President backs momentum in real estate market

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Momentum in the Cyprus real estate market will continue to grow fostered by renewed local and foreign investment recorded, President Nicos Anastasiades said.

Addressing a ceremony for the 2019 State Architecture Awards, Anastasiades assured that “our primary concern is to support efforts aiming to upgrade the natural and structured landscape and to further boost the impetus in the construction industry.”

He said the high employment rate, reduced unemployment and momentum in the real estate sector registering a significant increase in sales and building permits show the sector’s recovery has been achieved with multiple benefits for the country.

“A momentum which is expected to strengthen at an even greater extent as the targeted promotion of our country’s comparative advantages and the series of measures promoted by the government, resulted in a large number of local and foreign investments,” Anastasiades said.

Apart from tax, town planning and other incentives which have been updated, amended and expanded, he said the government was promoting other reform measures.

These include a new flexible and streamlined licensing process, a fast-track procedure for strategic investment projects, the drafting of new development policies based on contemporary town planning principles as well as a new comprehensive framework for housing policy.

“Our main aim following the economy’s dynamic recovery remains the stabilization of sustainable growth on the basis of the implementation of additional reforms, which will, first and above all, act to the benefit of citizens.”