Larnaca New Marina and Port: the 2026 Position

By Orly Cohen, O.C Real Estate Cyprus · Updated August 2026

The Larnaca port and marina redevelopment is the largest infrastructure story in the Cypriot property market, and the main reason the city moved onto investors’ radar. It is also the project surrounded by the most outdated information, because the plan changed fundamentally over the past two years. Here is where it actually stands in August 2026: the official figures, the timetable, and above all what the scheme does not include.

Where the project stands today

The scheme moved from private hands into public ones. The original concession was terminated, the Cyprus Ports Authority took over, and a new official roadmap was published in summer 2026. The figure now on the table is 415 million euro, and work on the marina land areas is scheduled to begin in 2027.

How we got here

The timeline matters, because a great deal of the marketing material still circulating online quotes the old plan.

What the budget covers

The funding split is worth noticing. The Ports Authority funds the core infrastructure and the maintenance works, while the commercial and tourism elements are to be funded by private investors. In other words, the part that draws visitors and creates demand for nearby property depends on private capital being raised, not only on the public budget.

What the plan does not include, and why that matters

This is the point we most want to flag, and it changed our own wording in the Larnaca guide. Under the current Ports Authority scope there is no residential component. The plan describes hotels, restaurants, offices, recreation space and a conference centre, alongside public realm and opening the waterfront to pedestrians. It does not describe a new residential quarter.

How a scheme like this affects property prices

Infrastructure projects on this scale usually make themselves felt in two stages. At announcement and early development a premium of roughly five to ten per cent appears in nearby properties, on the expectation of future demand. When the scheme becomes operational there is sometimes a further rise of roughly five to fifteen per cent, as the economic benefit and the improvement in daily life materialise.

Larnaca is at the early stage. That cuts both ways. A buyer coming in today arrives ahead of the operational premium. Against that, part of the expectation is already priced into the port area today, so this is not a quick gain but a medium to long horizon. With work starting on the ground in 2027 and the master plan only closing in 2029, this is an investment that requires real patience.

What it means if you are considering Larnaca

Our position has not changed with the revised plan: the project is a supporting consideration, not a reason in itself. The property has to be worth its price even if the timetable slips, which is a realistic scenario for schemes of this kind. We assess a property in the development area on the same criteria we use anywhere else: asking price against deals actually completed on the same street, the developer’s financial standing, the payment schedule, and legal due diligence through an independent local lawyer rather than the seller’s.

On location, the strip around the old port and the marina carries both the highest potential and the highest uncertainty. Areas such as Mackenzie and the Finikoudes promenade benefit from the general improvement to the waterfront without depending directly on the project timetable, which usually makes them a more balanced choice for a buyer seeking both current yield and capital growth.

The risks to weigh

• Timetables. The project has already changed operator once. A programme running to 2045 is exposed to further change, and a delay pushes the premium back with it.
• Dependence on private capital. The commercial elements, which are the ones that generate demand, are to be funded by private investors rather than from the authority’s budget.
• Overpricing. In an area that is much discussed, asking prices can drift away from prices actually achieved. Always compare against completed transactions.
• The macroeconomic environment. Interest rates and foreign demand, which accounts for around forty per cent of the Cypriot market, feed directly into prices.

Questions and answers

How much is the Larnaca marina project worth

The official roadmap published in July 2026 sets out 415 million euro across three sub projects. The 1.2 billion euro figure that appears in many articles belonged to the earlier private concession, which was terminated in May 2024.

When will the project be finished

There is no single completion date. Work on the marina land areas and on the marina itself is planned for 2027 to 2036, and modernisation of the commercial port runs to 2045. The master plan is due by 2029.

Will apartments be built in the marina development

Not under the current plan. The published scope covers hotels, restaurants, offices, recreation space and a conference centre, and contains no residential component.

Is the marina a good reason to buy in Larnaca

It is a supporting consideration, not a reason in itself. The property has to be worth its price without the project, because timetables are uncertain and part of the expectation is already priced in. The horizon required is medium to long.

Who is delivering the project now

The Cyprus Ports Authority, which took over in May 2026. It funds the core infrastructure, while the commercial and tourism elements are to be funded by private investors.