Real estate investments on upward trend

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Interior Minister Constantinos Ioannou said Cyprus’ real estate investments would continue upward in 2023 despite being affected by adverse conditions and external shocks.

Speaking at the 17th Land Development Conference in Nicosia, the minister said the real estate sector is one of the most important pillars of the Cypriot economy.

The government aims to modernise it and shape new mechanisms with the private sector.

He said the government, in response to the needs of the construction industry and society for commercial and residential housing, is aiming for a framework of integrated, coherent development policy.

“The government is taking the next step, evolving, or shaping, where necessary, the policies that will give even greater support to land development.

“Cyprus remains an attractive destination for foreign investors and property buyers, and this is expected to be further enhanced by the bill recently approved by the Cabinet to facilitate large and strategic developments,” said Ioannou.

This policy focuses on better serving foreign and local investors by omitting delays and bureaucracy and attracting strategic investments strengthening the profile of Cyprus as a destination for economic activity.

Director of the Department of Lands and Surveys, Ellikos Elias, said last year saw 20,800 property sales worth €4.18 bln.

“Comparing it to the country’s GDP, the number was very high.”

He also said that mortgages amounted to €3.29 billion.

Referring to the recent cyber-attack on the Department’s system, he said it was a wake-up call for them to protect themselves better.

Elias said that the digitisation of the Lands Department started in 1999 and that it was one of the first to do so, helping to reduce red tape.

The final goal, as he said, was the creation of a “paperless land registry”.