The government’s five pillars for land development focus on urban planning, land use planning, environmental regulations, construction rules and local administration reform.
This is what Interior Minister Constantinos Petrides said when addressing the recent 13th Land Development Conference, adding that three such incentives have already been announced in a bit to mobilise investment in the housing market.
The Minister also said that another major challenge for the land development sector are the four local development plans of Nicosia, Limassol, Larnaca and Paphos which are already in process. At the same time, a rational land development policy is not taken seriously without the introduction of the town planning tool of urban regeneration, he added.
“We ought to have done this decades ago when we were extending fast the island’s growth zones,” he said.
Petrides then pointed out that urban land consolidation includes the contribution of all owners of an area so that this can be designed and redeveloped.
Head of the Cyprus Land and Building Developers’ Association, Pantelis Leptos, said the possibility of further development of the island’s real estate market is there and should take place now. Referring to possible reduced demand for high-rises, Leptos said that there is a need for a balance to be determined by the market itself.
Chairman of the Real Estate Registry Board, Marinos Kineyirou, said that growth prospects in the real estate sector are positive provided that a sound economic policy is pursued in order to maintain stable and sustainable rates. And a simultaneous strengthening of production and real economy while taking necessary corrective measures is a must.