Paris Demetriades of Kathmerini has reported that Limassol might be heading to a major housing problem, thanks to a sharp rise in the price of properties.
The report includes how the both house prices & rent have increased to up to two – and sometimes three times their value. Although this does not bother homeowners, it is a major pain for tenants and those who have been planning to buy a home.
These sharp increases in prices far surpass the growth in incomes, which makes people struggle to successfully maintain their expenses.
This disparity is only growing, and has given rise to people being concerned that in the near future, only the rich will be able to afford to live in the city.
Demetriades further reported that the situation makes the youth even more vulnerable and exposed to not having any growth.
This makes proper urban development the need of the hour to ensure that the urban center remains open and accessible to all.
