Cypriot fintech Ask Wire on Tuesday published a report documenting the Nicosia properties that are endangered by a possible overflowing of the Pedieos river.

The company noted that the river has overflowed on a number of occasions in the past, causing numerous problems in the process.

On December 30, 2021, heavy showers of rain lashed down across Cyprus, particularly in the Nicosia district, with the amount of rainwater that fell at the time causing the Pedieos river in Strovolos to overflow.

In addition, on the same day, authorities had to close off Alexandroupoleos street, next to the Strovolos municipality, among two other streets, for safety reasons.


Ask Wire’s Pedieos river flood threat map

In the first few days of January 2020, the meteorological office issued two yellow warnings for extreme weather conditions, including rains and thunderstorms, with the Pedieos river breaking its banks in some areas, resulting in the flooding of the adjacent roads.

“The closure of the bridge on Alexandroupoleos street, near Strovolos Town Hall, could be said to have become a tradition at this point, as it is taken for granted whenever mother nature swells the waters of the Pedieos,” the company said in a statement.

“Given that extreme weather events are being recorded internationally with greater frequency and intensity, Ask WiRE, a company that combines know-how in the real estate sector with the use of technology, has proceeded to map the properties located in areas near the banks of the Pedieos river,” it added.

According to the company, a total of 900 buildings were identified in the Chryseleousa area in Strovolos which could be affected by an overflowing of the Pedieos river.

In addition, 15 buildings were identified which are particularly close to the banks of the river.

These buildings are located at a point that floods every 20 years, the company explained, noting that there is a 5 per cent chance of flooding in the next few years.

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Ask WiRE chairman Pavlos Loizou

What is more, 120 properties were identified somewhat farther from the river’s banks, at a point that floods every 100 years and which has a 1 per cent chance of flooding in the coming years.

Finally, 770 properties were identified in the wider area of the river, which floods every 500 years and has a 0.2 per cent chance of flooding in the next few years.

“As weather events intensify in the coming years, their impact on the real estate sector should be taken seriously by all involved,” Ask Wire CEO Pavlos Loizou said.

“Whether it is private individuals who will acquire a property or government agencies that will proceed with new projects of public interest, or even private organisations such as real estate development companies, insurance companies and banks,” he added, noting that environmental risks are now more likely and therefore more important than ever.

Furthermore, Loizou stated that this is why those involved with the real estate sector, either in a professional capacity or not, should have a complete picture of the situation and the data shaping it so that they are properly prepared.

“This is an issue that concerns everyone as it must be taken into account if they are going to invest, lend, develop or buy real estate in the area,” the Ask Wire CEO concluded.