Investments in mixed-use developments fuel growth in tourism and economy
Mixed-use developments are becoming increasingly popular around the world. This rising trend is driven by their ability to bring everything closer, simplify daily routines and unlock a wealth of opportunities. These developments naturally draw the attention of both locals and visitors. One such development, expected to significantly boost both the country’s tourism sector and Larnaca’s local economy, is the eagerly-awaited Palm Beach Resort.
The key to the success of mixed-use projects is how each component complements and enhances the others. This is especially evident in developments that combine hotels, entertainment venues, restaurants, wellness centres and shopping hubs. The reason is simple: guests enjoy a richer experience, often staying longer at destinations that offer a complete package.
Recognising the enormous potential of Larnaca’s newly-transformed 6km coastline, which stretches to Oroklini, Premium Access Group, headed by Evgeni Leibovich and Shaul Keinan, has committed to an ambitious project in the area, with an investment exceeding €100 million.
The area is being transformed into a high-end destination following the much-anticipated relocation of oil and gas facilities. This transformation is taking place in a city that now offers everything.
Larnaca’s fresh, modern image has resulted in more than 100,000 additional tourists over recent years. New hotels have sprung up, while many more are in the pipeline. There’s also a growing demand for residential properties and office space to accommodate companies choosing Larnaca as their base. Aside from the growing interest from investors, Larnaca is becoming a preferred location for people seeking a higher quality of life. Key advantages include the city’s international airport, its port, its proximity to the capital, its clean and calm beaches, modern infrastructure, new developments, green spaces, the charming city centre and its rich cultural heritage – making it one of Europe’s most popular and sustainable destinations.
These factors have led Premium Access Group to revitalise one of the city’s most iconic hotels, a long-standing part of Larnaca’s social fabric. The Palm Beach Resort, located on the Larnaca-Dhekelia coastline, is set to open a new chapter. With respect for its historical significance, the group plans to transform the resort into a five-star hotel featuring residential buildings, including a nine-floor tower, a bungalow complex, entertainment venues, a kids’ club and a cutting-edge wellness centre. The experience will also include fine-dining restaurants and a beautifully-designed beach front, offering relaxation under the Mediterranean sun alongside entertainment and water sports.
Palm Beach Resort, scheduled to open in 2026, is set to become a standout example of a destination within a destination, offering both visitors and residents the ultimate in modern luxury living.