Cyprus: 'historic' deal with GB to boost development

For the land owned by Cypriots within the British Bases

16 January, 11:57

    (ANSAmed) - NICOSIA, JANUARY 16 - Cypriot president Nicos Anastasiades has expressed satisfaction for the signing of an agreement between the government of the Republic of Cyprus and the British government which lifts restrictions in developing land owned by Cypriots within the British Bases areas. The agreement signed in London yesterday, as Cyprus Mail reports, was described by Anastasiades as an "historic development." Fifty-three years after the establishment of the Republic, he said, there was finally an agreement that would allow the development of land within the British bases for commercial use. As a result, 78% of the bases territory (200 square kilometres), in which all privately-owned properties are located, would be covered by island-wide town planning zones.

    This meant land development could be undertaken and the restrictions imposed on property-owners would be lifted. The president's satisfaction was understandable as he has not had many opportunities to announce positive news. And there is no doubt this was a positive development. Owners of properties on the bases would now have the same rights as owners in the rest of the Republic, as all restrictions would be lifted and they would be able to do whatever they pleased with their properties - develop or sell. There would still be the planning regulations that exist in the rest of the country and, hopefully, they would be enforced strictly. The president highlighted the benefits to the economy that the development of the properties would have. It is true there is prime real estate within the bases' territory, but at present the banks have no money to lend and most developers are in such financial trouble the last thing on their mind would be to undertake new projects. There is the possibility that foreign developers, with available cash, would try to buy up land as villas on British bases territory could be very attractive to foreign buyers. (ANSAmed).

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