Cypriots interest in investing in old traditional buildings was not apparent 15 years ago and in fact those lovely village stone buildings were sold for their stones. When we built a building at Nicosia, back in the year 1985, our client bought 6 old houses at Paphos, which he demolished and transferred the stones to Nicosia, to build his house. At the time the old buildings owners were pressing our client to buy the plots as well, but the stones were worth much more and the land almost nothing and at the time it was not an asset to have (what a shame with the distraction of the building heritage and the local environment we must say).

The way towards the appreciation of the old buildings was shown by the leaders in old/traditional buildings renovation, the British.Konia village at Paphos was the first concentrated location of restored old buildings, the results were liked by others, including locals and the “fashion” of restoring and upgrading old buildings started (around the year 1990).

The Government at the time was alarmed by this distraction and came up with heavy subsidies, in order to restore the old buildings by placing a non demolition order. The Government introduced also the “preserved” buildings concept and subsidies in the form of hard cash, income tax relief and added building density (to be sold) exceeded 50% of the total restoration cost. Even those buildings which are not classed as preserved, one can apply to the District Officer in order to have it so classed (if it is deserving) and thus gain the benefits. This is all well and good for the villages and the examples are plentiful. We refer however to the two following examples (there are many others) in terms of restaurants, with proper service and with a most attractive ambiance (in the hope for others to follow). One is Kyr Yiannis at Omodhos village and Avgoustis at Phini village. Very good food (especially the second one, of the very few in Cyprus), guitar enthusiast (the first) and thank God, Greek speaking waiters, the owners on top of you, so that you are well looked after (both).

This fashionable conversion of traditional buildings was followed from Paphos to Limassol at Heroes Square (2nd world war heroes) where all the cabarets were. A German client of ours, who wanted to buy an aged property, asked us for a valuation (1992) and in our report we compared this unattractive Heroes Square area, with that of Soho of London (at its worst period) but obviously she was no deterred (what do we know, us, small time islanders, who could not appreciate the old buildings and Limassol old city). She was the first to restore and others followed and this locality is now very much in fashion. To this end, the Columbia Ship Management group has done wonders for this old town and its Columbia Plaza is one to be visited and remembered in the years to come. If one visits Limassol nowadays, most of the aged buildings are/have been converted into entertainment and cultural uses, as well as permanent homes and now there is very little property of this kind on offer and prices have rocketed.

The third in line place for restoring of the old cities is Nicosia within the walls. Much to our surprise, mainly young local people are the main purchasers/investors and restored houses are letting even for €2000/p.m. and this with no parking, a bad access, the concentration of legal and illegal immigrants including the Muslims, Moscows etc apart (see relevant news). Yet we were pleasantly surprised by a courageous entrepreneur, who invested €2.500.000 within the walled city, by restoring a 2.000 sq.mts. of aged shops, which now accommodates 2 conference halls, one young peoples bar, one most attractive Italian restaurant, a wedding/party center and a disco (the project is named Stoa). We can tell you, we got the shock of our life with the way the various uses and mix ages coexist. A party of “our” age (over 55 years) was taking place upstairs, whereas good looking men and women (around 25 years) were entertained at the bar downstairs and even younger people (around 20) at the night club, whereas Governmental officials, including ex-ministers and others etc were having a dinner at the Italian restaurant. Bravo and well done Stoa and we write this article in order to encourage others.

But, having spoken to the proprietor of the Stoa project and others who ventured in such a business investment, we were informed of the unbearable red tape and the problems that they have to overcome in order to secure permits. The red tape and the negative attitude of the local authorities (notwithstanding the declarations of support) is the main obstacle for further upgrading, detterring local investors in the almost ruined down town areas of Nicosia (as opposed to the forthcoming Limassol municipality).

Larnaca town is the next one in line and extensive renovation/ restoration works are taking place within the very old city center. The town has the fortune to have an imaginative Mayor and a local Municipal Secretary, who try by-passing most obstacles and one gets the feeling that they are there to help (unlike Nicosia). A recent purchase of a shop from a German home seeker at Larnaca old town, has done such a good job by converting the shop into a super-super apartment, that he was offered for sale by another party (local) for €300.000 (100 sq.mts. please!!). Shall we then all go and buy old properties and restore? Yes, if you have the stomach and time for it!! Old town living is another parameter (not our cup of tea we are afraid, but what do we know at this “mature” age that we are).

For our readers who like this sort of idea/investment/living, we do suggest to make an effort to explore this market. We receive letters, phone calls, etc by foreign and even local residents, saying that there is not much to do in Cyprus and that they get bored etc. Please explore the place (Cyprus) being so diversified within short distance that even for us, who are locals, get a very pleasant experience. Do not concentrate only in the tourist areas where you get indifferent proprietors, bad waiters, bad food and once you leave the place you feel “empty” psychologically. Visit the “other” out of the tourist route areas, within 20-30 kmts. and you can get a new experience.

In ending this article we wish to bring to your attention also a restored old cafe at Plataniskia village (north of Pissouri village 15” drive), a 20 house village (previously T.Cypriot owned and now inhabited mainly G.Cypriots refugees). There is a most interesting restaurateur there, with his 4 children, originally living in Astoria U.S.A. (4 owned restaurants at the time) he moved to Cyprus in order to guard his children for violence and narcotics. A gourmet restaurant literally in “the middle of nowhere”.

Our director living at Pissouri told us “….. I have visited the high income places, which include top class hotels and I was charged €50/person being served by a Bulgarian waiter and no personal contact at all. Then I visited Plataniskia, Omodhos and Phini with excellent food, the whole family was on top of us and you get the family feeling (at a cost of €25/each)……”.

Old is beautiful and explore dear readers these and other places and you will have a time to remember.

P.S. For those who do not know Antonis Loizou, we want to state that we do not get a commission or other benefits (embarrassing for us to say this, but there are people who might think otherwise).

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