Larnaca Expects Large Foreign Investments

Ларнаку ждут крупные иностранные инвестиции
29 July 2021 Liza Medvetskaya

On Wednesday, July 29, NCH Capital Inc CEO Andreas Santis announced that the company intends to make a major investment in the Cyprus property sector.

They want to invest in the construction of a tourist village, a mixed-type hotel complex and a residential village with commercial services. It should be noted that the three projects are aimed at different audiences, as the goal of investors is to meet the needs of all financial levels.

Construction of all three projects is expected to begin in 2022 in the Pyla village (Larnaca), provided there are no delays in the issuance of the relevant permits.

By the way, the Floating Scapes project involves the creation of a mixed elite tourist village on a coastal area of ​​33 thousand m2, which is located next to the former Beau Rivage hotel. The development is expected to be carried out in cooperation with Edge Development, which operates under the auspices of the Polish Supernova Real Estate and Hospitality Group.

The strategic partnership agreement between NCH Capital Inc and Edge Development Group is based on the principles of sustainable development of a modernized tourism product that takes into account new data from the coronavirus pandemic crisis.

Ларнаку ждут крупные иностранные инвестиции

Another project that the company intends to implement in the same area concerns the construction of a large mixed-use hotel complex under the auspices of a leading brand in the tourism sector.

The former Beau Rivage Hotel, which we previously bought out, will be demolished in September as we did not want to carry out demolition work in July and August, Santis noted.

NCH ​​Capital Inc's third major investment in the Pyla village includes the development of a residential community with commercial services.

According to the release, in addition to residential buildings, the project involves the creation of all the necessary infrastructure for the comfortable living of owners and tenants - restaurants, cafes, pharmacies, swimming pools, spas, a gym, etc.

The project called TROY will be located on a plot with a total area of ​​23 thousand m2. The complex, which will function as a modern resort, will have 280 luxury apartments. According to Santis, the prices for the apartments in the project will be very attractive and will be able to satisfy all the preferences of the clients, be it investment and / or a second holiday home.

Santis stressed that the coronavirus pandemic has affected all sectors of the economy, including the construction sector and especially investment in tourism. However, as NCH Capital Inc is optimistic about the future, it will continue to adhere to its original planning, taking into account the new data and needs created by the pandemic.

The cost of the above three projects is about 200 million euros.

They are expected to bring significant benefits to the region, and during construction projects and their operation, they will create a large number of new jobs. All three projects will be funded by direct investment from a US investor working with European and Israeli tourism and real estate organizations.

The projects are aimed at a different customer audience, so they will feature both apartments in the range of 50 thousand euros, and luxurious villas on the first line of the sea, worth more than 3 million euros.

Santis noted that the Pila area is very promising, as it occupies most of the coastal strip of Larnaca. By the way, the transfer of oil reservoirs and possible changes, such as the unified construction of the port, create a new dynamic.

We believe that Larnaca and the Larnaca district have great potential for growth and provide us with an excellent opportunity to invest and change the position on the tourism and real estate map. Our investments will create a hugely important activity in a wider region that has been undeservedly forgotten for decades in terms of new investments of this size and type, Santis said.

Finally, Santis noted that there are still bureaucratic processes in Cyprus that impede the rapid development of the construction sector. At the same time, he expressed hope that the government of the country will eventually create favorable conditions for the introduction of electronic services in a new technologically demanding era.

Ларнаку ждут крупные иностранные инвестиции

For more information about the project and a list of all available objects for sale and rent, you can visit the link. Contact the experienced DOM Real Estate specialists in Larnaca on +357 24030062 or visit Gregoriou Afxentiou 7, Larnaca, 6023, Cyprus. Here you will always be provided with competent advice and help with renting or buying and selling your home.
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