30.03.2023
Constantinos Ioannou stated that investment in Cyprus real estate will continue to grow in 2023 despite adverse conditions and external shocks.
Speaking at the 17th Conference, the Minister said that the real estate sector is one of the most important pillars of the Cypriot economy. The government seeks to modernize it and form new arrangements with the private sector. He said that the government, in responding to the needs of the construction industry and society for commercial and residential housing, is committed to developing a comprehensive, coherent development policy.
“The government is taking the next step by developing or shaping, where necessary, policies that will provide even more support for land development.
“Cyprus remains an attractive destination for foreign investors and property buyers and this is expected to improve further with a bill recently approved by the Cabinet to promote large and strategic projects,” Ioannou said.
This policy aims to better serve foreign and local investors by eliminating delays and bureaucracy and attracting strategic investment that enhances Cyprus’ reputation as a location for economic activity.
Director of the Department of Lands and Geodesy Ellikos Elias said 20,800 properties were sold last year, worth 4.18 billion euros. “Compared to the country’s GDP , this number was very high.” He also said that mortgage loans amounted to 3.29 billion euros.
Referring to a recent cyberattack on the Department’s system, he said it was a wake-up call for them to improve their defenses.
Elias said the digitization of the Land Department began in 1999 and that he was one of the first to start the process, which helped cut down on bureaucratic red tape. The ultimate goal, he said, was to create a “paperless Land Registry”.
