Celebrating 40 Years of Growth and Evolution in Cyprus Real Estate

During the Cyprus Land and Building Developers Association’s (LBDA) 40th annual general assembly on November 16, President Pantelis Hadjipanayiotou reflected on the industry’s journey marked by growth, challenges, and resilience. 

“In these 40 years, our industry has experienced significant growth, evolution, and modernisation,” Hadjipanayiotou remarked. He acknowledged both small and significant challenges faced by the sector, emphasising the association’s role in shaping positions and proposals in collaboration with authorities. 

Hadjipanayiotou highlighted the association’s commitment to modernising the industry, remaining a pillar of economic development. He praised the resilience of the real estate and construction sector, acknowledging its substantial contribution to Cyprus’s economic development and progress. 

“We are particularly proud that our association members have contributed collectively to over 80 per cent of the real estate market, building the modern Cyprus,” Hadjipanayiotou stated. The industry played a pivotal role in shaping the contemporary profile of the country, making Cyprus a regional business and investment centre. 

Addressing the challenges of the last four years, including economic crises, health crises, and geopolitical developments, Hadjipanayiotou commended the industry’s adaptability and resilience. Despite difficulties, the construction sector maintained its contribution to the GDP at 15 to 17 percent, showcasing its strong foundations. 

Hadjipanayiotou emphasised the construction sector’s role in employment, with nearly 43,000 employees contributing to the industry. Beyond economic development, the industry plays a crucial role in maintaining social cohesion, especially amid economic challenges. 

Highlighting the industry’s catalytic role in attracting foreign investments, Hadjipanayiotou noted that 46 percent of property transactions in the first eight months of 2023 came from foreign buyers. He credited state incentives for attracting foreign companies, turning Cyprus into a significant hub for service and technology companies. 

Looking ahead, Hadjipanayiotou identified challenges hindering the smooth operation of the real estate sector, including licensing system upgrades, labour shortages, and sustainable construction. He called for collaboration among stakeholders and pledged the association’s commitment to supporting authorities in modernising the sector. 

As Hadjipanayiotou concluded his tenure, he expressed confidence in handing over a resilient industry and vowed to remain active in efforts to improve the sector further. 

The assembly closed with a pledge for collaborative efforts to steer Cyprus’s real estate and construction industry towards continued growth and modernisation. 

Source: Cyprus Property News  

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