03.07.2024
Traffic congestion and housing were two of the biggest issues that came to the fore in the context of the recent Reflect festival. Those who took part were the President of the Pan-Cyprus Association of Land and Construction Development Entrepreneurs and the President of Imperio , Yiannis Misirlis , mentioned the city of Limassol , noting that both the traffic and housing problem are problems that greatly complicate the lives of citizens and which need to be addressed with a comprehensive and well-thought-out plan.
Yannis Misirlis elaborated on the problem of high rents in the city, emphasizing that this is due to a decrease in the supply of real estate compared to increased demand. “There are not enough properties to meet demand,” he said, adding that as long as demand increases without a corresponding increase in supply, prices will continue to rise. The same applies to rental property prices, as today tenants are required to pay up to 180% more than ten years ago.
There is a need for policies and measures to promote development, especially for affordable projects such as apartments, which is where the market is currently focused. Yannis Misirlis also emphasized green buildings, noting that all efforts must be consistent with the adoption of sustainability principles as this is the future of real estate and these buildings are what buyers want.
At the same time Giannis Misirlis cited labor shortages, noting that the consequences extend throughout the Cypriot economic chain, not just real estate. He characteristically emphasized that delays in the completion of projects due to a dwindling workforce are seriously affecting the country’s competitiveness, while further complicating the problem of excessive prices for buying or renting real estate.
The problem of traffic, which Limassol now faces to a large extent, was also widely discussed . One of the issues raised during the discussion was public transport and whether it could solve the problem. Yannis Misirlis emphasized that traffic is a complex and multi-dimensional problem, the solution of which requires a holistic rather than fragmented approach. He emphasized that improving public transport alone will not bring the desired results. An example was given of a study carried out in the past on behalf of the Limassol Chamber of Commerce and Industry , which concluded that the culture and lifestyle of citizens should be changed first. “Even if you modernize public transport, you must create a culture among citizens to use alternative modes of transport,” he added.
He concluded by expressing the view that there are ways to deal with the traffic problem, noting that it is wrong to make any decisions that only affect the city center, especially today when Limassol is developing and modernizing in the east and west.
