One of the most recent deals involving them was the purchase of land in Orokini, where the popular Chryso Psari tavern used to stand. The land was bought by a company with Israeli interests for €2.5 million and will become the site of a new residential complex.
Earlier, Shajwawi Lebovich Karekla Developments Ltd. presented plans for two residential complexes - Horizon Tower. In total, the developer plans to build six modern towers up to 86 metres high. The buildings will house apartments, shops, offices, sports and wellness areas.
A residential complex called AQUA Residences will be built near the Larnaca Maritime Club.
The project includes two towers almost 68 metres high and also includes the restoration of an eroded section of the beach. New sand will be brought in to restore the coastal area to its former attractiveness.
The former Palm Beach Resort will also undergo a major transformation. The new development will include a 5-star hotel, a high-rise residential building, a 4-storey building and 40 bungalows. Construction is expected to be completed in 2026.
The Beau Rivage, abandoned hotel in the Pyla area will soon be transformed into a modern residential and hotel complex. It will include a 4-star hotel and apartments to meet the needs of tourists and investors.
Lezanco Properties Ltd's major project in the Dromolaxia-Meneou area deserves special attention. It will be a modern residential area with 479 apartments and excellent infrastructure, including a kindergarten, swimming pool, underground car park, green areas and even a private park. The project is estimated to cost €80 million. It is designed for more than 1,500 residents and will be built in four phases. All houses and villas will be surrounded by spacious gardens and recreational areas.
Large-scale Israeli investment in the coastal areas of Larnaca indicates increased interest in the region from both tourists and international developers. As a result, Larnaca has the potential to become one of the most modern and attractive cities in Cyprus.