Limassol and Larnaca: a tale of two city development projects

The Cyprus property sector continues to attract major investment, with two significant urban development proposals in Limassol and Larnaca.

Poised to reshape their respective skylines and local economies, both projects reflect growing confidence in the island’s coastal cities.

Limassol: twin towers development

In Limassol, SolidVes Ltd has submitted an €80 million proposal to the municipality for a landmark mixed-use development at the junction of Omonia and Paphos Avenues, which is one of the city’s busiest commercial corridors.

The project comprises two 13-storey towers rising on a 14,715-square-metre plot currently occupied by derelict structures and informal parking.

The development comprises 18,719 square metres of total built area, divided between a residential tower and an office building. The residential element will feature approximately 75 apartments of varying sizes, alongside five ground-floor retail units fronting Paphos Avenue. The office block is set to include 13 floors of office space, a cafeteria, gymnasium, meeting rooms, and a restaurant.

Rooftop gardens are planned for each building, while shared amenities include a swimming pool, 498 underground parking spaces, and 17 accessible spots for disabled users. The landscaped grounds will function as a gated private garden, with controlled access from three directions.

Although the towers exceed current Local Plan height regulations, the developer argues the site’s zoning, which is split between residential (58%) and commercial use (42%), supports the building volume. Nevertheless, a traffic impact study warns of potential congestion in this densely developed district. To mitigate this, SolidVes proposes several initiatives, such as:

• A parking management system for office staff
• Carpooling incentives linked to parking availability
• Secure bike and motorcycle spaces with staff rewards
• Local hiring strategies for nearby residents
• Flexible hours and remote work policies

Pending planning approval, construction is projected to last around 30 months.

Larnaca: seafront tower development

Meanwhile, Larnaca is preparing for its own major transformation along the coastal skyline with Lumina Mare, a €40 million luxury tower spearheaded by an Israeli consortium. The group, which comprises Kishrey Teufa, the Shagrauy-Leibovitz Group, and attorney Amir Chen, will build a 19-storey residential and tourism-focused high-rise on a prime 2,000-square-metre plot near the expanding port.

With unobstructed sea views and immediate access to the upgraded waterfront, the development is designed to appeal to both international buyers and high-end tourists. The tower will host 54 sea-facing apartments and short-term rental units, complemented by ground-floor commercial space, a private residents’ lounge, and a rooftop swimming pool.

Construction is set to start this summer, following permit approvals. The joint venture will also provide property and hospitality management, combining real estate returns with sustained tourism appeal.

Notably, the same consortium has expressed interest in managing the Horizon Project, another large-scale development led by the Shagrauy-Leibovitz Group. Horizon is expected to deliver around 500 residences, alongside shops, restaurants, and spa facilities, further enhancing Larnaca’s urban revival.

Developers highlight Cyprus’ favourable investment climate, noting particularly strong growth in Larnaca’s coastal redevelopment, which is increasingly drawing international attention.

A tale of two cities: shaping Cyprus’ urban future

As Limassol and Larnaca pursue bold, high-rise visions, concerns remain about urban density, infrastructure readiness, environmental sustainability, and the lack of affordable housing for local residents. Yet both projects reflect the broader momentum driving Cypriot cities towards modern, mixed-use, and internationally attractive urban environments.