The head of the Cyprus Property Developers Association, Yiannis Misirlis, believes it is wrong to judge the entire real estate industry by a few bad examples. He stresses that construction and property sales make up nearly 15% of Cyprus’s economy and support more than 40,000 jobs across the island.
“Building new homes, offices, and shops drives our economy,” Misirlis explains. “Every home sold or project completed pays taxes, creates construction jobs, and helps related businesses—like architects, engineers, and furniture makers—stay in business.”
While Misirlis strongly condemns any developer who breaks the law—“There must be zero tolerance for illegal activity”—he points out that such cases are rare. The vast majority of companies follow strict rules on planning, safety, and environmental protection. He calls it unfair when a single wrongdoing is used to criticize the whole sector.
New data from the Department of Lands and Surveys shows a 15% rise in property sales in the first quarter of 2025 compared with January–March 2024. By region, Larnaca saw the largest increase at 26%, as buyers look for coastal living and easy airport access. Nicosia and Limassol each grew by 15%, driven by demand for city apartments and mixed-use developments. Paphos (7%) and Famagusta (4%) also recorded gains.
Misirlis says both local families and foreign investors are looking for:
Energy efficiency: New homes use solar panels, modern insulation, and eco-friendly materials.
Mixed-use projects: Developments that combine housing, shops, and leisure spaces in one area.
Lifestyle quality: Safe neighborhoods, green parks, and easy access to schools and hospitals.
“In uncertain global markets, investors seek safety,” he notes. “Cyprus offers political stability, clear property laws, and a high quality of living.”
Despite these positives, risks remain. International trade tensions—such as recent U.S. tariffs—could slow global growth and affect demand. Domestically, developers face:
Labour shortages: Skilled workers in construction and trades are in short supply.
Planning delays: Large projects can get stuck in long approval processes.
Green transition goals: New EU rules require buildings to meet higher energy-efficiency and sustainability standards.
To speed up development, the government now promises 40-day approvals for low- and medium-risk projects. Misirlis welcomes this change but urges a clear fast-track system for major schemes too—so big new communities and commercial centers can move ahead without lengthy red tape.
On the home-ownership side, prices dropped by 1% in Q4 2024—the largest quarterly fall since 2022—while rents climbed 4.6% over the year. Misirlis expects both trends to stabilize as new projects launch in 2025. He proposes smart incentives—such as tax breaks or low-interest loans—and public-private partnerships to boost supply.
“Housing is a basic human right and essential for social cohesion,” he says. “We must make sure everyone can find a decent, affordable home.”
As Cyprus navigates a changing world, Misirlis pledges that developers will keep improving transparency, competitiveness, and environmental responsibility. “Our sector will remain a key pillar of the Cypriot economy,” he concludes, “supporting growth, jobs, and quality of life for decades to come.”
Text based on materials from cyprus-mail.com , photo pixabay.com
Cyprus has quickly become one of Europe’s most desirable...
