Filenews 24 August 2022 - by Nicoletta Kouroushi
Along with the collapse of the Cyprus Investment Program and the debunking of the myth that it has supported the economy to a huge extent, as shown by the recent report of the Audit Office, follows the collapse of the other myth, which "smelled" to the Limassolians about an impressive growth for all. With the passage of time, it seems, in fact, to vindicate those who shouted from the outset that the "development" of the towers was not for the benefit of the citizens, but at their expense, with the aim of extracting more profits for the complex between developers, law firms, state officials and other groups that benefited, limiting the middle social strata from their rights in the city.
In "spectacular" Limassol, therefore, a program of hospitality for students from families will begin to operate, because rents have reached unimaginable heights. Owners of apartment buildings are profiting, taking families out on the street, because they decided overnight to double the rent from €500 to €1,000. Acquiring a home for a young couple is an elusive dream. Many young people are forced to stay in their family home after the age of 30, because renting an apartment is more than prohibitive. So, tell us, then, for whom is the development in Limassol?
And it is not only the issue of housing that is a problem, since when the city is promoted as the so-called "Dubai of the Mediterranean" or as a luxury resort, this has as a consequence the automatic raising of the cost of living to similar heights, while the salaries of the locals remain at low levels (with the exception of certain socio-economic groups), which creates a huge social problem. The result is that the standard of living of the inhabitants is degraded, and they are struggling to cope with inflation, so that a few moneymen, locals and foreigners, can enjoy Limassol.
Regarding the prices of real estate in Limassol, the factors that affect are certainly very many, with the largest being the reduced supply of suitable properties. The rent market needs a "correction", while in order for people to maintain the same standard of living, it is imperative that the Government takes measures and regulations, as well as the increase in wages. After all, as a basic economic truth dictates, "the more equal the distribution of GDP, the higher the standard of living of a country is considered, because the gap between rich and poor is narrowed". In any case, it must be well understood that if prices do not lower or if wages do not rise, in the coming years Limassolians will find it difficult to live in their own city, which will become more and more ..."inhospitable".
The biggest problem is the lack of political will on the part of the competent authorities to change the current situation. In the long run, the market may tend to correct itself, but until the right conditions are in place, state intervention is necessary in order to correct any distortions. The supervisory role of the state is essential, especially in cases where the free market cannot provide immediate solutions to the problems that it itself creates. Let the state officials, but also the municipal authorities of the city, not turn a deaf ear until the time of the elections. Solutions are needed immediately. We expect from the presidential candidates to hear concrete proposals for a solution to this major problem, while the Limassolians must realise that if they do not start putting the issue on the table and putting pressure on that table, they will see their lives become quite difficult in the coming years.
