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Larnaca (Ancient Kition) for investors and tourism

Larnaca, or Kition in the Old Testament, is one of the oldest cities in the world, with tens of kilometers of coastline and white beaches with clear blue waters. On February 28, 2023, Nikos Christodoulides was inaugurated as the President of Cyprus. Since his inauguration, the Larnaca district has undergone a significant transformation, through investment in a variety of projects in the public and private sectors.

Larnaca - The City of the Future and the Investment of Today

Larnaca enjoys 75 kilometers of coastline, including 2.5 kilometers of white beaches and clear blue waters, which have earned it the prestigious Blue Flag (a designation awarded to beaches that have clear waters, clean beaches, safety, and convenient access for all visitors).

The city enjoys a high tourist occupancy rate throughout the year, with an increase of over 50% in the number of overnight stays in 2022. In addition to the increase in tourist occupancy, Larnaca is experiencing growth in demand for housing, due to positive migration from Limassol as a result of a saturated market with high real estate prices. The city is becoming a popular choice for relocation, both within and outside the country, with an increase in property values of around 40% in 2022.

In addition, the expansion of business centers of international companies in the Larnaca region is increasing demand for both commercial and residential properties.

Massive Development of the Port and Marina Environment

On April 1, 2022, an agreement was signed between the Republic of Cyprus and Kition Ocean Holdings to implement the Larnaca Marina and Port Development Project with a budget of €1.2 billion. The project includes the development of the renovated Larnaca port, which is expected to be one of the most advanced ports in the Middle East; improving the quality of infrastructure and the natural environment; developing the marina with a yacht club with a capacity of 600 berths, commercial areas and open markets, hotels and residential complexes; creating around 4,000 new jobs and contributing billions to the local industry.

In parallel, a new master plan has been prepared with an emphasis on changing the designation of industrial areas to tourism and residential. Under the plan, fuel and gas tanks have been moved outside of Larnaca and large areas on the coastline are now available for entrepreneurship and development opportunities, such as the development of the luxurious beach strip of the famous Mackenzie Beach in Larnaca.

These measures are expected to lead to a price increase in the area of around 300% per square meter.

General Development of Larnaca

In parallel with the development of the marina environment, the city is experiencing a multi-system development, including the construction of pedestrian paths along the coastline and the city center, investments from international hotel chains, such as Radisson Hotel Group, IHG, Best Western, Holiday Inn, the launch of the new METROPOLIS shopping mall, the establishment of a public market and the new entertainment area in Vrochour Square, and the development of public parks with tennis courts, skate parks, and public fitness complexes.

Larnaca - The Best Accessibility on the Island

Larnaca enjoys optimal accessibility on the island, thanks to Larnaca International Airport (LCA), which is located just a 15-minute drive from the city, and handles over 7.5 million passengers per year. The city hosts many international conferences and is a major hub for business travelers, as well as a center for winter training camps for international sports teams. Larnaca is also within a short drive of major cities on the island, such as Nicosia (35 minutes), Limassol (45 minutes), and Paphos (70 minutes).

Larnaca - Best Value for Money

In conclusion, Larnaca has a high potential for property value appreciation thanks to its relatively low prices compared to other cities such as Limassol and Nicosia; a very high value enhancement for properties following the investment of hundreds of millions of euros in infrastructure and leisure areas, and a low cost of living compared to other cities.

We hope we were able to explain what makes Larnaca one of the most attractive investment destinations in the world.

For any further questions, please do not hesitate to contact us.

Ofek Zamarot from Zamarot Real Estate Group

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