Development Prospects Shine at Larnaka Property Show 2024
At the “Larnaka Property Show 2024,” optimism was the prevailing sentiment as industry leaders discussed the future of Larnaca. With projects worth €100 million on the horizon, the city’s development prospects were a focal point. Interior Minister Constantinos Ioannou emphasized the government’s commitment to energizing the real estate sector, highlighting incentives to boost building coefficients for affordable housing. Ioannou’s vision includes increasing buildable areas to create additional residential units and stimulate construction sector employment.
The recent legislation approved by the Council of Ministers aims to streamline licensing for large and strategic development projects, promising a one-year rapid licensing process within a modernized one-stop-shop framework. This move is expected to alleviate delays and bureaucratic inefficiencies, benefiting both foreign and local investors.
Nakis Antoniou, Larnaca Chamber President, and Mayor Andreas Vyras both reaffirmed their commitment to the port and marina development, ensuring its completion against all odds. The port and marina are seen as keystones for Larnaca’s continued growth.
Dinos Lefkaritis from the Larnaca Tourism Promotion Board reported significant growth in tourism, with a notable increase in arrivals and new hotel openings. Michalis Tiniozou of the Bank of Cyprus corroborated this positive trend with data showing a 22% increase in land registry transactions in 2023 and a 6% rise in sales for the first quarter of 2024.
Panos Danos, CEO of Danos Real Estate, highlighted Larnaca’s rental market boom, with rates tripling since 2019. Meanwhile, Andreas Lefkaritis of Petrolina Group unveiled plans for the “Larnaca Land of Tomorrow” project, which promises to be an eco-friendly extension of the city.
Andreas Georgiou from Patroklos Group acknowledged challenges such as bureaucracy and banking hesitancy but remained confident in the Group’s ambitious plans for Larnaca and Crete. Lastly, Iraklis Zavos of the Quality Group introduced “Q City Oasis,” a mixed-use development poised to offer luxury living alongside communal amenities.
The collective vision presented at the conference paints a bright future for Larnaca, with transformative development projects set to redefine its landscape and bolster its position in the real estate sector.
