Transport Minister Alexis Vafeades announced on May 15, 2026 that the Cyprus Ports Authority will now lead the redevelopment of Larnaca’s port and marina. The plan calls for unifying the waterfront: the marina will be expanded to a 200-boat capacity, and about 50,000 m² of adjacent land will be repurposed for “urban use” in line with local wishes. The government will present a detailed roadmap by June 30, 2026, pending cabinet approval for transferring the port, marina, and port land to the Ports Authority. These moves mark a significant shift: after the private concession was terminated in May 2024, Cyprus split the project into two parallel tracks (port and marina) to avoid one development holding up the other. In practice, the state is moving forward quickly – Vafeades has already greenlit the Ports Authority to begin consultations on the marina’s upgrades.
As a result, the Larnaca Marina project is now under direct state management. The revised model envisions the Ports Authority leading major port upgrades (breakwaters, dredging berths to 15 m, a new cruise/passenger terminal with Schengen gates) while a future private concession will build the 600-berth leisure marina and surrounding real estate. Officials note this split reduces execution risk and allows the use of up to €350 million in EU Recovery funds for sustainable transport infrastructure. Meanwhile, once completed (targeted around 2029–2030 for the port terminal), cruise ships will enjoy faster processing, and freight traffic can partially shift from Limassol to ease congestion.
Together, these announcements mean that 2026 will see active development around the Larnaca Marina. Prior to this, work had focused on preparatory steps: a major dredging program (started July 2025) is deepening the marina’s entrance and basin, and was scheduled to finish by December 2025. Infrastructure like the floating dock, lighting, and electricals are also being upgraded. Now, with political backing and a clear framework, attention turns to land development and project execution. Below we detail the history of the marina/port plans and the latest timeline of events.
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Timeline of Larnaca Marina Redevelopment
March 2020 – Concession Awarded
An international tender was won by Kition Ocean Holdings (a Cypriot–Israeli consortium). Kition was entrusted with a unified €1.2 billion plan to redevelop Larnaca’s port and new marina. Contracts were signed in late 2020, envisioning an expanded 650-berth marina, cruise terminal, hotels, yacht club, retail, and even a private island.
Late 2022 – Licenses Received
By 2022–23 the project had obtained the necessary environmental and planning permits. The plan was to begin full-scale works by early 2024. Phase 1 of the marina (restaurants, shops, a Christmas village, etc.) was tentatively scheduled to open by October 2023.
January 2024 – Project Relaunched
After early delays, the government announced in January 2024 that the Larnaca port and Larnaca Marina redevelopment would proceed with full-scale implementation. This followed Cabinet approval to continue under the original Kition concession (albeit as cost controls were re-examined).
June 2024 – Concession Terminated
By mid-2024, Kition Ocean Holdings had stalled, reportedly due to financing issues. On May 27–28, 2024, the government officially terminated Kition’s concession agreement. Citing contract breaches and unmet financial guarantees, Cyprus quickly moved port and marina operations into state hands to avoid paralysis. Interim management was assigned: the Cyprus Ports Authority (CPA) took the port, and the Cyprus Marine & Maritime Institute (CMMI) managed the marina.
November 2024 – Project Split
Later in 2024, the government formally split the original unified plan into two parallel projects. Transport Minister Alexis Vafeades explained that combining port and marina under one developer had created conflicts, so “one development would occur at the expense of the other”. Henceforth, separate tenders would handle each component, though coordination would be maintained.
January 2025 – Interim Structure
In early 2025, the state continued to build momentum. The CPA assumed day-to-day control of the commercial port, and the newly created CMMI entity oversaw the marina. Meanwhile, the Greek state asset fund HRADF (later HCAP/GrowthFund) was tapped to study and masterplan both sites.
May 2025 – Marina Dredging Planned
Transport Minister Vafeades confirmed that bids were underway to deepen the marina basin and entrance. This dredging project (4.5 m deeper) was aimed at allowing safe passage of larger boats. A separate tender was issued for the masterplan study with Greek cooperation. Within days, the cabinet signed off on cooperation with Greece’s asset fund, signalling a “technocratic relaunch” of the project.
July 2025 – Dredging Contract Signed
In July 2025 the Transport Ministry signed a dredging contract with Semesco Ltd. The 20-week scope includes deepening the marina basin and entrance and installing solar-powered beacon lighting on the lighthouses. Dredging began in the summer, with officials expecting no disruption to marina traffic during works.
September 2025 – Dredging Near Completion
By September 2025 the Transport Minister reported that the marina dredging was “proceeding as scheduled” and on track to finish by December. The clearing of sand and seaweed will allow smooth entry/exit for vessels, improving safety and access. The ministry also noted that all marina infrastructure (docks, lighting, electrical) would be upgraded in tandem. Experts had begun site visits and community consultations to inform the next stages of port/marina planning.
April 2026 – Government Pushes Forward
As spring 2026 arrived, Transport Minister Vafeades publicly defended the “separate but parallel” approach. He emphasized that no studies (such as land-use or port impact) should delay work that was ready to begin. In late April, he confirmed that the Ports Authority already had the go-ahead to start implementing the marina development immediately. “We want to show the people of Larnaca that we are moving forward,” he stated, apologizing for any slowdowns but insisting on maintaining momentum.
May 2026 – Ports Authority Takes Charge
On May 15, 2026 (the date of the Cyprus Mail announcement), Vafeades officially transferred responsibility to the Cyprus Ports Authority. This means both the port and marina projects are now administered by CPA, aligning with the earlier split into two projects. The minister’s public roadmap: the marina will expand to 200 berths, and a large adjacent tract (50,000 m²) will be developed for urban amenities, as per the town’s wishes. The mayor of Larnaca and local leaders attended, emphasizing that the waterfront will be “unified” so the public can walk between marina and port seamlessly. Cabinet approval is pending, but once finalized CPA will prepare a detailed plan by June 30.
Historical Timeline (Context)
For completeness, earlier milestones included the 2020 tender win by Kition Ocean Holdings, contract signing in late 2020 (Alexandrou/Eldeman JV), and the planned four-phase build-out of the 650-berth marina . By late 2022 the legal permits were in place, though the first-phase public amenities (cafes, shops, playground) originally scheduled for 2023 were later halted by the concession’s cancellation. In summary, the Larnaca Marina project has shifted from a stalled private deal to a state-led initiative with clear, staggered plans for dredging, marina expansion, port upgrades, and waterfront development.
Sunshadow’s Marina-Area Projects
Sunshadow Investments already has three flagship developments near the Larnaca Marina, all set to benefit from the waterfront’s upgrade. EOS Residences is a boutique eight-unit building offering full-floor 2–3 bedroom apartments with panoramic sea and marina views. Located just off Arch. Makariou (in the “new port” area), EOS lies at the heart of an emerging upmarket neighborhood, minutes from Finikoudes beach and the city center. NOX Residences is a sleek mid-rise overlooking the new marina and port. Its façade mimics the sea’s surface and its location is “only steps from some of the finest restaurants and shopping” on the waterfront. Finally, GAIA Residences (2–3 bedroom apartments and skyvillas) sits just a minute from Finikoudes, literally with marina views from its balconies. Each of these projects offers high-end finishes and are already commanding premium prices – proximity to the redeveloped Larnaca Marina is expected to boost their value further as the waterfront transforms.
Eos Residences – a pioneering development in what is to become Larnaca’s most prestigious coastal region. This unique collection of eight 2 or 3 bedroom full-floor apartments offers a range of floor plans and views to match any modern lifestyle, and lies at the heart of a new, dynamic, upmarket neighbourhood
- Larnaca – New Marina
- Internal Area Up to 106m2
- 2-3 Bedrooms
- Sea View: Yes
- Larnaca – New Marina
- Internal Area Up to 131m2
- 2-3 Bedrooms
- Sea View: Yes
GAIA is a new collection of two and three bedroom apartments and two meticulously crafted two-storey Skyvillas. Dynamically designed in a way that reflects 21st-century tastes. Gaia provides the opportunity for a perfect marina-side contemporary life-style.
- Larnaca – City Centre
- Internal Area Up to 97m2
- 2-3 Bedrooms
- Sea View: Yes
FAQs
In summary
The Larnaca Marina redevelopment is once again moving forward, now under state leadership. After years of planning shifts, 2026 brings a clear framework: the Ports Authority will implement parallel port and marina projects, with new berths, facilities, and a continuous waterfront linking Finikoudes to the harbor. This means fresh momentum for Larnaca’s economy and real estate market.
For investors and homebuyers, areas around the port and new marina stand to benefit the most. Our Sunshadow developments EOS, NOX, and GAIA are strategically positioned to capitalize on this transformation, being next to the revitalized waterfront. If you are interested in Larnaca property or would like more information on the marina updates, please reach out to Sunshadow Investments.
Sunshadow Investments Ltd – Artemidos Str. 3, 2nd Floor, 6025 Larnaca, Cyprus. Tel: +357 24 816246 | Fax: +357 24 816243 | Email: info@sunshadowinvest.com.
Sources: Cyprus Mail and related reports (May 2026). These cover the latest official announcements and project details. (All information is up-to-date as of May 2026.)