Z4 wrote:
"The credit crunch appears to now be in Cyprus. This is a good thing in many ways, 1st it will help take away the cowboys in development and 2nd it will help keep Cyprus natural and beautiful"
Well that is the MISSING LINK in development. How do you compensate the owners who do not build while their neighbors are becoming rich by turning virgin land into "developments".
The approach so far has been a punitive one, by declaring the land of "slow" owners, who did not jump on the bandwagon "green belt" etc and causing a vertical drop in value. A better way would be to tax the owners of developend land and pay the owners of naturally preserved areas. That would make the preservation of nature a profitable pursuit. But then, how many owners would want to pay a natural amenity charge on their apartment because the land around them is preserved in its natural state?