Traffic congestion and the housing deficit were the two hot-button topics at a Reflect Festival discussion, held recently in the presence of the Chairman of Cyprus Property Developers Association and Imperio Chairman, Yiannis Misirlis.
Misirlis focused on Limassol, noting that both traffic congestion and insufficient housing make life difficult for city residents, adding that the issues should be addressed via a comprehensive and targeted plan.
High rent costs
Misirlis extensively discussed the problem of high rent costs in the city, stressing that it is a result of reduced supply of real estate, coupled with increased demand. “There aren’t enough properties to cover demand,” he said, adding that as long as demand increases without an equivalent increase in supply, prices would continue to be sky-high. He said the same went for rent prices, noting that tenants today are paying almost 200 per cent more than eight years ago.
The aim, he added, is to adopt policies and measures that facilitate growth, especially in terms of affordable developments like apartments, which have been the most popular option, of late. He also emphasised “green” properties, stressing that the whole effort should go hand in hand with the adoption of sustainability principles and practices, since this is the future of real estate, and the developments “most wanted by buyers”.
Misirlis also referred to the staff shortage issue, stressing that it the problem had impacted the entire supply chain of Cyprus’ economy, not only the real-estate market. He noted that delays in the completion of projects, as a result of employee shortages, are extremely harmful for the country’s competitiveness, while they further exacerbate the problem of unaffordable housing.
Traffic congestion a nuisance for citizens
There was also an extensive discussion on the traffic congestion issue, which has now become a major issue for Limassol. One of the questions that came up during the discussion is whether public transport could be a solution to the problem. On this subject, Misirlis stressed that traffic congestion is a complex and multi-faceted issue, which needs to be resolved through a comprehensive, rather than a fragmented, approach. The improvement of public transport was not, of itself, capable of securing the desired results, he continued, recalling a past study conducted on behalf of Limassol’s Chamber of Commerce and Industry, which concluded that what needed to change was citizens’ mentality and way of life. “Even if you try to upgrade public transport, you need to foster the relevant culture in citizens, which will encourage them to use alternative means of transport,” he said.
He added that there exist ways to combat traffic congestion, cautioning that decisions only taking into account city centres were fundamentally flawed, especially at a time when Limassol is growing and being developed eastward and westward. The solution, Misirlis concluded, would also need to be an investment in the communities, Limassol’s people as well as visitors.
