20.06.2023
Following the recent completion of the imposing Limassol Del Mar and The Address By The Sea, the D. Zavos will present a number of new projects this year, while dozens of plans are also in the works, not only in Cyprus but also in Greece.
New projects, as noted by the first executive director of the D. Zavos, Michalis D. Zavos, listen to the needs and trends of the market, and therefore focus on renewable energy sources, saving electricity, while they will have the conditions to maintain an electric car.
Mr. Zavos refers to the current challenges facing the construction and land management industry, which are primarily related to interest rates, inflation, sanctions, and urban zones.
At the same time, he suggests two ways that, if implemented, can reduce costs and which concern the increase in urban development zones and the inclusion of land from agricultural to residential near cities.
Regarding the sanctions, Mr. Zavos says that the measures taken have destroyed the activity of the Russian market on the island, which is traditionally one of the largest we have ever had, he argues that Cyprus can compensate for the consequences by giving incentives to others countries.
How do you generally describe the current picture in the field of land management and construction? What are the problems and what are the challenges?
While the construction sector, and especially the land management and construction sector, seems to be developing at a fast and positive pace, my own assessment is somewhat different.
Of course, it cannot be denied that the real estate sector has been and always will be the safest and most profitable of all investments. What can influence and differentiate the current situation is the rise in prices, both in the land market and in building materials and structures in general. As for the prices for building materials, unfortunately, they are not so easy to change, as they depend on external factors.
However, land prices can rise and help reduce costs in two ways:
a) By increasing urban development zones. Seaside plots that are sold for millions of euros cannot have 40% and 60% rates. Residential plots in urban areas also do not have to have rates of 100% and 120%, while in Athens and other European countries it is 320%.
b) With the inclusion of land from agricultural to residential near cities.
In this way, they will be able to join the new residential areas and meet the needs of many of our fellow citizens.
Local and overseas market
How and to what extent have the events of recent months, such as rising building material prices and interest rates, affected your company?
Of course, rising material prices and rising interest rates have adversely affected our buying and selling in the local market, where, unfortunately, locals have difficulty buying and selling properties in their own region.
In terms of the external market, Cyprus still remains at a low or better, I would say, at a reasonable level compared to other European countries, as well as countries such as Israel and Dubai.
Do sanctions affect the industry as a whole? Can Cyprus compensate for the consequences?
To be sure, the sanctions, as well as the European Union’s policy towards Russians in general, have greatly affected our sales in one of the strongest and most traditional markets we have ever had, namely Russia .
The various moves taken, especially by the banking institutions, have destroyed this particular market and in general we have once again lost confidence in these people who are clearly not responsible for the policies and actions of their country.
Of course, our country could also offset these effects by encouraging other markets and other nationalities with new incentives, but, unfortunately, we constantly see actions that damage these new markets, as a result of which we also lose them.
Innovative and green projects
What is the strategy according to which your own company is moving? Should we expect something new?
Our group is constantly evolving with new and innovative projects that will focus on renewable energy and energy savings.
Already, all our buildings are built from special materials that provide significant energy savings. In addition, all parking lots have a place for an electric car and more.
We also plan quality projects that provide security and amenities that make their tenants’ lives more comfortable.
New projects in progress
With the completion of our two major, impressive and successful projects, Limassol Del Mar and The Address By The Sea, we are completing other projects this year. In particular, our project Sunset Court, Arion Court in Limassol, Sun Valley Villas in Palodia, Sea Breeze Villas project in Protaras.
In addition, four more of our projects are under construction: the award-winning Bell Air Mansions in Agios Athanasios, Limassol, La Maison Court in Yermasogeia and our Park Horizon project across from the Limassol Sporting Club.
Finally, we are completing our large and unique gated residential project Aqua Park Resort with the construction of 61 more units. We are also planning two major residential projects in Limassol and Larnaca and three more commercial projects in Limassol.
Soon two more projects will start in Athens: Oasis Residesnes in the Ellinikou area and Socratous Residence in the Kallithea area.
