We are all for the Government to promote development in the real estate sector and its desire to attract foreign investment to the island, above all. The various incentives granted so far go in the right direction and the new Minister of the Interior seems to be ready to offer what is needed to start the revival of the real estate and construction industry. The proposal of foreign investors of 7,000 million euros. The investment in Yeroskipou village announced by the Archbishop and the many necessary easings/deviations will be a serious test of the Government’s readiness to “give whatever it takes” and, more importantly, to respond to applicants within the next 30 days if your proposal is, in principle, acceptable. We also noticed the right urgency to build a casino and more recently a rather strange promotional brochure about a golf property development in Paphos, which states that buyers of villas (for €2 million) will automatically attract a Cypriot passport, it’s quite strange , as it refers to promises made by the Minister of the Interior and a response of 6 months/passport in hand (otherwise money back). As far as we know, the possibility of a passport was given for a sum of 5 million euros. investment and there was a proposal to reduce the amount to 2 million euros, so they should be the first to benefit from this (not yet announced).

We hope that this, like all other similar developments, will be successful, since one hopes that even €2 million. the holiday home is quite expensive for anyone, which indicates that if they (the buyers) choose to live in Cyprus, it will mean additional income for the country. We refer to the much-hyped Chinese golf project in Paphos and wish it well. You need to be careful as compared to the population, Cyprus is just a street in Beijing, so we don’t greatly change the demographics of the country. A recent report on Malta referred to the Maltese government placing a quota on Chinese buyers. We call this our reserve, from €2 million. buying with a passport is not prohibitive in a country (China) with at least 1 thousand. millionaires and others.

So all seems to be going well and let’s cross our fingers for the future.

In addition, the new development plan in agricultural areas makes way for almost everyone by allowing all kinds of large-scale developments in agricultural areas. Not necessarily bad, of course, if a project needs a large area of ​​land and an alternative form, dispensing with relaxation/change of use procedures that are not feasible and time consuming. So we end up from one end to the other. Extensive development in agricultural areas, in addition to the deterioration of the environment, will affect existing development zones, since buyers/owners of agricultural land, provided they meet certain criteria, will become owners of land for development, which will affect the demand and value of existing development. Earth. To be more fair to the Government, development in agricultural areas refers to specific projects that need a lot of land (eg Hospital, Schools, Universities, Sports Centers, etc.) but also allows housing/commercial/industrial development. go with him, thus creating a kind of small town.

Having said all this, how is it that this new urban attitude coincides with the current prevailing policy of not allowing the development of a single dwelling on an agricultural plot? Yes, we have a promise from the Minister that this will change, but when? In a sense, all of these changes benefit the big investor/land owner and penalize the small one, but the small investor, i.e. a single house development, as a whole, can be as big as one of the international projects. most wanted.

We feel that we are trying to “find ourselves” in this tragic prevailing situation and go from one extreme to another. What incentives are given in the real estate sector, in the end, the question is if there are buyers for the product? Cyprus is not the only country that has financial problems, but Europe as a whole. So investors available with cash have many offers and alternatives and if one country submits a proposal, another country submits a more competitive proposal. We now have an American who approached the Government of Cyprus to build a huge Las Vegas type casino who also applied to Spain and chose an area outside of Madrid only to have problems due to the fact that he did not want to pay taxes. . He is now back in Cyprus, realizing that we say that we are in a worse position than Spain. His intention of him is for Cyprus to rethink!!

So here we are, in the end, everyone is trying to get the best deal out of everyone else.