Young people to be proud of – Fysco Lotus Plaza initiative
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.