29.03.2023
Affordable housing is key not only for attracting foreign companies and their workforce, but also for Cypriots, Yagos said. Zenonos , real estate and public relations manager for Exness .
Speaking at the 17th Land Management, Engineering and Construction Conference and Exhibition, Mr. Zenonos said that since Exness opened its office in Cyprus about ten years ago, it has established many contacts with local builders in search of suitable housing for its staff.
According to him, the local industry is building apartment buildings to sell apartments, not to rent them out. “We have to change our product. In order for companies to continue to attract employees to Cyprus, as well as to attract new companies, these needs must be met. This mainly concerns apartments and schools, and later medical centers,” he stressed.
He expressed satisfaction with the position of Interior Minister Konstantinos Ioannou, who said that one of the main pillars of the new government will be the strengthening of the state’s economic policy regarding rent. This, he says, is the practice in many other countries, where governments provide special incentives to encourage developers to build apartments to rent rather than sell.
“Some incentives are needed to make investments sustainable, such as tax breaks, some VAT cuts.”
about 900 people currently work in the Exness office in Cyprus. “To make sure we have space to house our employees, we rent space until they find something on their own,” he explained. “Experience has shown us that they rent for about 4-5 years before buying their own accommodation, such as a house or a standard size apartment. This is a sign that we need property to rent out,” Zenon said.
According to him, out of 900 employees of the company, 400 arrived recently. “I think they want to stay here. They wouldn’t have chosen Cyprus if they didn’t see the opportunity to make it their home,” Zenonos said , emphasizing how important it is to start providing affordable housing as soon as possible.
