A lot of investment has been undertaken for touristic development ranging from hotels to quality places of entertainment and even more important addressing the upgrading of staff, food and service. Previous years with the tourist arrivals have been increasing by approximately 8% p.a. and this, coupled with the planning relaxation given by the then Government, … Read more
There is a lot of discussion about what is more beneficial to the taxpayer – to build or rent government offices or even buy ready office buildings from the open market. Some uninformed reports blow up the rental payment issue out of all proportion in the sense that the government is spending €26 mln a … Read more
In small economies such as Cyprus, investment opportunities are limited, especially those which can produce reasonable returns in relation to the risk involved. Due to the introduction of the general public health system, various groups of investors (including foreign ones) have turned their interest towards health related projects, either as healthcare centres or simply as … Read more
It is noticeable how city centres can change from one day to another, so to speak. Larnaca, the “poor” relative of all towns, partly due to its unfortunate vocal pressure groups and some municipal corruption in the past, has been left behind in its development. The very recent upgrade of the original town with numerous … Read more
Until recently we had the impression that foreign well-sounding brands were the criterion of buying e.g. clothing from €100 to €500, because they are of an international brand and therefore if you are show-off who seem to be the majority, not only will you buy the brand, but with great pride you will tolerate the … Read more
The cost of buying houses or apartments in Cyprus has become a big issue, especially in recent years. The level of residential rents has increased by around 20% in the last 2 years. Various proposals have been made to alleviate the problem, including increasing area ratio, abolishing minimum areas, and creating low-cost units. Immediate measures are needed to address the housing crisis, such as tax reductions for landlords who rent out apartments and implementing summary eviction procedures. Colleges and universities could also play a role in providing housing for students. The Housing Finance Corporation and Land Development Agency may not be able to effectively address the issue.
The text discusses the issue of common expenses in buildings and the need for a common expenses association to address the problems caused by non-payment of these expenses. The association would have thousands of members and would aim to collect common expenses debts through legal means. The proposal includes the requirement for a certificate from the management committee before any property can be rented, sold, or mortgaged, and the possibility of assigning disputes to a special arbitrator.