Re-zoning

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T_erry
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Joined: 17 Jan 2012 19:18

Re-zoning

Post by T_erry »

Hi Nigel, I have heard that a number of districts in Cyprus are 're-zoning' areas that will, in the main, increase the permitted build % with respect to the plot size designated for development. Is there any substance to this story do you think?

Terry
Nigel Howarth
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Re: Re-zoning

Post by Nigel Howarth »

Hi Terry,

Rezoning takes place every so often - I think it's every 10 years, but I'm not sure. Local development plans take into account the needs of a growing community - so some building densities may increase, land may be re-zoned - e.g. agricultural to residential, etc.

The Community, Municipality or Town office in which the land is situated will be able to advise you of the current densities. To prevent speculation, it may not be possible to view proposed changes.

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Nigel Howarth
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T_erry
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Joined: 17 Jan 2012 19:18

Re: Re-zoning

Post by T_erry »

Yes of course. It would make sense to prevent developers from (further) exploitation I guess. This would explain the general lack of information.

Thank you Nigel.

Terry
Pantheman
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Re: Re-zoning

Post by Pantheman »

T_erry wrote:Hi Nigel, I have heard that a number of districts in Cyprus are 're-zoning' areas that will, in the main, increase the permitted build % with respect to the plot size designated for development. Is there any substance to this story do you think?

Terry
Re-Zoning does take place. My understanding is every 5 years or so based on needs.

You cannot get any definate info on this as it would be considered 'inside' information. You can imaging people rushing to buy agricultural land cheap if they know which areas will be upgraded. Much of this is done by 'word of mouth' by knowing the right people.

If only we knew a? It would be like know the lottery number before you filled in the ticket.

Hope that helps.
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T_erry
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Joined: 17 Jan 2012 19:18

Re: Re-zoning

Post by T_erry »

Indeed it would. I'm sure that no insider information is ever disclosed to immediate family, cousins, cousins who are developers etc.

Terry
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Re: Re-zoning

Post by Pantheman »

T_erry wrote:Indeed it would. I'm sure that no insider information is ever disclosed to immediate family, cousins, cousins who are developers etc.

Terry
This practice is not unique to Cyprus, and I am sure you would do it too if you could.
Like I said who you know!
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T_erry
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Re: Re-zoning

Post by T_erry »

I think that these practices are more prevalent in Southern Europe and Asia than in Northern Europe where I live. Would I do it? I don't know anyone in Cyprus who would have that sort of information so it's academic really. Insider trading within the UK - certainly for large gains as recent court cases have shown - is extremely risky, likely to bankrupt you and would probably culminate in a holiday as a guest of Her Majesty.

Incidentally, a colleague who has links to Bangladesh inherited some land from his late Uncle. He is building a block of flats and had to pay $000's in bribes to prevent the local mafia from intimidating the workers. It worked...for a while. They came back for more so he ended up getting the local militia to protect his site. The militia visit a few times a week and work continues.

The reason for my question is that I have a few plots with planning permission and intend to start building on one of them soon. If I knew that a review was imminent then I might hold off in the hope that I could re-submit plans for slightly larger villa, that's was all. I don't think that I have enough years left to see any fortune from 2000m2 of Cyprus land - even with a 10-15% uplift in build density.

Terry
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Re: Re-zoning

Post by Pantheman »

T_erry wrote:I think that these practices are more prevalent in Southern Europe and Asia than in Northern Europe where I live. Would I do it? I don't know anyone in Cyprus who would have that sort of information so it's academic really. Insider trading within the UK - certainly for large gains as recent court cases have shown - is extremely risky, likely to bankrupt you and would probably culminate in a holiday as a guest of Her Majesty. Err. yeah, ok if yu say so.

Incidentally, a colleague who has links to Bangladesh inherited some land from his late Uncle. He is building a block of flats and had to pay $000's in bribes to prevent the local mafia from intimidating the workers. It worked...for a while. They came back for more so he ended up getting the local militia to protect his site. The militia visit a few times a week and work continues. This is totally irrelevent to the subject at hand. Sorry I don't see the significance of this story.

The reason for my question is that I have a few plots with planning permission and intend to start building on one of them soon. If I knew that a review was imminent then I might hold off in the hope that I could re-submit plans for slightly larger villa, that's was all. I don't think that I have enough years left to see any fortune from 2000m2 of Cyprus land - even with a 10-15% uplift in build density. I'm confused, you say you have a 'few plots' then say you have 2000m2 land and you want to build a villa? Well is it agricultural or residential? because a few 'Plots' suggests residential, but 2000m2 suggests agricultural if you need more density. All the same, if you have a title deed to the plot, get the the permit for the appropriate size, and 'Expand' it by yourself later???? Just an idea!
Terry
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