A new era for Larnaca emerges

Something is changing in Larnaca, with many projects going on the public and the private sectors.

There is the ongoing fixing up of the old city, extending from the coastline up to Gregori Afxentiou avenue and from the Makenzy beach area to the former gas installations.

The Larnaca marina project is under way and although this is a long term project, it has shown the town’s potential and attractiveness, while the operator’s international contacts are a major plus in promoting the town.

There are six new, small boutique hotels recently erected, including those under way, which, along with Ayios Lazaros square, the renovation of old buildings and the new municipal market, will add to the old town’s popularity.

The troubled Finikoudes area seems to have its problems. They are on the way to be resolved, but even when the legal tangles between the investor and municipality are bypassed, the project’s completion will take at least four years.

The Radisson Blu hotel and the new skyscraper on Makarios avenue, across the road from the marina, will bring some glamour to the town, as well as other projects in the Makenzy fishing harbour area now under way.

Makenzy beach is still a mess regarding legal occupation issues, but notwithstanding these, it is becoming more and more popular both with locals and tourists.

The Larnaca shopping mall has lead to less use of the traditional commercial area.

The recent removal of the former fuel installations and gas and oil tanks is a major issue for the town. We understand that the area will be zoned for high rise office and apartment developments. This project is several years away though.

The town has not seen many high-end sales and demand for real estate is forthcoming mainly from the lower budgets. There is a lot of interest from Lebanese, Libyan and Israeli nationals, whereas Nicosia buyers are showing an interest in units near the beach.

There is also demand for residential plots with a high building density (over 140 per cent) for apartment development.

There are many ifs and buts regarding the development of Larnaca, but at least some things are moving in the right direction. It seems that the current mayor of the town, Andreas Vyras, has the prerequisites for good management and success, as long as he can deliver.

There are always small groups objecting to projects, which can cause problems.

Another obstacle to any new development is the archaic law of statutory tenants, which restricts repossession and redevelopment.

However, the recent upsurge in demand has given developers and estate agents high hopes.

Antonis Loizou & Associates EPE – Real Estate Appraisers & Development Project Managers, www.aloizou.com.cy, [email protected]