According to the report of the Cyprus fintech company Ask WiRE, there is a potential for the construction of new buildings in Limassol. At the same time, many plots of land are currently empty.
The Cyprus fintech company Ask WiRE has processed data related to one of the most sought-after areas of Limassol, commonly called Papas. This area is located south of Kolonakiu Avenue, near the Kean Beverage factory.
Conclusions. The study found that there is potential for the 8,000 additional apartments construction in the relevant area. The company explained there is enough space for an additional 803,164 square meters of housing based on existing urban development zones. In total, the researchers have identified 1,515 vacant land plots with a total area of 1,571,729 square meters.
Quote. "Ask Wire's research has established that there are many plots of land in the central areas of Cypriot cities that remain unused or partially exploited," the company said in a statement.
"As a result of the retention of land or the construction factor, there is a significant increase in both real estate sales prices and rents for residential units, primarily for apartments," analysts concluded.
Decision. Ask Wire CEO Pavlos Loizu notes that "taxation of unused real estate in areas with high demand is the only way to convince its owners to either develop it or get rid of it."
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