The rapid development of Larnaca in recent years has reached a new level. Once lagging behind Limassol and Nicosia in the number of large-scale development projects, the city is now experiencing a real construction boom.
The main driver behind this surge of interest has been the redevelopment of the former oil storage area — a vast coastal zone that will soon become a modern residential and business district.
According to municipal and urban planning authorities, demand for real estate in Larnaca is currently at a historic high. Several developers have already submitted applications to build high-rise buildings worth over €300 million.
In the former refinery zone — where the maximum permitted height is 69 meters — construction will proceed under a special urban plan. So far, the Land Department has preliminarily approved 12 applications for buildings ranging from 15 to 30 floors.
The Larnaca Municipality has already issued two permits for towers currently under construction and at least three more licenses for projects that have not yet begun.
Meanwhile, the Larnaca District Local Government Organization stated that, while it has not yet issued any tower permits, seven applications for buildings taller than 20 floors are currently under review.
Marigate Larnaca — The City’s First Skyscraper
The first project to embody the vision of a “New Larnaca” is Marigate Larnaca, a 60-meter residential tower complex near the port. The developer, Marinakis Property Developers, is owned by Cypriot investors. Construction began in 2022 and is expected to be completed by the end of 2026.
The €12 million project includes nine luxury apartments, underground parking, a gym, and a lounge area on the ground floor.
According to company representative Antonis Marinou, sales are already nearing completion, and the tower will become the tallest residential building in the area.
The complex is designed as a Class A energy-efficient building, fully compliant with European sustainability standards.
Available properties in the project
Lumina Mare — A 19-Storey Tower Near the Port
Another ambitious project is Lumina Mare by SLK Developments Ltd, a €40 million mixed-use complex with 19 floors and a height of 65 meters.
Located near the Larnaca Port, the tower will include 54 sea-view apartments and exclusive amenities such as a gym, swimming pool, and a rooftop bar on the 19th floor.
The ground floor will feature boutiques, restaurants, and cafés. Construction is scheduled for completion 2.5 years after commencement, i.e., by 2028.
Available properties in the project
Horizon Towers — A Landmark €200 Million Development
SLK Developments is also behind Horizon Towers, the largest project in the region, located in Livadia, just 400 meters from the sea.
The complex will consist of six towers ranging from 16 to 20 floors, with a total investment of €200 million.
Future residents will enjoy 528 residential units, a spa complex, pools, a gym, and padel tennis courts. The first two towers are planned for completion by the end of 2029.
The project is positioned as the flagship development of SLK, a company that has already delivered over 17,000 properties worldwide.
Available properties in the project
Aqua Residences — Coastal Towers Near Dhekelia
The Aqua Residences project by the Israeli company Solvin Ltd received preliminary approval from the Cyprus Department of Environment in summer 2025.
The €40 million complex includes two towers rising 68 meters high, located next to the Larnaca Marina.
It will feature 114 modern apartments, a swimming pool, spa, gym, and landscaped public areas.
Coastal reinforcement works will begin in spring 2026, with main construction expected to start by the end of the same year.
Larnaca Becomes a New Magnet for Investors
While Limassol has long been the epicenter of Cyprus’s construction boom, the situation is now changing rapidly.
In recent years, Larnaca has been attracting growing attention from investors thanks to more affordable land prices, active infrastructure modernization, and the new port and marina projects.
Experts predict that in the next five years, Larnaca will become the key investment destination in the southeast of the island.
According to recent data, the total value of high-rise construction applications in the region has already exceeded €600 million, with demand from foreign buyers, especially from Europe and the Middle East, continuing to rise.