articles | 16 January 2020 | ServPRO Accountants & Consultants

Momentum in Real Estate Market to continue says President of Cyprus

According to Cyprus News Agency’s (CNA) recent report, President of Cyprus Nicos Anastasiades stated that the momentum in real estate market will continue to a greater extent fostered by a large number of local and foreign investment recorded in the island.

Addressing the 2019 State Architecture Awards, the Cypriot President assured that “our primary concern is to support the efforts aiming to upgrade the natural and structured landscape and to further boost the impetus in the building industry.”

Anastasiades talked about the reduced unemployment and the high employment percentages as well as the momentum in the real estate sector. He further noted the significant registered increase both in sales and building permits which show that 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 countries comparative advantages and the series of measures promoted by the government, resulted in a large number of local and foreign investments recorded in our country,” Anastasiades said.

He further added that apart from tax, town planning and other incentives updated, amended and expanded by the government, the country promotes measures with multiplying benefits, such as a new flexible and streamlined licensing process and a fast-track process 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 the citizens,” the President concluded.

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