Larnaca’s Waterfront Will Be Redrawn by Six New Residential Towers — What Buyers and Investors Should Know

Horizon Towers: a major addition to real estate Cyprus in Larnaca

Real estate Cyprus is about to change in Larnaca as developer Shajwawi Lebovich Karekla Developments Ltd unveils plans for six high-rise residential towers under the name Horizon Towers. The proposal, filed as two separate Environmental Impact Assessment studies with the Department of Environment, converts a former petroleum refinery and LPG storage area into a mixed-use waterfront project that will alter the city skyline and the local property market.

This story matters to buyers, expats and investors because the scheme pairs a large rise in housing supply with a high-profile waterfront regeneration. In our analysis, that combination creates opportunity and risk: demand could lift values along the coast, but environmental, planning and market factors will determine whether returns are attractive.

Project overview: two plots, six towers, unified scheme

The Horizon Towers masterplan is presented as a single architectural and functional concept split into Plot 1 and Plot 2 for permitting. Key facts from the developer submissions are:

• Developer: Shajwawi Lebovich Karekla Developments Ltd
• Total towers: 6 residential towers
• Total apartments: 431 (99 on Plot 1 + 332 on Plot 2)
• Site: former petroleum refinery and LPG storage area on the Larnaca waterfront
• Regulatory stage: Environmental Impact Assessment studies submitted to the Department of Environment

The project combines housing with retail, leisure and public open space. That mixed-use element is important: it changes the product from purely residential blocks to a complex that aims to support local retail and leisure demand as well as residents.

Plot 1: twin 20-storey towers and a multi-purpose annex

Plot 1 contains the taller elements of the scheme and is where the developer concentrates amenity space for residents. Highlights are:

• Two towers, Horizon 1 and Horizon 2, each 20 storeys and 86 metres high, providing a total of 99 apartments.
• A five-storey multi-purpose building (Annex 1) to include:
  • Retail outlets and restaurants
  • Gym and wellness facilities
  • Office space
• Resident amenities include a 550 sq m swimming pool, a children’s playground, 575 sq m of private landscaped areas and 6,591 sq m of public green protection zones.
• Parking provision for cars and bicycles and an internal road network for site circulation.

From a buyer perspective, Plot 1 is pitched as a higher-end offering with on-site wellness and retail features that support long-stay residents and owners who want lifestyle amenities at the doorstep. Annex 1 adds a commercial dimension that could generate footfall and, if tied to the tenant mix, create visible street-level activity.

Plot 2: four towers, bigger pools and mass residential capacity

Plot 2 is larger in unit count and brings communal recreational facilities aimed at a broader resident base. The developer plans:

• Four towers: three 17-storey buildings (Horizon 3, 4, 5) at 75 metres tall with 85 apartments each, and one 16-storey tower (Horizon 6) at 70 metres containing 77 apartments.
• Combined total on Plot 2: 332 apartments.
• On-site amenities include:
  • Two large swimming pools at 900 sq m each
  • A children’s pool
  • A 300 sq m outdoor refreshment area
  • A padel court
  • 2,900 sq m of landscaped green space
• Parking: 427 vehicle spaces in Plot 2, of which 33 spaces are allocated for persons with disabilities.

The scale of Plot 2 matters for local housing supply. 332 apartments in one plot is a significant injection of new homes for a city the size of Larnaca and could affect vacancy rates and rental competition, depending on how quickly units are completed and absorbed.

What Horizon Towers means for the Larnaca property market

We see several direct implications for buyers and investors in the Cyprus property market:

• Supply shock in the local market: 431 new apartments is a large addition clustered on the waterfront. If many units are released to market at once, pricing pressure can emerge, especially in the short term.
• Premium for waterfront positioning: Despite supply, waterfront developments typically command price premiums versus inland locations. The project’s scale and amenities are positioned to capture that premium if demand from domestic buyers, EU nationals and foreign investors remains steady.
• Rental market impact: A large tranche of new homes with leisure facilities and retail could be attractive for medium-term rentals to expats and high-end tourists seeking longer stays. That is important for buy-to-let investors assessing yield.
• Commercial opportunities: Annex 1 retail and restaurant spaces can support mixed-use returns. Successful leasing of these units is necessary to animate the public realm and justify higher residential valuations.

In our view, investors should weigh the immediate supply effect against longer-term uplift from waterfront regeneration. If the city invests in infrastructure and the EIA confirms remediation and safety, values could strengthen; if approvals or contamination issues delay the project, short-term risk increases.

Environmental and regulatory issues: the former refinery site matters

Two EIA studies submitted to the Department of Environment signal that the developer recognises environmental constraints. The fact the site is a former petroleum refinery and LPG storage area raises several issues buyers and community stakeholders must watch:

• Soil and groundwater remediation: Former industrial sites often require extensive cleanup. The EIA will assess contamination risks and remediation plans, and the final consent may include conditions tied to cleanup standards.
• Public health and safety: Conversion of an industrial site to residential use requires rigorous assessment to ensure long-term occupant safety, particularly where hydrocarbons and other pollutants may be present.
• Construction constraints: Remediation work increases upfront costs and can delay completion. Those cost lines matter for developers’ margins and the timing of supply hitting the market.

The EIA process is not a formality. We recommend buyers and investors request copies of the studies and any remediation commitments before putting down deposits. Lenders and insurers will also look closely at EIA outcomes and remediation warranties.

Urban design, skyline and community impact

Horizon Towers will be visible across the city.