Local
Insights | 19 February 2020 | Leptos Estates

Pantelis Leptos , Deputy Chairman, Leptos Group

The dynamic revitalization of the sector is also confirmed by the data provided by the statistical service for the whole 2019 regarding property sales, building permits and the index of production in construction which provide a significant indication of future activity of the sector.

What are the key areas of  opportunity or growth do you  see in  your sector and  what are the expectations for in 2020.

2020 marks a significant year in the Leptos Group’s business history. 60 years of success portray a thriving era, not only for the Group itself but particularly for the towns and the regions which we have developed, and which have since flourished and prospered.

Despite the effects of the economic crisis a few years ago on land and building development, the longstanding contribution of the real estate sector to the country’s economic, social growth and its resilience under difficult conditions have yet again been affirmed.

The Cyprus real estate sector, with the creativity that has always characterized it, stood on its own two feet, found solutions and proved its potential and vast capabilities.

The Current Real Estate Market

Today the industry has managed to stabilize and is also showing significant signs for further improvement. The high number of sales, building permits issued and jobs created, all indicate that we have embarked on a very positive course.

The dynamic revitalization of the sector is also confirmed by the data provided by the statistical service for the whole of 2019 regarding property sales, building permits and the index of production in construction which provide a significant indication of future activity of the sector.

Benefits of the Real Estate Market

In addition the performance of the sector at employment level is also very impressive since the industry employs tens of thousands workers, whilst thousands of other professionals depend on it, such as architects, civil engineers, contractors, real estate agents, tourist shops, restaurant owners, law firms, auditing firms etc.

The conclusion of 2019 is that the real estate market is changing faster than ever. The positive trend will continue as the market is constantly developing and becoming more and more attractive for global buyers and investors. Paphos, Limassol, Nicosia and Larnaca are finally becoming important locations on the world investment map. The Cypriot real estate market follows World trends, needs and balances accordingly, trying not to become oversaturated in any sense.

Future Real Estate Market

The year that just passed has been a continuation of the trend that we have experienced the last few years. The expectation is that this positive trend will continue for 2020 – still high levels of growth, decreasing unemployment, continuation of the high level of primary surplus, as well as construction activity and sales translations rising strongly.

 

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