The real estate sector in Cyprus continues on a dynamic path, as our country’s appeal as a business and lifestyle destination continues to grow. Marked by stability and growth, the sector remains a vital part of the economy, serving as a key contributor to the overall economic stability.
However, our industry also faces significant challenges, such as the housing shortage and high interest rates. As a result of the ongoing imbalance between supply and demand, property prices have, in recent years, soared, while many people lack access to affordable housing. Our Association highlights the need for measures that will contribute to the increase of the housing stock, such as streamlining the development licensing system and incentivising added supply. Fluctuating interest rates, rising construction costs, and the conflict in the Middle East, also add a further strain on the industry.
Despite these obstacles, the real estate sector has consistently shown resilience and adaptability. By working on creating a business-friendly environment, while also embracing sustainable development, adopting new technologies, and ensuring the increased supply of housing stock, our Association is confident that we will overcome today’s challenges and secure a promising future for the sector.