{"id":6354,"date":"2024-04-01T10:00:12","date_gmt":"2024-04-01T07:00:12","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=6354"},"modified":"2024-04-01T10:00:12","modified_gmt":"2024-04-01T07:00:12","slug":"e50-million-investment-drives-luxury-housing-in-livadia","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=6354","title":{"rendered":"\u20ac50 million investment drives luxury housing in Livadia"},"content":{"rendered":"

Livadia is becoming one of the most rapidly developing areas of Cyprus.
\nStarting from this summer, it will constitute a geographical division of the Larnaca Municipality following the implementation of the Local Government reform.
\nThe municipality\u2019s development began immediately after the removal of the oil tanks from the former refinery area.
\nHowever, the lifting of the Seveso directive last May, which unlocked a large untouched area, sparked interest.
\n\u201cWe have never experienced such a situation before. There is unprecedented demand for Livadia,\u201d Mayor Marios Armenis told Phileleftheros, noting that only in the released area have investments amounting to \u20ac115 million been initiated, licensed, or applied for at the Town Planning Department.
\nThe interest is not limited to this specific area but extends throughout the municipality, which has been experiencing construction growth for some time. Currently, large residential developments worth \u20ac20 million are underway, excluding small apartment buildings and individual houses.
\nIt should be noted that the total area released after the termination of Seveso amounts to 4.2 square kilometers.
\nApproximately 65% of this area belongs to the Livadia Municipality, with the remainder falling under the Larnaca Municipality, where a three-kilometer-long gold-bearing coastal front is located. Development on this coastal front, 80% of which belongs to oil companies, is still pending due to soil decontamination and beach recovery efforts.
\nHowever, the same does not apply to the Livadia area, where development has already begun. This area starts from the former refinery and extends to the boundaries of Oroklini. It is now divided into zones allowing for residential and tourist development, with the Area Plan favouring the creation of neighbourhoods and green roads.<\/p>\n

<\/figure>\n

\u20ac50 million investment from an Israeli<\/strong>
\nSo far, the largest investment in the released area involves the construction of 273 luxury apartments costing \u20ac50 million by an Israeli-owned company.
\nThe same entrepreneur, investing for the first time in Cyprus, plans to build a boutique hotel in the same area, which, as Mayor Armenis mentioned, will be the first hotel within the Livadia Municipality boundaries.
\nThe development will take place in the tourist area near the Larnaca Nautical Club, facing the sea, and planning permissions have already been submitted.
\nThe first project in the released area, however, has already begun next to the former refinery and is being executed by a Cypriot land development entrepreneur. This \u20ac30 million investment includes luxury apartments and shops.
\nIn the near future, according to the Livadia Mayor, two other Cypriot land development owners will build three large residential developments with apartments costing a total of \u20ac35 million in the tourist area.
\nComparing the data from the last two years immediately highlights the significance of the numbers mentioned for the area, which has now begun to show its dynamism.
\nAccording to data provided to our newspaper by the Livadia Municipality, in 2022, 82 permits were issued for houses and 174 apartments.
\nParticularly noteworthy is the year 2023 when 86 permits were issued for houses and 328 apartments, while 160 new building permit applications were submitted.
\n\u201cWe had a total of 328 apartments in 2023, and now 273 will be built in just one development,\u201d pointed out the Livadia Mayor, noting that he is constantly in contact with investors mainly from Cyprus, Israel, and Lebanon.
\n\u201cRecently, three investors came and stated that they want to invest only in Livadia due to the prospects opened up by the removal of the oil tanks,\u201d he added.
\nUrgent road works are needed in the area<\/strong>
\nThe significant development, however, must be accompanied by significant road works in the area to cope with the population increase and needs. One of these, as noted by the Livadia Mayor, is the completion of the long-delayed Panagouli Avenue, which has been stagnant for more than 15 years.
\nThis is a crucial road artery connecting Larnaca with Livadia, and its completion is linked to the decongestion of the Larnaca-Dekelia road. The second phase of the project is deemed urgent, especially due to the presence of two schools on the road that currently bears the traffic during school hours.
\nDespite the fact that processes have finally begun after years, the road is far from being ready, as a tender for a study, which will last two years, will only be announced in 2025. Given these facts, construction work is not expected to start before 2027.
\nAccording to Armenis, the area also needs new schools. The Ministry of Education has already approved the construction of a regional Primary School on the boundaries with Oroklini. However, there is also a need for Secondary Education schools since the Gymnasium and Lyceum of the area are overcrowded.
\nMeanwhile, two projects worth \u20ac4.5 million are underway and are crucial for revitalizing the area\u2019s image.
\nThese concern the redevelopment of the traditional core of the community and the creation of an Environmental Park in the \u201cPanerka\u201d area, which is close to the released area.<\/p>\n

\n
<\/figure>\n<\/figure>\n

Real estate development. development, Livadia Municipality, investment<\/p>\n","protected":false},"excerpt":{"rendered":"

Livadia is one of the most rapidly developing areas of Cyprus, with significant investments and construction growth. The area has seen a surge in interest following the removal of oil tanks and the lifting of the Seveso directive. A \u20ac50 million investment from an Israeli company is underway for luxury apartments, with plans for a boutique hotel. Road works are needed to accommodate the population increase, including the completion of Panagouli Avenue. The area also requires new schools, with projects underway for a regional Primary School and redevelopment of the traditional core of the community.<\/p>\n","protected":false},"author":5,"featured_media":6355,"comment_status":"open","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[312,2552,4039,924,3382,2460,33,2152,1625,2220,3,2369,3818,26,405,4377,4081,53,415,3767,2987,1823,899,2753,3752,3404,299,2121,157,484,412,4478,4479,148,2779,879,4086,555,1012,2124,1214,864,1151,470,3776,453,433,133,3260,3862,4347,1565,114,1424,459],"class_list":["post-6354","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-apartment","tag-beach","tag-building","tag-buildings","tag-coastal-front","tag-community","tag-companies","tag-completion","tag-construction","tag-construction-work","tag-cyprus","tag-data","tag-development","tag-economy","tag-education","tag-entrepreneur","tag-future","tag-gold","tag-government","tag-growth","tag-hotel","tag-increase","tag-interest","tag-investment","tag-investments","tag-investors","tag-israel","tag-land","tag-larnaca","tag-larnaca-municipality","tag-lebanon","tag-livadia","tag-livadia-municipality","tag-local","tag-local-government","tag-local-government-reform","tag-mayor","tag-ministry-of-education","tag-numbers","tag-park","tag-phileleftheros","tag-population","tag-redevelopment","tag-road","tag-road-works","tag-roads","tag-school","tag-schools","tag-sea","tag-shops","tag-summer","tag-surge","tag-top-news","tag-tourist","tag-traffic"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n\u20ac50 million investment drives luxury housing in Livadia<\/title>\n<meta name=\"description\" content=\"Livadia is one of the most rapidly developing areas of Cyprus, with significant investments and construction growth. 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