Tech Families in Cyprus Seek Sustainable Housing Solutions
“There is a chronic problem of more demand than supply in Cyprus” - Yiannis Misirlis, Founding Director at Imperio
As part of the insightful TechIsland Summit 2023, the second panel discussion, held on September 20th at the Molos Seaside Park, zoomed in on a vital concern: housing in Cyprus for relocating tech professionals. With the country's rise as a burgeoning IT hub, the topic of suitable housing solutions is drawing increasing attention.
Under the theme "Making Cyprus Home: Laying Foundations in Infrastructure for Tech Families," the conversation revolved around the unique challenges and prospective pathways for offering accessible, affordable, and comfortable housing.
Investing in the housing market of cyprus is not favorable because of the high taxation
Petr Valov, a leading voice at TechIsland and CEO of Exness, accentuated the issues with the current housing investment landscape, particularly the high taxation. “Investing in the housing market of Cyprus is not favorable because of the high taxation,” he said, advocating for transparency to tackle corruption in the sector.
Echoing the concerns of a mismatched housing model, Yiannis Misirlis from Imperio and the Cyprus Developers Association (LBDA) stressed the existing disparity. “There is a chronic problem of more demand than supply in Cyprus,” he remarked. Further elucidating the price dynamics, he mentioned that the prevailing market forces, not merely construction costs, drive property prices.
Highlighting the bureaucratic roadblocks, Christiana Erotokritou, a parliamentarian, voiced her concerns. “The procedures for development are incredibly bureaucratic. We need timely change of policy,” she urged.
A staggering revelation during the panel was the presence of 33,000 dormant housing units. Despite the evident demand, these units remain unreleased to the market, further exacerbating the supply-demand chasm.
The dialogue, expertly steered by moderator Constantinos Savvides of PwC Cyprus, concluded with an emphasis on the imperativeness of forward-looking planning. A collective agreement resonated among the panelists on the pressing need to revisit and reformulate existing housing policies to cater to the dynamic needs of Cyprus's burgeoning tech community.
TechIsland Summit 2023, celebrated for its dedication to fostering innovation and knowledge, once again provided a pivotal platform for leaders from diverse sectors. By focusing on Cyprus' challenges and potentials as a future IT epicenter, the summit continues its legacy of driving regional economic and technological growth.
Click the Tag below to read more of this year's Summit.
