23.07.2023
There is a growing interest in mountain resorts, especially in the Troodos region . For the flagship of the Pano mountain resorts Platres has seen an increased interest and mobility in the real estate market since 2021.
From the relatively recent purchase and upgrade of the Petit Hotel Palais, Splendid (1-2 year refurbishment), Penteli sales (currently under refurbishment), purchase and upgrade of Cleopatra shop to bistro, Helvetia hotel (bought by CFC), Berengaria Hotel in Prodromos, which is being studied for refurbishment, cafe modernization Koylada, DTA’s commercial projects and high – value private homes are all positive developments for the local market. Most of the purchases are made by foreign investors, mostly Russians.
The development of the mountain resorts is also aided by the new Limassol-Laneia road, which is currently under construction, while the development of the Trimiklini-Moniatis junction, which has always caused traffic problems, with supermarkets, pharmacies, cafes and more, deserves attention.
Demonstration projects include cladding with stone retaining walls, which are unfortunately littered with graffiti, even road signs.
Existing and new recreation centers are being upgraded (such as Avgoustis in Foini, Turn of Taste in Pera Pedi and Omodos with different centers, Kyr Yiannis and Vassiliadis).
So, what are the recommendations for finalizing local zones?
- Increase build rate from the obsolete two storey and average build rate of 30% to three storeys (or more) with an increase in build rate to 40%.
- Building a project in mountain resorts is difficult because construction costs are at least 40% higher than in cities, even on the flat surface of the resorts.
- In any case, the complex needs elevators, because going up and down the stairs is not easy for either the elderly or children.
Caring for the environment is very important
Proposals have been made to replace trees cut down for construction with forest trees older than 2-4 years, with a clean trunk of at least 2 meters and with appropriate guarantees.
Efforts are being made to attract various specialized schools and events to the mountain resorts. But after these anticipated new and future investments, where will the staff live? Due to the high cost and rising cost of land, finding an apartment to rent for less than 500 euros per month is not easy. So how will new work units be staffed when a worker has such a high cost of living? It is possible that there will be a relaxation from 19% to 5% VAT on the lease of premises, provided that they are built for this purpose and leased for at least 10 years. If this condition is not met, the difference of 14% must be returned to the state within a reasonable time.
