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Developers seek support for large projects

DEVELOPMENT is the key to pulling the country out of the recession, big developers said on Wednesday, following a meeting with President Nicos Anastasiades.

The elimination of obstacles that discourage foreign investors, as well as the need for simplifying procedures, flexibility and speed in matters such as licensing, were discussed at length in the meeting Anastasiades who lent a sympathetic ear, according to the association.

Association chairman Theodoros Aristodemou said he was satisfied with the understanding showed by the president and his readiness to help further development projects.

“Which we all know is a key factor in overcoming the problems we are facing at the moment,” Aristodemou said.

Nautical tourism was also discussed, while the association tabled specific proposals for the creation of golf courses and complex developments, aimed at upgrading the island’s tourist product.

Asked about the liquidity crunch and non-performing loans, Aristodemou said those issues were included in a memo handed to Anastasiades but were not discussed in depth as there was not enough time.

The delegation informed Anastasiades of the initiatives it planned to take in the immediate future.

According to Aristodemou, capital investment for large scale development projects exceeded €8 billion, and their implementation would create over 7,000 new jobs.

These projects, which are mature enough to be completed in a short amount of time, include golf courses, marinas, health and wellness centres, theme parks, commercial and housing developments, among others.


  1. This must take the biscuit, why is it that I have to manage my anger because developers and their cronies are unable to manage their stupidity. If it was April 1st I might just understand it as a joke in poor taste but I truly think they are serious.

  2. How about a simple statement from developers which reads.

    From now on any new property sold will be delivered on time, with full unencumbered title deeds at the point of sale. All new properties will meet EU standards for energy efficiency and be backed by a 10 year guarantee.

    Also we the developers will pay off all our existing loans secured against the homes of unwitting buyers, thereby allowing them to receive their title deeds and finally put an end to their years of suffering.

    Maybe then they can go to Mr President and ask………..’Please Sir, I want some more‘.

  3. @Andyp

    Actually, Andy, quite ‘believable’ knowing what we do about these brass-necked developers and their cronies in the so-called ‘government’ of the RoC, but I know exactly what you mean.

  4. Of course the developers are saying development is the way out of the problem, as long as they don’t have to use their own money.The sewage system in Paphos is not finished but that does not stop the municipalities from charging sewage tax.

    What happened to all the money that went into that, the main beneficiaries being the hotels that are “struggling” and can’t pay another tax.

    Welcome to the real world. Cyprus plc is bankrupt and the sooner they put their house in order the sooner they can develop.

  5. Hey guys we have been rumbled, and people have stopped buying our villas.

    I know, I will ask the Government for money to keep us rolling. After all we have a standard of living to maintain.

    Problem is Governments don’t have money. They get it off taxpayers, like those taxpayers without title deeds.

  6. The President and his government are between several Rocks and as many, if not more, ‘Hard Places’. Thus it seems sensible to meeting with those larger developers who might create a ‘new and better future’ for the RoC.

    At the same time they must immediately address – and be seen to address, properly – the current massive problems stemming from how the country, it’s governments, bankers’, regulators and professions allowed the present Unholy Mess to arise. If they don’t then the country won’t get the next tranche of Bailout monies, simple as that, probably then have to join Greece in the Euro ‘old boys’ club!.

    The statement that there was ‘not enough time’ to discuss the latter is scary beyond belief. It signals that the Ostrich approaches of the past remain, that little has changed – and that as others are saying, actually leaves the doors ‘wide open’ for ‘more of the same’.

    Very sadly, the RoC death-knells chime letter Louder.

  7. ‘The elimination of obstacles that discourage foreign investors’ were discussed. Hmmm. I wonder if they really did discuss all the title deeds mess and the developer mortgages and NPL quagmire that they are largely responsible for. I bet these obstacles never got a mention!!

  8. That’s awful news for the developers. I have an idea though. Why doesn’t the developer secure a loan from the bank using the collateral of property other people think they own. No one will ever find out. Genius idea!

  9. I thought I had heard it all but obviously not.

    What a bl**dy cheek these guys have asking for a handout bearing in mind the grief they have left behind for innocent victims of their previous frauds to deal with.


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