Real estate contributes CYP 1 bln to economy

The real estate sector contributes some CYP 1 bln to the economy, with foreign currency earnings for the sector in the region of CYP 500 mln, according to Chamber of Commerce (KEVE) General Secretary Panayiotis Loizides.

The KEVE official added that the construction and property sector employ 30,000 people and that this part of the economy promises a very good future after Cyprus joined the E.U. in May 2004.

However, Loizides added that “we should proceed with significant changes as regards the legislations regulating the real estate retail sector.

The 2nd Properties and Land Development Exhibition will be held on Friday April 8 to 10 at the Conference Centre in Nicosia with the participation of 20 property development companies.