The availability of water, or the lack thereof, is increasingly affecting the real estate sector, particularly in a global market where we compete with other countries for investment. The real estate industry generates around €2 billion annually from foreign purchases, which supports thousands of jobs. Despite the gravity of the issue, political responses have been insufficient, with an assumption that the blame lies solely with inadequate rainfall rather than proactive solutions.
The Link Between Water Scarcity and Real Estate
Water scarcity has significant repercussions on real estate demand and pricing. As water becomes scarcer, its impact on property values and attractiveness cannot be ignored. To mitigate this issue, especially given the rising water shortage in the region, several measures are proposed to enhance water management in the construction sector and beyond.
Proposed Solutions for Water Conservation
Mandatory Water Saving Plans for New Buildings Before issuing building permits, developers should be required to submit a water-saving plan. This plan could include water recycling systems or technologies designed to reduce water consumption. Just as energy efficiency standards are in place, water-saving measures should be similarly enforced.
Adoption of Dual Flush Toilets The use of single-flush lavatories should be banned in favor of dual flush toilets, which are more efficient and conserve substantial amounts of water. This change, while seemingly minor, could save thousands of tons of water, particularly in commercial properties like offices.
Covering Swimming Pools All swimming pools should be covered when not in use to minimize evaporation. A standard pool of 4×8 meters with a depth of 1.5 meters contains 48 cubic meters of water, which can evaporate up to 90% over six months. Given the number of pools and their ongoing construction, this measure could significantly conserve water.
Tiered Water Pricing Implementing a tiered pricing structure for water consumption could help manage usage. For instance, after a household exceeds 1 ton of water per day or 30 tons per month for a family of four, higher rates could apply. This would incentivize conservation and reduce excessive use.
Regulated Water Drilling for Construction Construction projects on plots larger than 1,000 square meters should require regulated water drilling rather than allowing unrestricted access. This approach would ensure better management of water resources during construction.
Alternative Water Sources for Construction During construction, water for tasks such as slab spraying and concrete mixing should not come from potable sources. Contractors should either drill a borehole on-site or use water transported by tanker trucks, similar to current practices for temporary power supplies.
Restrictions on Water-Consuming Appliances Import regulations should be enforced for washing machines and dishwashers based on their water usage. Appliances that exceed specified water limits should not be imported to reduce overall consumption.
Enhanced Water Use Monitoring Implementing private inspections to monitor water use could be an effective measure. Private companies or government employees working outside regular hours could conduct water use checks, targeting issues like the washing of sidewalks, cars, and terraces with potable water. A pilot program could test this approach, with fines helping to fund the initiative.
The Need for Leadership and Action
Water scarcity remains one of Cyprus’s most pressing issues. While consensus on the seriousness of the problem is evident, practical actions are lacking. Leaders must prioritize effective water management strategies rather than merely reacting to the situation. Without water, monetary investments lose their value, underscoring the urgent need for decisive leadership and innovation in addressing this critical challenge.
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