16.11.2023
President of the Cyprus Property Developers Association (LBDA) Michalis Hadjipanayiotou on Thursday praised the resilience of the local real estate sector as reflected in its ability to overcome numerous challenges while continuing to contribute to the country’s economic growth.
Hadjipanayiotou’s comments were made during his speech at the association’s annual general meeting held on November 16.
“Over these 40 years, our industry has experienced significant growth, evolution and modernization,” he said, but noted that “it has also faced both small and very large challenges and challenges.” Our association has been present to every new challenge, using the knowledge and experience, as well as attention to the external issues of its members, and, in cooperation with the relevant authorities, has contributed to the formation of positions and proposals. The association has always strived to “intensify efforts to modernize the industry, thereby remaining a pillar of economic development.”
Addressing the assembly, Hadjipanayiotu emphasized the important role of the real estate and construction industry in the economic development and progress of the country. He praised the sector’s resilience in the face of challenges, noting its significant contribution in attracting investment, employing thousands of people and helping Cyprus develop.
“We are particularly proud that our members have collectively contributed to over 80% of the property market, creating modern Cyprus. They shaped the modern image of our country. Marinas, golf courses, office space, modern and environmentally friendly residential and commercial properties, and small and large developments are just a few examples of the many projects that make up the new Cyprus,” he added.
Hadjipanayiotou explained that over the past four years, the construction industry has faced a number of significant challenges, including economic crises, health crises and geopolitical events with global implications.
“Each time we have had to adapt to new circumstances and create new perspectives to mitigate the impact, both in the industry and in the Cypriot economy,” he said. “Despite the challenges and obstacles, the industry has demonstrated flexibility and resilience and stayed afloat,” he added.
He explained that the construction sector has made significant contributions to the country’s development, noting that its share in the gross domestic product (GDP) averages between 15 and 17 percent. “This confirms the significant role it plays in the Cypriot economy,” he said, noting that “even amid the above-mentioned changes and challenges, its contribution to GDP has remained at the same high level, proving its strong foundation.”
He also touched upon the contribution of the construction sector to the Cyprus employment sector. Citing data from the Department of Social Insurance for 2023, he said that the construction industry employs almost 43 thousand people, the majority of whom are Cypriot citizens.
“Therefore, the construction industry is rightly called the “engine” of the Cypriot economy. However, the importance of the industry goes beyond economic development and maintaining the social cohesion of Cyprus, especially today as the country once again faces serious economic challenges. Industrial growth simultaneously means increased employment through the creation of new high-quality jobs and improved living conditions for our fellow citizens,” he added.
The Assembly concluded with a promise of joint efforts to guide the Cypriot property and construction industry towards further growth and modernization.
