The property development sector has stood as a key pillar of the Cyprus economy, along with the tourism and service industries. Although it was one of the industries worst hit during the financial crisis, the sector endured and dealt with the problems it faced with suitable solutions, demonstrating its great potential and capabilities.
What key areas of opportunity or growth do you see in your sector, and what are your expectations for Cyprus in 2020?
The property market, particularly on the high end, is continuing to experience steady growth as Cyprus develops into a highly sought-after destination with marinas, golf courses, high rise towers, and a resort casino. The island remains an attractive destination for the purchase of property by foreigners, combining the advantages offered by an EU member state and member of the Eurozone, with those of security, low crime rate, high quality of life and superb climate, while the development of quality products creates prospects for increased real estate demand, both domestically and internationally. Additionally, steady growth rates, various tax incentives, the Cyprus Investment Programme, the new tax residency scheme and the prospects emerging from the discovery of natural gas, create a very positive scenario for the development of the sector over the next few years. Cyprus has also successfully been established as a trustworthy, secure and friendly business destination.
The property development sector has stood as a key pillar of the Cyprus economy, along with the tourism and service industries. Although it was one of the industries worst hit during the financial crisis, the sector endured and dealt with the problems it faced with suitable solutions, demonstrating its great potential and capabilities. Following on from growth in previous years, real estate sales increased by 12% in 2019. The same momentum was recorded by other important indicators that monitor the growth of the industry, such as building permits, which relate to future activity and define the scope for further development.
The signs are all favourable, but there is no room for complacency. Cyprus has all the ingredients needed for its economy to continue to grow, and the real estate development sector will continue to act as a key driving force behind this growth. The challenges of the sector correlate to the overall challenges faced by the economy itself. We must correct the weaknesses that adversely affect our overall competitiveness. We need to continuously modernise our structures and practices, to be daring and to move towards the necessary reforms. We must also manage the Cyprus Investment Programme correctly and protect it, as it has been integral to the revitalisation of our economy, to the creation of thousands of new jobs and the right conditions for long-term prosperity.
We are optimistic about the ongoing momentum overall, and confident that Cybarco’s developments will continue to attract savvy buyers from all corners of the globe, including locals seeking a solid investment. Destination developments like Limassol Marina and Trilogy Limassol Seafront offer far more than a property, enticing those who want to enjoy the Mediterranean lifestyle but also benefit from the security of favourable rental yields in a city as thriving and international as Limassol. Construction of all three towers at Trilogy is progressing according to schedule. The West Tower and East Tower have climbed above ground level, and piling of the North Tower has been completed. We have already attracted 15 nationalities of buyers, with sales and reservations for the West and East Towers’ sea view apartments and offices in excess of €150 million.
