Yiangos Zinonos: Cyprus needs affordable housing

Affordable housing is key, not just in attracting foreign companies and their workforce, but also for Cypriots, Yiangos Zinonos, Property & Public Affairs Manager at Exness, said on Wednesday.

Addressing the 17th Real Estate & Construction Conference & Exhibition, Zinonas said that since Exness opened its Cyprus office around a decade ago, it has had many contacts with local developers as part of efforts to find suitable housing for its staff. “What we came to realise is that developers are reluctant to change their product,” he said.

As he explained, the local industry builds apartment blocks to sell flats. Not to rent them. “We need to change our product, it is clear. For companies to continue to bring staff to Cyprus but also to attract new companies, these needs must be met. Mainly for apartments and schools, and later medical centres. It is a prerequisite.”

Zinonos said he was pleased to hear the Minister of Interior, Constantinos Ioannou, mention during his speech at the conference that one of the new government’s main pillars will be to enhance the state’s affordable housing policy with developments that are “built-to-rent”. This, he said, is implemented in many other countries, with the governments providing special incentives to encourage developers to build apartments that will be rent out as opposed to sold. This is because if they are built to rent, all the funds must come from the investor.

“So to make the investment sustainable, they need some incentives, such as tax relief, some discounts on VAT.”

Zinonos believes that this will help bring down rent prices.

As he pointed out, Exness’ Cyprus office currently employs around 900 people. “To ensure we have somewhere to house our staff, we rent out units until they find something themselves,” he explained. “Our experience has shown that they rent for around 4-5 years before buying their own residential units, such as normal sized houses or flats. Which is a sign of the product we need,” said Zinonos.

Of the company’s 900 staff members, 400 only arrived recently, he said. “I think they do want to stay here. They wouldn’t have chosen Cyprus if they didn’t see the potential of making it their home,” said Zinonos, highlighting how important it was to provide affordable housing the soonest possible.