The Government of Cyprus Is Trying to Solve the Problem Regarding High Rent
According to the statistics, rent prices in Limassol have increased by 25% over the past few years. This happens due to the politics aimed at attracting foreign capitals for projects connected with the construction of high-rise buildings. The implementation of these projects has resulted in formation of a more expensive real estate market.
At a recent meeting, the Minister of Interior of Cyprus and mayor of the city discussed the construction of low-cost properties to solve problems with rent increases.
It is reported that the government is determined to take action to solve the issue. Three objects are planned to be built in the following areas of Limassol: Agios Nikolaos and Agios Ioannis.