25.07.2024
“The construction sector is one of the key elements of Cyprus’s economy, yet it does not receive the recognition it deserves from the relevant authorities,” says Nikos Rotos, CEO of Rotos Group. He emphasized that the government should create incentives to attract and retain investments, including increasing the building coefficient and reducing VAT on development.
Large projects, particularly major developments that generate revenue for the state, should receive special benefits, both for entrepreneurs and potential buyers, as the construction sector can significantly contribute to the state treasury through attracting investors if the right incentives are offered.
According to Rotos, current challenges facing the sector include inflation, interest rates, geopolitical instability, high material costs, and a labor shortage. These issues continue to concern both entrepreneurs and relevant authorities, and they require solutions.
Rotos also noted that one of the main obstacles for the industry is bureaucracy, particularly in the process of obtaining permits, which significantly slows down the development of projects. He stressed that the government should be more proactive in supporting the construction sector, making it more favorable for new developments.
Speaking about the impact of digitization and new technologies on the construction sector, Rotos expressed the view that while digital technologies such as artificial intelligence and virtual reality can improve certain processes, they will not replace human labor, which remains the foundation of the construction industry.
In his opinion, it is important that the efforts and achievements of companies in the construction sector are recognized and rewarded, as this contributes to the development of the country’s economy. The nomination of Rotos Group for the IN Business Awards 2023 confirms the correctness of the company’s chosen course and serves as an additional incentive to continue working at a high level.
About the Company
Rotos Group began its operations by constructing private and public projects. The company then ventured into land development and now has a portfolio of over 1,000 residential and commercial properties. Among the company’s most significant projects are the Wargaming Plc. building, Unihalls Premier, Unihalls Trinity, and U Residences student dormitories, as well as the ongoing Coeo Gladstonos Exclusive Residences project, a modern residential complex with villas and luxury apartments.
