A SERIES OF NEW PROJECTS & PUBLIC WORKS
A BOOM IN CONSTRUCTION ACROSS THE ISLAND
The recent influx of foreign nationals across Cyprus, who are seeking not only to invest but also to set up residences, are driving the current high demand for residential properties. The iisland, because of this is currently experiencing a robust construction boom, and urban centres and coastal areas are seeing significant expansion. The construction of several new projects that iinclude luxury apartments and several high-end residential developments, is being closely followed by a series of new infrastructure projects.
KEY INDICATORS
A Residential Surge: Apartment construction is dominating the boom, with authorised residential floor area doubling across the island in recent years.
Investment Growth: Permit Growth is continually rising each year, with its total value surpassing previous figures. The construction cost index also remains high.
Foreign Interest: Real estate demand, often driven by foreign buyers and companies relocating to Cyprus, remains high.
Value Growth: The total authorised construction floor area is expanding by an average of 40% each year.
Industry Size: There are approximately just over 3,000 registered businesses in the island’s building construction industry.
KEY INDUSTRY DEVELOPMENTS
Structural Changes: New building permits approvals are being streamlined by new District Local Government Organisations that are now responsible for their issuance.
Increasing Costs: Residential construction costs for houses and apartments typically range from €1,700 to €2,200 per square metre.
COMMON PROJECTS
Housing Projects: There is high demand for modern, energy-efficient housing, and these types of developments are mainly being concentrated in coastal areas.
Commercial Projects: There is continued investment in tourism infrastructure across the island.
UNSAFE BUILDINGS TO BE REDEVELOPED ACROSS CYPRUS
A NEW STRATEGY TO REPLACE OLDER BUILDINGS
The Cypriot government has launched a new strategy for replacing older buildings with safer, newer modern structures across the island. The main objective of this initiative is to enhance overall building safety, improve the look of towns and rural areas, and upgrade the overall urban image of Cyprus. The main intentions are also to help replace some of the ageing older buildings, which were built under an older permit system. These buildings are now considered dangerous because they do not meet today’s rigorous safety standards.
A SERIES OF DIFFERENT INCENTIVES
Several different incentives, designed with a view to improving urban safety and aesthetics, are now available for the redevelopment of older structures. Applications submitted within five years of a publication date will qualify. In addition to this, any ongoing applications for new development projects following the demolition of old and unsafe buildings now qualify for several of these incentives. They do not apply, however, to listed buildings. These are protected by a set of separate regulations.
REBUILDING TO THE SAME SCALE
As part of the scheme, existing building rights will be retained by property owners of these types of buildings. These include the retention of the original development factor of an existing building. This means that once an existing building is demolished, property owners will then be able to rebuild to the same scale after demolition.
PAPHOS
A LINEAR PARK FOR PAPHOS
The Paphos Municipality has unveiled a new project, to build a new linear park. The new park is to extend from the terminal roundabout, on the Limassol-Paphos highway, to the Limnaria region in Kato Paphos.
The project, which is being praised as one of the most significant environmental and social projects in Paphos, will cross the borders of the City of Paphos and the villages of Geroskipou and Konia.
Stretching up to 6 km, the park will feature a new playground, bike lanes, pedestrian walkways, outdoor exercise equipment, sports and entertainment facilities, information kiosks, and several new parking spaces.
The park is also to act as a natural extension of the coastal promenade. This will link the waterfronts of the two municipalities, enhancing the natural stream that flows along the eastern side of the area.
NICOSIA
A NEW CYCLE PATH FOR ATHALASSA PARK
A new cycle path is to be installed along Kalamon and Glafcos Clerides Avenue, along Athalassa Park’s southern border. These works will effectively extend the current cycle path, which runs along the side of the road from the Nicosia general hospital roundabout eastwards until the turn-off for Athalassa Park. The works will also include the installation of a new footpath for pedestrians. This will extend northwards from Latsia’s Kantara Street, where it currently ends at the turnoff for Argolidos Street.
On completion, the new cycle path will stretch for 3 km and will follow the road until it ends at Athalassa Avenue. A new pedestrian crossing and a rainwater management system will also be installed along the route. The project will also include the creation of an ‘urban equipment strip’. This will consist of several new trees, benches, bins, and modern street lighting.
A NEW MUSEUM FOR NICOSIA
A new Cyprus Museum is set to become a main cultural attraction on the island and one of the most important historic institutions in Europe. The new museum, being built in Nicosia, will house around 6,500 items and will showcase artefacts spanning from the prehistoric era to the Roman period. The whole museum site, estimated to open by 2029, will span a total of 30,000 square metres upon completion. The planned works will include three main buildings that will be connected by bridges. The new museum will be flanked by a new public square and a fountain.
LARNACA
THE LAND OF TOMORROW
A NEW DEVELOPMENT ALONG LARNACA'S FORMER REFINERY WATERFRONT
The Larnaca municipality, which has historically pursued initiatives to enhance tourism, housing, and public access along its popular coastline, is to partly invest in a new seafront promenade. The new development on its eastern coast will redevelop the former oil refinery site and will include pedestrianisation, marina-related works, public space improvements, and several environmental upgrades.
The Land of Tomorrow development will include
New public realm enhancements: A series of new promenades, bike lanes, shaded plazas, and pedestrian-friendly corridors are to be built.
Tourism and hospitality integration: A new hotel, along with serviced apartments, is to be built. A series of new waterfront dining options will be offset against several cultural spaces.
Environmental and coastal management: Coastal flood protection, beach restoration, wastewater and drainage improvements, and several open green spaces.
Infrastructure: A new parking management system, traffic re-routing, and public transit accessibility.
A HUGE INVESTMENT
It is envisaged that Larnaca’s new waterfront ‘Land of Tomorrow’ project will mark a significant transformation of the area. The huge scale of this new project involves not only the municipality of Larnaca, but also the coordination of several Cyprus Ministries. These include the Ministries of the Interior, Tourism, Transport, and Communications. Phase one of the new development is now underway. This follows the submission by public consultants of the required environmental impact assessments.
DISMANTLING & CLEARING
Although work to clear the former refinery, which was once dominated by oil tanks, is now complete, the redevelopment of this site is expected to span several years. This initial phase of the project has adhered to a series of measures designed to manage environmental impact. The measures include the monitoring of excessive noise, dust, and waste levels during the demolition. Environmental authorities were also involved in the removal of concrete, metals, and debris from the site.
PHASE ONE
The initial phase of the project will cover 32,000 square metres. This will include the construction of two 15-storey buildings that will create up to 200 new modern apartments for the area. Expected to be completed by 2029, this phase makes up only part of the larger 400,000-square-metre project. The whole project, on completion, will include retail spaces, commercial streets, restaurants, bars, a five-star luxury hotel, a modern conference centre, private offices with co-working spaces, and several event venues. The project will also feature up to 20,000 new trees in its entirety.
LARNACA BENEFITS FROM THE 'THALIA PROJECT'
UPTO 20 DIFFERENT PROJECTS THAT WILL INCLUDE SEVERAL WORKS
The city of Larnaca has fully embraced the THALIA PROJECT and all it has to offer. Providing funding for up to 20 smaller projects, a budget of up to €220 million has been earmarked to benefit the city overall. These will include several works in and around the city, aimed at transforming the daily lives of all residents by offering multiple benefits and opportunities to the local economy.
IMPROVING THE URBAN CENTRE OF THE CITY
Several works to improve the urban centre of Larnaca are also to take place. These will include the regeneration of Larnaca’s streets and public squares. These will include the improvement and reconstruction of existing roads, which will see pavements widened, and the current rainwater system upgraded. The installation of new electronic information points, along with the upgrade of current street lighting, will also take place. New road signage, along with new traffic controls, is also being considered with the view to improving the overall traffic flow in the urban centre.
A NEW BOTANICAL GARDEN
The redevelopment of the Acropolis, Zouhouri, and Alki Squares, along with their surrounding streets, is also scheduled to take place. The Pattihio Park area is to receive a new café and a children’s playground. A new botanical garden, along with a small open space for events, is also planned. It is hoped that this will help to create an active entertainment zone within the park.
UPGRADES TO THE FINIKOUDES PROMENADE
MAJOR DEVELOPMENTS
The City of Larnaca as a whole is undergoing major redevelopment. This comes as part of the municipality’s ongoing overall strategic plan for city improvements. Larnaca’s coastline, as a result, will retain an even more engaging and beautiful setting for all to enjoy. Areas of main focus include the city’s coastline and, in particular, the famous Finikoudes Promenade.
SEVERAL UPGRADES
The Finikoudes promenade is a treasured location that constantly receives several improvements and upgrades each year. This forms part of ongoing efforts to keep the Finikoudes Promenade, which is at the forefront of the city’s tourism drive, relevant. In light of this, several works are constantly carried out to improve the visual and aesthetic appeal of the area. Some of these recent works have included the installation of sections of lush green turf along sections of the Finikoudes Promenade.
A MORE ATTRACTIVE ENVIRONMENT
The turf, which borders different sections of the beach, has been received well by several visitors and locals alike. Many believe that it not only adds a touch of natural elegance, but also demonstrates the municipality’s commitment to creating a more attractive environment for everybody.
A PRIME TOURIST ATTRACTION
The promenade’s role as a prime tourist attraction is also being used to reflect Larnaca’s overall appeal. It is agreed by several stakeholders that this area of the city has not only become a focal point but also a tourism magnet for the city. Whilst these projects demonstrate the municipality’s commitment to the development and evolution of this important location, these initiatives also form part of a larger initiative to revitalise the entire area.
A NEW TECHNICAL SCHOOL FOR THE VILLAGE OF ARADIPPOU
A new technical school for green professions is to be introduced to the village of Aradippou. The new technical school, which is scheduled to open by 2028, will adopt the principles of sustainability and cover a gap in the existing secondary technical education system on the island. Students will be educated in green technologies and will gain several sustainability skills. They will also be educated on subjects that are related to the proper management of the environment.
NEW DEVELOPMENTS FOR THE VILLAGE OF OROKLINI
Under local government reform, efforts have been accelerated to secure more European Union funding for key infrastructure upgrades for the village of Oroklini. Development projects exceeding €12 million are currently transforming the heart of the village of Oroklini, following the village’s merger with the Larnaca Municipality.
Projects include several redevelopments. These include a 1,000-seat outdoor amphitheatre at the village’s centre. This follows a multipurpose sports centre and the third phase of the Larnaca-Dhekelia road upgrade.
Flanked by several green areas, this road upgrade project features four new traffic lanes, service roads, roundabouts, pedestrian pathways, cycling lanes, and new parking spaces.
LIMASSOL
A NEW SOLAR PARK FOR THE VILLAGE OF POLEMIDEA
A collaborative effort between the Cyprus University of Technology and the Polemidia Municipality to install a photovoltaic park with a capacity of around 9 megawatts is in its early stages. This initiative demonstrates a dedication to using renewable energy sources to provide environmentally friendly and acceptable energy solutions. The Cyprus University of Technology has stated that this agreement represents a significant step towards achieving energy independence for the Municipality of Polemidia.
Although the main goal of the photovoltaic park is to provide its residents with sustainable energy, it will also be used as a base for research in future renewable energy. This research will focus on developing new technologies for clean energy production. It is hoped that the new solar park, which will act as a model for all future photovoltaic systems, will also encourage Cyprus to adopt and develop renewable energy sources more broadly.
A NEW AQUARIUM FOR LIMASSOL
The municipality of Kourion plans to create a new aquarium and research centre dedicated to the marine life of the Mediterranean Sea. The municipality has submitted a request to British Akrotiri Base administrators to lease a 16,000 m² plot of land south of the Chapel of Saint George.
IMPROVEMENTS TO A NEW PEDESTRIAN ZONE IN LIMASSOL
New benches and bins have been installed along the new pedestrian and cycling pathway that now connects the new and old port areas of Limassol. This follows on from another recent project that saw the planting of several new trees along the route. The pedestrianised path, which stretches a total length of just over 1 km, also boasts some new state-of-the-art lighting. A special type of ‘cooling asphalt’ that reduces surface heat has also been installed.
NEW TECHNOLOGY PARK FOR THE VILLAGE OF PENTAKOMO
The Ministry of Energy, Commerce, and Industry has recently announced plans to construct a new large-scale science and technology park. The site chosen for this new project is near the village of Pentakomo within the district of Limassol. This project will aim to collaborate and bring together several science, business, and government initiatives to a single location. It is hoped that this drive in innovation will eventually strengthen the Cypriot economy.
The development plan includes:
Modular office spaces with flexible layouts to suit companies of all sizes Extra help for new and existing start-up companies Research laboratories and coworking spaces Business incubators to support early-stage projects Data centres and digital infrastructure with high-speed connectivity and advanced security systems Conference halls and exhibition centres for events, meetings, and tech showcases Recreational areas, restaurants, cafes, and sports facilities Residential complexes for international professionals and visitors
NEW LARGE-SCALE PROJECTS FOR LIMASSOL
A LANDSCAPE OF TRANSFORMATION
Several large-scale projects, currently in the planning stage, are set to transform Limassol. These new construction projects are set to not only support the island’s domestic product but also promise to raise living standards, particularly for residents of Limassol. As well as this, it is also projected that each project will help the island achieve a sustainable, environmentally friendly future.
ECONOMIC VITALITY
Projects that are still in the planning stage include new hotels, resorts, medical facilities, educational institutions, and commercial and residential buildings. These all underscore great economic vitality for the island. The main consensus is that large-scale projects of this nature are not only crucial to the modernisation of the island’s infrastructure, but also for economic stability. They do this by creating several new job opportunities during their development and then again once they are completed.
A COMPATIBILITY WITH GREEN PRACTICES
The relevance of these projects is also highlighted by their compatibility with green practices. They offer a significant contribution to the island’s sustainable development goals as stated by environmental, social, and governance criteria.
A CATALYST FOR DEVELOPMENT & GROWTH
As Cyprus plans its course for a more prosperous future, these developments also serve as catalysts for further growth. Beyond their economic significance, they also represent a collective investment in the island’s future. This also helps to strengthen the island’s global position, and these types of investments are predicted to grow GDP by more than 15%. This is mainly achieved by helping to create thousands of jobs. This will offer Cyprus the potential to achieve an unprecedented level of wealth and sustainability.
THE LIMASSOL HILLS GOLF RESORT
The Limassol Hills Golf Resort is at the forefront of some of these ambitious projects. This development will come with several new innovative features. These will include a cutting-edge water treatment facility, a photovoltaic park, and several green spaces that will be available to the general public. This project, which is expected to employ up to 3,000 people during its construction phase, will also provide long-term job opportunities for up to 750 people once completed.
THE EAGLE PINE GOLF RESORT
The Eagle Pine Golf Resort currently stands as a significant investment for Limassol. Once complete, the resort is expected to create up to 300 long-term job opportunities.
A NEW MALL FOR LIMASSOL
The Nicosia Mall and Papantoniou Hypermarkets groups are investing in a fresh new look shopping centre for East Limassol. The new mall will be close to the Jumbo building near Linopetra roundabout. The site, which comprises a 45,000 square metre plot, will offer easy access from both the eastern part of the city and the highway.
The project, which is currently in its early stages, is currently undergoing site preparation, and related studies are presently being conducted. The project is currently awaiting all of the required permits to begin construction soon.
Located within the Agios Athanasios municipality, the new mall will make for a convenient stop for people from the eastern part of Limassol. The new mall will also serve the upmarket districts of Limassol, where technology and forex businesses have been booming. With this in mind, it will comprise all of the usual retailers and brands.
FAMAGUSTA
REVITALISING URBAN AREAS IN AYIA NAPA
A SAFE RECREATIONAL SPACE
The transformation of a neglected area near the centre of the resort town of Ayia Napa has begun. This project, which will consist of a new multipurpose recreational park, will aim to revitalise the surrounding urban area. Set to cost just over €4 million, it is expected ot also provide a safe recreational space for all to enjoy. The new facility, which is being co-funded by the European Union through the THALIA 2021-2027 Cohesion Policy Program, will have several features. These will include a 1,000-square-metre children’s playground, picnic areas, an artificial lake, and some diverse green spaces. A series of decorative mosaics will also feature.
THE FIRST CALISTHENICS PARK IN PROTARAS
The people of the coastal resort town of Protaras can now enjoy open-air workouts. The municipality is now offering an alternative to gyms and fitness clubs in the form of a free public callisthenics park.
Callisthenics is a form of exercise that uses the individual’s own body weight. This form of exercise focuses on building strength, endurance, coordination, and flexibility. The park can be found along the town’s seaside promenade, not far from the Nausicaa Hotel.
NEW PLANS ALREADY IN PLACE
AN ARCHITECTS VIEW OF WHAT THE NEW PARK WILL LIKELY LOOK LIKE
