Real Estate World Congress to take place in Cyprus

The annual World Congress of the International Real Estate Federation (FIABCI) is to take place in Cyprus, for the first time, between 16th and 21st May 2011.

Speaking at a press conference on the subject here today, Minister of Commerce, Industry and Tourism Antonis Paschalides said that hosting such an important, financial and professional event in Cyprus is an honour for the country.

“A Congress of such international calibre honours Cyprus and has both political and financial benefits”, he said.

He expressed satisfaction that the Congress will take place in Pafos, noting that it will boost the region which has faced problems in the real estate market.

FIABCI has 3,500 members from more than 70 countries and is the only professional real estate body represented in the UN bodies ECOSOC and UNECE in an advisory capacity.

President of the FIABCI Cyprus branch Dinos Michaelides said the Congress is not only important for the real estate business but also for Cyprus as a whole, noting that during this year’s annual Congress in Indonesia, purchases amounted to almost 1 billion dollars.

Michaelides also said that President of the Republic Demetris Christofias is to open the Congress.