Investment and tourism activity in Larnaca is expanding rapidly, with a sharp increase in applications for various development projects — from high-rise buildings to tourist facilities and hotels.
According to Angelos Chatzicharalambous, president of the Larnaca District Self-Government Organization, 6,000 permits were issued over the past year for a range of developments, including factories, residences, and hotels.
At the same time, there are roughly 3,000 pending urban-planning and building applications, most of which concern new investments.
One notable example is the application by Zara Holdings to convert a three-storey store in central Larnaca into a boutique hotel, expected to open in 2026.
Regarding towers, two high-rise buildings are already moving forward despite the fact that no new permits have been issued recently — they had been secured before the local-government reform.
The first of these towers is Marigate Larnaca, approximately 60 meters tall, located near the city’s port. It is expected to be completed during the first half of 2026.
The project costs around €12 million, and roughly 30% of the apartments have already been sold to investors from Central Europe.
Prices start at €980,000 for the lowest-level apartment, with the penthouse reaching €4.2 million.
The building will include a ground-floor reception and café, covered parking on the first floor, a gym on the second, and from the third floor upwards, eight spacious apartments (around 240 m² each) with private jacuzzis and an elevator. The penthouse occupies the top three floors.
The application for this tower was originally submitted in 2017, but the process was delayed due to the planning authority’s limited experience with tall buildings. Final permits were granted in 2020.
In total, the company is developing projects worth approximately €130 million in Larnaca.
Another planned high-rise is the Lumina Mare, a 25-storey tower by Israeli investment group SLK Developments, with an estimated budget of €40 million.
A further major project, the Horizon Towers, also by SLK, includes two or more towers of 17–20 storeys, with nearly 350 apartments combined, as well as commercial spaces, wellness areas, offices, and more.
