Cyprus Paphos property slump to lead to 62% jobless

The property slump in the Paphos region may lead to 62% of all those employed in the construction industry in the region to lose their jobs, according to the findings of a report prepared by the Association of Paphos Property Developers as a result of lower construction activity.
According to the Chairman of the Association of Paphos Property developers, 80% of the companies in the sector have been affected by the crisis, whilst he anticipates that all property developers in Paphos will be hit by the economic crisis within the next six months, if things remain unchanged.
The Association's study shows that contractors face liquidity and operating problems, lower profitability and lower sales. According to the study, the number of unemployed in the district is expected to climb to 2.500 from 667 currently.