The €415 million Larnaca Port and Marina redevelopment could be completed much sooner than originally planned, with Cyprus’ Transport, Communications and Works Minister Alexis Vafeades calling the current 45-year timetable excessive and expecting significant reductions following further studies.
Speaking to StockWatch, the minister described the existing delivery schedule as “far too long” and welcomed the growing agreement between the local authorities and the Cyprus Ports Authority (CPA) on the future development of the port, marina and surrounding waterfront land.
The CPA recently presented local authorities with a masterplan estimating that the full programme of works would cost around €415 million and be completed over a 45-year period. However, Mr Vafeades stressed that this represents only an initial framework.
He said the authority has so far outlined the broad scope of the project and will now carry out detailed assessments of each individual scheme before publishing more comprehensive costings and delivery schedules.
Government expects faster delivery
Mr Vafeades made clear that the proposed 45-year programme is significantly longer than the government considers acceptable. He expects further technical studies to substantially reduce the overall timetable, allowing residents and businesses to benefit from completed projects much sooner.
He pointed out that the procurement and installation of new port equipment could be completed within a year, while several improvement works are already under way.
The minister also noted that a separate study prepared by Greece’s Growthfund suggested that the long-term expansion of the commercial port may ultimately prove unnecessary, despite being included in the CPA’s current long-range planning.
Legal process under way for land transfer
The government has already decided to transfer ownership of the port and marina land to the Cyprus Ports Authority, with the proposal currently awaiting legal clearance.
Under the plan, the state will transfer the relevant port and waterfront land under its ownership to the authority. Before this can proceed, the existing lease agreement for Larnaca Port, signed in November 2020 between the Cyprus Ports Authority and the Republic of Cyprus, must first be terminated.
€415m masterplan divided into three phases
The proposed redevelopment roadmap is split into three major projects.
Larnaca waterfront regeneration and mixed-use development
The first phase, valued at €190 million, is scheduled to run between 2027 and 2036. It includes the regeneration of the marina waterfront and adjoining land, creating new public spaces, landscaped areas, pedestrian routes, cycle paths and parking facilities.
The plans also include relocating the traditional boatyards to a more suitable location while introducing hotels, commercial developments, cultural venues, leisure facilities and other mixed-use projects designed to better connect the waterfront with Larnaca’s town centre.
Marina upgrade
The second phase carries a budget of €20 million and is expected to be completed by 2036. Works include maintaining existing infrastructure, expanding marina facilities, increasing berthing capacity and improving services for recreational boating.
Modernising the Larnaca commercial port
The third phase, with an estimated cost of €205 million over a 20-year period, focuses on modernising port operations. Plans include new cargo-handling equipment, upgraded infrastructure, a modern passenger terminal and measures to improve environmental performance, including reducing dust emissions through new loading technology.
The programme also provides for the gradual expansion of port facilities to support commercial shipping and passenger traffic, alongside the demolition of ageing warehouses and obsolete buildings.
The wider waterfront vision also includes proposals for significant private-sector investment, including a hotel, conference and exhibition centre, restaurants, leisure facilities, sports amenities and centres of excellence, supporting the long-term transformation of Larnaca’s seafront into a major commercial, tourism and lifestyle destination.
