Larnaca is becoming one of the main centers for large-scale real estate investment in Cyprus. High-rise residential towers, hotel complexes, luxury villas, and modern residential neighborhoods are being developed along the coast. The total value of some projects reaches hundreds of millions of euros. Development is particularly active in Livadia and the area of the former oil refinery.
The large-scale redevelopment of the coastal area is attracting both Cypriot and foreign investors. Major projects are being implemented by SLK Development, Marinakis Property Developers, and the Petrolina Group. Some developments are already under construction, while others are still at the design and permitting stage. The new complexes are expected to reshape Larnaca’s coastline by combining residential property, commercial space, hotels, and leisure infrastructure.
SLK Development: skyscrapers, residential complexes, and a coastal resort
SLK Development, which is associated with Israeli investors, is developing several major projects in Larnaca.
Lumina Mare: 20 floors and 54 apartments
Construction of the Lumina Mare residential tower in the Larnaca–Livadia coastal area began with the installation of a construction crane. The project is valued at approximately €40 million. The 65-meter building will have 20 floors and include 54 residential units. The complex is located near the sea and the site of Larnaca’s future new marina. Construction is being carried out by Cybarco, with completion planned for 2028. According to SLK Development Larnaca representative Georgia Spyrou, 50% of the units have already been sold. Residents will have access to the following amenities:
- Residents' Clubhouse — Club 54, a central space for socializing and events;
- a panoramic rooftop infinity pool;
- an outdoor spa;
- private parking;
- commercial space on the ground floor.
Properties available for sale in the project
Horizon Towers: €200 million investment
Another major SLK Development project is Horizon Towers in the coastal area of Livadia. The overall master plan provides for around 530 residential units. The first phase includes two 20-story towers with 198 apartments. Total investment is estimated at €200 million. The project is designed as a fully integrated residential complex with extensive infrastructure. In addition to apartments, it will include:
restaurants and other food and beverage venues;
retail and office space;
swimming pools;
fitness centers;
- spa areas;
- leisure and entertainment spaces.
The goal is to create a modern residential environment where essential services and leisure facilities are available directly within the development.
Properties available for sale in the project
Former Beau Rivage hotel to be transformed into a resort
In August, SLK Development acquired the former Beau Rivage hotel on the Dhekelia coastline. The site is planned to become the mixed-use Troy Resort and Spa, combining hotel and residential property. According to the plans presented, the project will include a 5-star hotel with 11 accommodation units, 60 luxury apartments, and 4 private villas. Construction is expected to begin during 2027 and take four years. SLK Development is therefore expanding in Larnaca across three major segments: high-rise residential property, mixed-use residential developments, and resort real estate.
Properties available for sale in the project
Marinakis Property Developers: projects worth more than €130 million
Marinakis Property Developers, a company fully owned by Cypriot entrepreneurs, is advancing projects in Larnaca with a combined value of more than €130 million.
Marigate Larnaca: apartments in a 60-meter tower
One of the company’s key projects is Marigate Larnaca, located on Georgiou Seferi Street near Larnaca Port. The building will be around 60 meters tall, and the project is valued at approximately €12 million. According to the company’s Head of Communications and Public Relations, Theo Mallas, apartment handovers are expected to begin next year.
Around 30% of the units have already been sold. Buyers include investors from Central Europe, including Germany and Austria. Prices at Marigate Larnaca start at €980,000 for an apartment on the first floor and increase depending on the unit’s position within the building. The penthouse is priced at up to €4.2 million.
Properties available for sale in the project
Olivea Park: 229 apartments and 15 villas
In Livadia, the company is developing the Olivea Park residential complex, located approximately 1.8 km from the beach. The project combines apartment buildings with detached luxury villas. It will include:
- 229 one-, two-, and three-bedroom apartments;
- penthouses with private rooftop gardens;
- 15 detached villas.
Prices for one-bedroom apartments start at approximately €166,000 excluding VAT. Olivea Park is one of Larnaca’s larger residential developments and is aimed at buyers looking for modern property close to the sea.
Eden Valley Residences: 32 private villas
The company’s second project in Livadia is Eden Valley Residences. It includes 32 detached three- and four-bedroom villas. The development is located in the coastal area of the former oil refinery, approximately four minutes by car from the sea. Unlike larger high-rise projects, Eden Valley Residences is aimed at buyers who prefer a standalone home and a more private residential environment.
Land of Tomorrow: a project worth more than €800 million
One of the most ambitious projects set to transform Larnaca’s coastline is Land of Tomorrow, being developed by the Petrolina Group together with BBF and architectural firm Foster + Partners. The project involves the gradual redevelopment of the former oil refinery’s coastal site. According to project manager Andreas Lefkaritis, at the time the original report was published, an environmental decision was expected for the first phase, valued at around €45 million.
The first phase includes two buildings of 11 and 7 floors. Construction will take place on a 12,000 m2 site along the coast, just 100 meters from the sea. However, this initial phase is only part of a much larger development. The total value of Land of Tomorrow exceeds €800 million. The project is planned to be implemented in stages across an area covering 2.5 km of coastline and an additional 150,000 m2 of land opposite the sea. The development is intended to transform the former industrial zone into a modern coastal district with residential, commercial, and other facilities.
How investment could reshape Larnaca’s real estate market
Major projects by SLK Development, Marinakis Property Developers, and the Petrolina Group highlight growing investor interest in Larnaca’s coastal real estate. The most visible changes are taking place in Livadia and on the former oil refinery site, where new residential districts and mixed-use developments are taking shape. The main directions of market development include:
- High-rise residential property. Lumina Mare, Horizon Towers, and Marigate Larnaca offer apartments in multi-story buildings near the sea.
- Luxury housing. Olivea Park and Eden Valley Residences include apartments, penthouses, and private villas.
- Resort real estate. The project on the former Beau Rivage site will combine a hotel, apartments, and private villas.
- Comprehensive coastal redevelopment. Land of Tomorrow will transform a significant portion of the former industrial coastline.
At the same time, it is important to distinguish between projects already under construction and those that still depend on approvals. Completion dates and final specifications may change. Large-scale investment can expand the supply of modern real estate, create new commercial space, and reshape the coastline. However, the impact on home prices, rental rates, and affordability for local residents will depend on the amount of new construction and actual market demand.
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