Yiannis Misirlis: Limassol’s hot-button issues are traffic and housing

Traffic congestion and the housing deficit were the two hot-button topics at the centre of discussion at Reflect Festival, which was recently held in the presence of the Chairman of Cyprus Property Developers Association and Imperio, Yiannis Misirlis.

Misirlis focused on the city of Limassol, noting that both traffic congestion and the housing deficit make life difficult for citizens, adding that they should be addressed through 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 will continue to be sky-high. He said that the same goes for rent prices, noting that tenants today are called to pay almost 200% more than 8 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 as of late. He also emphasized “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 these are the developments that are most wanted by buyers”.

Misirlis also referred to the staff shortage issue, stressing that it has 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 staff 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. He specifically noted that the improvement of public transport was not by itself able to bring about the desired results. Indicatively, he recalled a study that was conducted in the past on behalf of Limassol’s Chamber of Commerce and Industry, which concluded that what needs to change is the citizens’ mentality and way of life. “Even if you try to upgrade public transport, you need to foster the relevant culture in citizens, that will encourage them to use alternative means of transport”, he added.

He also expressed the opinion that there are ways to combat the traffic congestion issue, stressing that any decisions that only take into account city centres are fundamentally incorrect, especially at a time when Limassol is growing and being developed towards the east and the west. The solution, Misirlis concluded, will also need to be an investment in the communities, its people as well as visitors.