Larnaca continues to be Cyprus's top investment destination. On Wednesday, August 13, Angelos Hadjicharalambous, the head of the Regional Organization of Local Authorities (EOA), announced that his department is reviewing 1,250 applications for various projects. Of these applications, 650 were submitted in paper form, and 600 were submitted electronically. Both local and foreign investors have expressed interest, including European entrepreneurs and international consortia.
The area where the oil storage facilities were previously located is in high demand. In the near future, the area is planned to be developed with hotels, tourist complexes, residential neighborhoods, and office buildings. Already, 300 of the applications relate to this location, establishing it as a key area for the city's future development.
Hot spots for investment
The southwestern coast of Larnaca, including the areas of Kiti and Dromolaxia-Meneou, is also attracting considerable interest from investors. EOA has received a total of 200 applications for the construction of tourist and residential infrastructure in these areas. However, according to Hadjicharalambous, the region lacks essential facilities, such as modern medical centers, universities, rehabilitation centers, and high-quality public spaces, which could enhance the quality of life and attract new permanent residents.
Building restrictions
Hadjicharalambous noted that local authorities intend to preserve the architectural appearance of Larnaca. Therefore, high-rise buildings of more than 20 stories are only planned to be built outside the city so as not to disturb the historical and visual appearance of the city center. At the same time, projects of up to eight to ten floors will be considered, depending on the urban development plan.
The goal is to preserve the city's unique character. If the local development plan allows for the construction of an eight- or nine-story building, we cannot prohibit it. However, all buildings higher than 20 stories will be built outside the city limits, the head of the EOA emphasized.
Multi-million dollar infrastructure projects
Hadjicharalambous mentioned that Larnaca is rapidly strengthening its position as a key economic and investment center in Cyprus. This is confirmed by large-scale infrastructure projects implemented with the support of local authorities.
These projects include modernizing the road network at a cost of €3 million, developing green areas at a cost of €29 million, and constructing a large-scale sewage system in Dromolaxa, Meneou, Kiti, Pervolia, and Tersefanou at an estimated cost of €110 million. All of this work is expected to be completed by the end of 2026.
Local authorities are paying particular attention to solving the long-standing problem of flooding in the Kamares area. A €7 million flood prevention project is underway. Another important plan is the fourth phase of sewer construction in Aradippou, Livadia, Pyle, and Orokroni, which has a budget of €270 million. The state is financing 80% of this project, and the European Union is financing the remaining 20%.
Larnaca of the future
Given the current investments, infrastructure improvements, and growing interest from international companies, Larnaca is quickly becoming one of the most attractive cities on the island for business, tourism, and living. These projects promise economic growth and an improvement in the quality of the urban environment, strengthening the city's position as a key center in Cyprus for decades to come.