D. Zavos Group: New projects on the way, two in Greece

After recently completing the imposing Limassol Del Mar and The Address By The Sea high-end buildings, the D. Zavos Group is preparing to deliver a number of other new projects by the end of this year, with scores more in the works – not just in Cyprus but also Greece.

The group’s CEO, Michalis D. Zavos, said in an interview with InBusinessNews that the new projects are in line with the new market trends and needs, focusing on renewable energy sources, power saving and including provisions for electric vehicles.

He also referred to the current challenges facing the construction and land development sector, which include high interest rates, inflation, the sanctions on Russian nationals as well as issues with the town-planning zones.

Can you give us a general overview of the land development and construction sector? What are the problems and what are the challenges?

Even though the construction sector and in particular the land development and construction sector appear to be growing at a fast and positive rate, my own assessment is somewhat different.

Certainly, no one can doubt that the real estate sector is and will always be the safest and most profitable of all investments. What could affect and change the current situation is the price increases, both in purchasing land and the price of construction materials and constructions in general.

As for construction material prices, sadly this isn’t easy to change, as it is being caused by external factors.

Land prices though can improve and help reduce costs in the following two ways: a) by increasing the town-planning zones. You can’t have beachfront plots, which are being sold for millions of euros, having a building co-efficient in the range of 40% and 60%. Nor can you have residential plots within the urban areas with a coefficient of 100% and 120%, when in Athens and other European countries it is 320%. And b), by reclassifying agricultural land as residential near the urban areas.

This way, new areas can be incorporated in the residential zones and thus cover the needs of many of our fellow citizens.

How have the developments and events of recent months, such as the rise of construction material prices and interest rates, affected your Group?

The price increases for materials and increased interest rates have definitely affected the market negatively and our sales in the local market, which sadly is finding it impossible to buy its own real estate.

As for the foreign market, Cyprus continues to remain at low, or better, reasonable levels compared to other European countries, but also countries like Israel and Dubai.

Have the sanctions affected the sector in general? Could Cyprus offset the impact?

The sanctions, but also the European Union’s general policy against Russians, has definitely affected our sales to a significant degree in terms of one of the strongest and most traditional markets we have ever had; that is the Russian.

The various moves that were made, particularly by the banks, have destroyed this market and we have once again lost our credibility towards these people, who are certainly not to blame for their country’s policy and actions.

Our country could most certainly offset the impact by encouraging more markets and more nationalities with new incentives. But sadly we keep seeing actions that victimise these new markets resulting in them being lost as well.

What is your company’s strategy? Should we be expecting something new?

Our group is constantly looking ahead with new and innovative projects that will focus on renewable energy sources and reducing electricity consumption.

Our buildings are already being built with special materials that offer significant energy saving. Furthermore, all the parking areas have provisions for electric vehicles and there’s much more.

We are also planning quality projects that offer security and facilities that make residents’ lives more comfortable.

What projects does your company have in the works?

After the completion of our two large, imposing and successful projects Limassol Del Mar and The Address By The Sea, we will be completing more projects by the end of this year. More specifically, our project Sunset Court, Arion Court in Limassol, Sun Valley Villas in Palodia, the Sea Breeze Villas project in Protaras.

Furthermore, construction of four other projects is advancing, the award-winning Bell Air Mansions in Agios Athanasios Limassol, La Maison Court in Germasogia and our project Park Horizon opposite the Limassol Sporting Club.

Finally, we have almost completed the largescale and unique Aqua Park Resort residential gated project, which includes 61 apartments. We are also planning two large residential projects in Limassol and Larnaca, as well as three commercial projects in Limassol.

Another two projects will launch soon in Athens; Oasis Residences in the Hellenikon area and Socratous Residence in the Kallithea region.