Hundreds of communities and several municipalities will have 305 properties worth € 57 million of the former Co-operation, which are currently managed by the Cyprus Asset Management Company (KEDIPES).
Yesterday, the Council of Ministers decided to acquire 309 properties of the Co-operation worth € 82 million, of which 305 will be allocated to local authorities and the rest will house government services.
With the acquisition of the real estate by the state, there will be an equal reduction of KEDIPES 'debt to the state.
The properties will be granted to the local authorities in the form of a lease for a symbolic price equal to 0,3% of the acquisition price of the property. For example, if the value of a property is € 100 thousand then the municipality or community will pay € 300 per year. The lease will be for 20 years with the prospect of renewal for another 20 years.
"F" presents the plan prepared by the Ministry of Finance for the sale of real estate in 14 municipalities and 153 communities:
● Nicosia District, 93 properties will be available in six municipalities and 44 communities.
Λε Limassol District, 106 properties will be available in one municipality and in 52 communities.
Λ Larnaca District, 31 properties will be granted in three municipalities and 21 communities.
● Paphos District, 58 properties will be granted to 33 communities and one municipality.
● Famagusta District, 17 properties will be available in three municipalities and eight communities.
A competent source told "F" that many properties already house municipal and community services. Also, services of the municipalities are expected to be transferred, which are now housed in buildings that they rent. It is worth noting that the local authorities have been granted 30 plots of Cooperatives, which are used as parking lots, while the majority of the warehouses of the former SKT have been granted to the communities.
It should be noted, however, that the properties will not be sold directly to the local authorities as a series of procedures must be followed. Specifically, the real estate will be assessed, the lease agreements will be prepared, it will be examined whether state aid arises, while they will be legally checked by the Legal Service.
In the meantime, three properties worth € 22 million will be used to house government services:
- The building that housed the headquarters of the Limassol Cooperative Savings Bank worth € 3,2 million, will now house the Ministry of Shipping.
- 10-storey building on Prodromou Avenue in Nicosia, which already houses the Department of Geological Survey and services of the Department of Mines and Environment.
- Building on Kosti Palamas Street in Nicosia which is adjacent to the Ministry of Finance. The outpatient clinics and dental services will be transferred to the building from the old hospital of Nicosia.
The Government's decision also concerns the Rialto Theater in Limassol worth € 3,2 million, which will continue to operate as a theatrical space.
However, in relation to real estate located within the cities, the Government is facing legal loopholes, especially with the issue of institutional tenants.
Meanwhile, before the end of the year, the second phase of the Government's planning is expected to be completed in relation to the properties that will be used by the state to house ministries and state services. These are 30 properties that meet the specifications to house government departments.
Source: Philenews / Eleftheria Paizanou
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