There is growing interest in mountain resorts, especially those in the Troodos area.
For the flagship of mountain resorts, Pano Platres, there has been intense interest and market mobility for real estate since 2021.
From the relatively recent purchase and upgrade of the Petit Palais hotel, the Splendid (reconstructed in 1-2 years), the sale of the Penteli (now under renovation), the purchase and upgrade of the Cleopatra store to a bistro, the Helvetia Hotel (bought by CFC), the Berengaria Hotel in Prodromos, under study for reconstruction, the upgrading of the Koilada cafe, the commercial projects by developer DTA and the high-cost private residences are all positive developments for the local market.
Most purchases come from foreign investors, mainly Russians.
In contrast, the new redistribution of wealth, which comes from the national health scheme of doctors and other health professionals, also shows its potential, as is the case of the Tree House Hotel, an imaginative and pioneering project at Pano Platres.
Local planning zones are now under review, and the views of investors and owners are being sought, and rightly so.
The development of mountain resorts is also helped by the new Limassol-Laneia road, currently under construction, while the development of the Trimiklini-Moniatis junction, which has always caused traffic issues, with supermarkets, pharmacies, cafes and more, is noteworthy.
Showcase projects include the facing with stone retaining walls, which unfortunately have been vandalised with graffiti, even traffic signs.
Existing and new recreation centres are upgraded (such as Avgoustis in Foini, Turn of Taste in Pera Pedi and Omodos with the various centres, with my favourite hangout being Kyr Yiannis and Vassiliadis.
So what are the recommendations for the revision of the local zones?
Increase the building ratio from the obsolete two floors and an average building ratio of 30% to three floors (or more) with an increase of the building ratio to 40%.
There is no sense in cutting forest trees to build on the ground instead of retaining them and developing vertically.
Constructing a project in mountain resorts is difficult because construction costs are at least 40% higher than in cities, even on a flat surface in resorts.
Either way, the developments need elevators because going up and down the stairs is not easy for older people or children.
Parking
There is the issue of parking with the existing regulations.
How will the car “descend” to the basement or ground floor, which could, in some cases, be 10 meters below the road level of a building, and if a ramp is built for this, what will be the cost?
Therefore, I recommend that compensation be paid to the local authority of €2,500 per car, where it is impossible to build a parking space, in an effort for the authority to collect funds to construct common parking spaces.
Concern for the environment is very important.
I have offered suggestions concerning replacing trees cut down for development, with forest trees over 2-4 years old, with a clean trunk of at least 2 meters, and with the appropriate guarantees.
There is an effort to attract various specialised schools and events to mountain resorts, but after these expected new and future investments, where will the staff reside?
Due to cost and increased land value, it isn’t easy to find apartments of less than €500/month for rent.
So how will the new work units be staffed when the worker has such a high cost of living?
Perhaps, there will be a relaxation from 19% to 5% of VAT for rentals of premises, provided that they are erected for this purpose and rented for a minimum of 10 years.
If this condition is not met, return the difference of 14% to the state within a reasonable time.
We want “new” people and investments, but do we have the facilities to attract them?
The new expected developments with various benefits, such as the EAC subsidy, are a start, but the whole system will not work without others.
Attraction is not just about the zones themselves, and we should also address the issues concerning workers’ ability to live there.
The issue that remains, which is the biggest concern, is whether local authorities can meet the new requirements and challenges of development.
The main objective of attracting new investors is the welfare of existing residents.
Antonis Loizou F.R.I.C.S. – Antonis Loizou & Associates Ltd – Property Appraisers, Property Sellers & Development Project Managers
