New Marina in Larnaca

 The Ministry of Transport has unveiled its new plan to attract a strategic investor for the development of the Larnaca port and marina and includes berths for Giga yachts and cruise ships. The plan analyses in detail the present conditions as well as the legal, economic and technical issues for the proposed development framework. The study was undertaken by ERNST & YOUNG and SALFO and presents three different development strategies with investments ranging from €145 million to €235 million. According to the report, the present infrastructure of both the port and marina are in poor condition, and major restructuring will be required.

The study proposes the substantial revision the city plan to facilitate the development of projects desired by both the state and the city council and has suggested increasing the building coefficient from 30% to 40%. The study has outlined the need for a suitable road network which will connect to the existing one but with priority given to pedestrians and easy access to the Phinikoudes promenade and bicycle lanes.

The area available to the investor is 510,000 square meters and stretching from the port to the marina. The report, based on local and international property markets with regards to size and competitiveness has recommended the construction of a large number of small to medium-sized apartments, a few luxury villas, a hotel, offices and a commercial centre Despite the saturation of the Larnaca real estate market, interest in sea-front properties remains high especially if one keeps the government’s citizenship for investment policy. Larnaca also has the advantage of not being a victim of seasonality like other tourist areas on the island, safety and its close proximity to the airport. Sale prices and rentals Apartment of 110-130 square meters with premium services will start at €5,250 m² while villas of 250-300m² with swimming pool are expected to start at €6,000m² while offices are earmarked for €3,200-€3,800m² or they can be rented for €12-€15m². Rentals in the 10,000m² commercial centre are suggested to be from €40-€55m²

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