16/10/2003 12:29
The revised urban planning rules introduced by the government lately have shaken a large number of Cypriot households, as in certain cases the changes in building ratios do not allow the conversion of plots to housing plots.
Interior Minister, Andreas Christou said on Wednesday that the executive power might proceed to a more flexible handling of the situation and revealed that there have been a number of objections and reactions from all over Cyprus. “We are willing to hear all views, proposals and recommendations so as to have the full picture of the situation. We expect that the City Planning Council will review the objections and will decide accordingly. We are aware of the gravity of this issue”, Mr. Christou noted.
Property valuator, Kikis Athinodorou confirmed that thousands of plots have lost their value from the revised building ratios, stressing that the revised urban planning has affected large organizations and commercial banks. “The problem is that the market price of the plots was high due to the prospects of conversion. The new building ratio has made this unfeasible and prices have, therefore, dropped sharply. Besides, several households have mortgaged the land they bought and continue to pay interests”, Mr. Athinodorou said.
StockWatch revealed yesterday that the City Planning Council has so far 922 objections before it.
Interior Minister, Andreas Christou said on Wednesday that the executive power might proceed to a more flexible handling of the situation and revealed that there have been a number of objections and reactions from all over Cyprus. “We are willing to hear all views, proposals and recommendations so as to have the full picture of the situation. We expect that the City Planning Council will review the objections and will decide accordingly. We are aware of the gravity of this issue”, Mr. Christou noted.
Property valuator, Kikis Athinodorou confirmed that thousands of plots have lost their value from the revised building ratios, stressing that the revised urban planning has affected large organizations and commercial banks. “The problem is that the market price of the plots was high due to the prospects of conversion. The new building ratio has made this unfeasible and prices have, therefore, dropped sharply. Besides, several households have mortgaged the land they bought and continue to pay interests”, Mr. Athinodorou said.
StockWatch revealed yesterday that the City Planning Council has so far 922 objections before it.
Related Articles
