Young peo­ple to be proud of – Fysco Lo­tus Plaza ini­tia­tive

Financial Mirror (Cyprus) - - FRONT PAGE -

Apart from us­ing var­i­ous Euro­pean funds, there could also be ini­tia­tives by the mu­nic­i­pal­ity to at­tract new ten­ants and own­ers, such as zero tax for mu­nic­i­pal fees, zero tax on im­mov­able prop­erty tax, etc, for a pe­riod of, say, ten years, sim­i­lar to the tax dis­counts of­fered by in­dus­trial coun­tries and ci­ties, sim­ply to lure big-name brands.

The big­gest prob­lem that such joint own­er­ship projects have is the “curse” of the com­mon ex­penses and ad­min­is­tra­tive charges, where, un­for­tu­nately, the law pro­tects the bad pay­ers to the detri­ment of con­sis­tent ten­ants or own­ers. And what would it mean for the con­sis­tent ten­ants to sue th­ese bad debtors? Higher costs and lengthy le­gal pro­cesses. Both in the case of this project, as well as many oth­ers that are sim­i­lar, this is the rea­son why many have fallen into dis­ar­ray or are crum­bling. In the end, this “curse” that plagues the com­mon-owned build­ings al­lows for them to fall into a poor state, thus also re­sult­ing in the grad­ual de­val­u­a­tion of the prop­erty, and hence for the land­lord.

Con­grat­u­la­tions, then, to the en­thu­si­as­tic young clean­ing crews who are giv­ing this eye­sore and much needed facelift, with smiles re­turn­ing to the neigh­bours as well. And thumbs up to the Li­mas­sol Mu­nic­i­pal­ity that has whole­heart­edly sup­ported this project.

Per­haps, us older gen­er­a­tion peo­ple should roll up our sleeves and not only en­sure the suc­cess of this project, but also to en­cour­age other young peo­ple with new ideas.

Well done to all.

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