Larnaca on the brink of a property boom
Larnaca may be set to experience a property boom in the next few years, according to experts.
Cypriot property market has attracted international interest due to its robust economy. Much of this new impetus seems to be focused on Larnaca, where the Cypriot government is aiming to attract affluent golf lovers by creating new golf developments, resorts, new five star hotels, retail outlets and a new super marina suitable for luxury yachts. The government has planned a new airport in the region which makes it more easily accessible for foreign investors and potentially boosts its tourist trade.
Larnaca is an ideal destination for golf fans as it had a good climate and already established golf developments. Plans are proposed to encourage golfers to visit the region which could make it compete with more established golfing destinations such as Portugal. The marina is redeveloped to make it a major cruise hub for the eastern Mediterranean. Zenon Consortium, which owns the Costa and Louis cruise lines, has been awarded a grant of almost £800 million from the Government to carry out the project.
Kathrin Pfeiler, Lufthansa’s general manager for Cyprus, told Financial Mirror that the new flights to the island from Lufthansa German Airlines which offer passage between Munich and Larnaca is a boost to the accessibility of Cyprus from mainland Europe. Meanwhile, Monarch also announced that it will increase the frequency of flights to Larnaca from Luton Airport to 14 services per week.
This follows a report by MRI Construction which found that one in six potential investors from the UK favored the Mediterranean island.
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