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How does water shortage affect the real estate market and what can be done about it?

How does water shortage affect the real estate market and what can be done about it?

23.09.2024

 

Water shortages have a significant impact on the residential property market, especially in the segment targeting foreign buyers, where countries compete for investors’ attention. However, water issues are often ignored, which could lead to negative consequences in the future if measures are not taken to improve the situation.

One possible step would be to require a water conservation plan for all new construction projects. Such a plan could include measures to reuse water and implement technologies to reduce water consumption, similar to energy efficiency requirements .

It is also important to review the rules for installing plumbing fixtures. For example, toilets should only be equipped with dual-flush systems, which will significantly reduce water consumption, especially in public and commercial buildings.

New regulations for swimming pools will also help reduce water loss. For example, pools should be covered when not in use to prevent evaporation. This is especially true for pools on private property, where water evaporates faster due to the open air.

Another solution is to revise water tariffs. If a household exceeds a certain volume of consumption, the cost of water should increase, which motivates more careful use of the resource.

For large construction sites over 1,000 square meters, drilling wells for water should be mandatory. However, drinking water should not be used for technical needs at construction sites, such as watering concrete slabs or preparing mortar. Alternative water sources are needed, such as water supply by tanker trucks or drilling wells on site.

It is also worth reviewing the import of household appliances such as washing machines and dishwashers. Models with high water consumption should not be allowed on the market. The introduction of these measures will reduce the use of water in the home.

To control water use more strictly, an inspection system could be introduced. Private inspectors, working in cooperation with municipal authorities, could monitor compliance with standards, for example, the use of drinking water for non-consumptive purposes, such as washing cars or sidewalks. This project could be launched on a trial basis for a few months.

The problem of water shortage in Cyprus is one of the most acute, but so far not enough decisive actions have been taken to eliminate it. Water is a vital resource, and without it, no financial means will be able to compensate for its deficit. It is important that the country’s leadership takes a proactive position in solving this problem.

 

Text based on materials from www.cyprus-mail.com, photo pixabay.com

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