The prospects of Nicosia as an emerging destination for real estate investments , as well as the challenges and opportunities that are shaping up for the urban development of the capital, were highlighted by a panel discussion within the framework of the 20th Real Estate, Property Development & Construction Conference & Exhibition organised by Altia.
The discussion focused on the forecasts for the residential and commercial market, the demand from local and international investors, as well as the conditions required for Nicosia to become more attractive to international companies. At the same time, the role of local government in shaping a new model of urban development was examined, with the aim of transforming the capital into a model of modern urban living in Cyprus. A common point of reference was traffic and the need to take immediate measures.
The Mayor of Nicosia, Charalambos Prountzos, expressed the position that "the development of Nicosia goes through a polycentric and targeted urban planning, which emphasises quality of life and the increase in population in the city centre."
As he explained, the city's strategy is based on four main axes: strengthening the centre through vertical development and population growth, strengthening the academic presence, creating new development cores with modern infrastructure, and promoting sustainable and energy-efficient developments in peripheral areas.
At the same time, he noted that the exploitation of major projects, such as the transformation of the State Fairgrounds into a metropolitan park and the development of innovation zones, is expected to significantly enhance the value of real estate and the quality of life, creating new investment opportunities.
The opinion that "Nicosia is developing with rationality, transparency and clear rules, which is its competitive advantage," was expressed by the Chairman, Nicosia District Local Government Organisation, Constantinos Yiorkadjis.
As he mentioned, the existence of clear urban planning and defined development factors creates a stable and reliable framework for investors, while he underlined the need to limit uncontrolled urban sprawl and better utilise the urban core.
He also added that faster licensing procedures and the strengthening of urban planning mechanisms are required, in order to accelerate the implementation of developments and further strengthen investment activity.
On his part, the Chairman, Cyprus Valuers Association & Managing Director, Polys Kourousides & Associates LLC, Polys Kourousides, stated that "the Nicosia market is characterised by stable and sustainable growth, with a strong base of Cypriot buyers."
According to the expert, the market is mainly based on local demand, which makes it more resilient, while he set as a main goal the attraction of new residents to the city centre, which will strengthen economic activity overall.
At the same time, he underlined that vertical development, combined with solving the traffic problem and providing incentives, can contribute decisively to the upgrading of Nicosia.
The assessment that "the market is adapting to more demanding and informed buyers, while legislative improvements are also required to enhance young people's access to housing" was expressed by the Sales and Marketing Manager, Photos Photiades Homes member of Photos Photiades Group Andreas Mouzourides.
As he noted, in recent years there has been a shift towards smaller and more functional properties, due to economic conditions and changes in the legislative framework, while underlining the need to review specific policies in order to support the new generation of buyers.
On his part, the Sales and Marketing Manager, Nice Day Developments Yiannos Pipis, stated that "cities are driving forces of the economy and comprehensive planning is required to fully utilise their potential."
As he underlined, Nicosia has significant advantages, such as the existence of state land and the ability to implement large projects, however, better coordination and interconnection of individual developments is required in order to achieve a multiplier effect.
Finally, he noted that addressing urban sprawl, utilising idle real estate and promoting sustainable mobility are critical prerequisites for the future development of the city.
The discussion was moderated by the Chairman, Cyprus Property Developers Association & Chairman, Imperio Group, Yiannis Misirlis.
Also read: George Chrysochos: The real estate market remains the most timeless and reliable investment choice
(Sources: InBusinessNews)
