Many buildings in Cyprus outlived not only their own creators, but also several next eras.
However, the natural aging process inevitably changes their appearance. Time and the harsh southern climate do not spare Cypriot buildings, especially those located in the historical centers of the island's major cities.
The situation is aggravated by the fact that most property owners are in no hurry to invest in their restoration. As a result, tens or even hundreds of buildings in Cyprus are in disrepair.
The Cyprus Land & Property Owners Organization (KSIA) called on the country's government to implement incentives that would help solve this problem and reconstruct old buildings across the island.
In total, the number of such buildings, especially in the historical centers of large cities, exceeds 50%. The main problem is that the owners do not have the appropriate motivation, since the state does not focus on this problem. At a minimum, financial support should be provided for the renovation of the facades of old buildings, or better incentives for their demolition by means of increasing the rate of subsequent development, - noted in KSIA.
WiRE FS CEO Pavlos Loizou noted that the lack of interest of the owners in the renovation of buildings is due to three reasons:
- There is a low tax rate for such real estate. The owners of damaged buildings rent them out at a low cost and give almost nothing to the state.
- It is the universality of ownership, when a building belongs to several owners who cannot agree on how to manage it.
- It is the wrong distribution of income received from renting out apartments. Often the owners do not put anything into the modernization of the building, and when the time comes and money is needed for repairs, there are simply no resources.
In addition, there are significant gaps in legislation regarding the renovation of old buildings.
Loizou argues that the work of the Management Committees is very difficult in this regard, because they cannot make the final decision on the renovation or force all owners to pay an equal share for the renovation of buildings.
This problem is most acute in the city centers of Cyprus, because there are many apartment buildings with numerous owners.
To address this issue, the Committees need to be empowered with greater authority. In addition, a special fund should be created, to which the owners would make annual contributions for the reconstruction of buildings. Outdated legislation and lengthy bureaucratic procedures are one of the main reasons why many homeowners do not renovate their homes, concluded Loizou.
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