Insider Business Solutions found for problem with rents in industrial zones

Solutions found for problem with rents in industrial zones

A serious problem for industrialists in Cyprus is the renting of plots in industrial zones. Especially after a recent revision of land values has led to even higher rentals which stakeholders want reduced.

There are currently pending unpaid rentals for more than five years and lawsuits by the state over outstanding debts have been filed.

Phileleftheros on Wednesday reported that solutions have been found in the case of industrialists in the free area of Famagusta following a recent meeting between the Cyprus Chamber of Commerce and Industry with the Minister of Interior.

An agreement apparently has been reached for amounts corresponding to the rent growth curve in some industries to be deleted. There have been cases where rents of €3,000 have risen to €12,000 following the revised land values. That is, there was an increase of 400% in the price of an industrial rent.

That is why many industrialists have complained, while some others were unable to pay the rent which piled up and the state was forced to take legal action. The agreement also provides that tenants should settle overdue rentals, according to insiders.

The biggest debate now concerns the industrial area of ​​Strovolos where re-evaluation of the land has soared rental prices. The state would have liked to change the re-evaluations but its hands are tied. In some cases, rent went up to €35,000 from €10,000 monthly, with industrialists shouting that this is absurd.

KEVE will carry out a study and find out what choices the state has under the law in order to find solutions to those cases as well.

At the same time, KEVE is requesting that tenants in industrial areas be given an extension of the contract in cases where the expiry of the second 33-year-long contract is coming up. Information is that a number of businesses are approaching the end of their contracts.

Read more:

Top Stories

Fourteen new corona virus cases detected out of 3,387 tests

According to the Epidemiological Surveillance Unit of the Ministry of Health 14 new cases of the SARS-CoV-II virus were detected out of a total...

Steps taken for the reduction of nuisance in cities

Measures are being taken by police to alleviate the phenomenon of public nuisance caused during the night hours in the cities. In addition to daily...

Remdesivir quantities in Cyprus – fight against Covid-19 intensified

Health Minister Konstantinos Ioannou said that Cyprus has received quantities of the medicine Remdesivir, strengthening its arsenal in the fight against the corona virus. In...

Three people wanted for shoplifting in Paphos

A store owner in Paphos made a formal complaint to police on Thursday claiming that three people - two men and a woman who...

Archaeologists find 1800-year-old entrance to historic Zerzevan castle in eastern Turkey

The 1800-year-old entrance to historic Zerzevan Castle, which is on the UNESCO World Heritage Tentative List has been unearthed by archaeologists in eastern Turkey. Excavations...


Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...