By Pavlos Loizou, CEO Ask Wire
In recent months, Cyprus developers have intensified pressure on the government to relax planning regulations by reducing minimum apartment sizes and abolishing mandatory parking requirements per unit. The argument is simple and appealing: smaller homes and fewer parking spaces will reduce construction costs and make housing more affordable.
Prices will not be reduced
The million – dollar (or euro) question remains: will prices really fall? As someone who works daily with real transaction data, supply pipelines, and buyer behaviour, I believe this narrative needs to be challenged.
International experience suggests that shrinking apartments does not lead to lower prices. Canada provides a clear warning. Over the past 15 years, cities such as…