Despite the concern of Larnaca’s stakeholders that the €1.2 billion investment in the marina and port is now in the air, the building boom of the last few years, as well as other investments of hundreds of millions of euros that are planned, maintain a positive sign for the city’s development prospects.
This was the message sent by the Larnaca Chamber of Commerce and Industry (EBEL), businessmen, and other city stakeholders at the Property Show Larnaka 2024 conference, which expressed confidence that the redevelopment of the port and marina “will be done at all costs.”
At the conference, which attracted a large number of professionals and other stakeholders in the city’s development, 20 specialized land development market players intervened and spoke about the new projects planned and the fact that Larnaca is attractive to foreign investors.
“The development of our city will not stop here but will continue with the creation of the major project of the port and the marina,” said the President of EBEL, Dr. Nakis Antoniou, referring to the statements of the Minister of Transport that “the project will be done one way or another”.
A similar statement was made by the mayor of Larnaca, who noted that in the coming years, projects worth a total of €100 million are planned for the city.
As it became clear through the statements of businessmen who are active in the city and the province of Larnaca, large investments are planned in the coming years.
The largest is the Petrolina Group’s Larnaka-Land of Tomorrow development, the cost of which is expected to exceed €1 billion. The group’s head of sales, Andreas Lefkaritis, said the company has 450,000 sqm in the area where the oil tanks were moved from and it is working to develop the area, which he noted will be “an extension of the city of Larnaca”.
Major developments are also being prepared by Patroklos Group and Quality Group, with the latter having completed major hotel units in recent years.
