Real estate investments continue to follow an upward trend

Minister of the Interior Konstantinos Ioannou said on Wednesday that real estate investments in Cyprus follow an upward trend over the last years, which continues into 2023, despite being affected by the current conditions and international events.  

Speaking at the 17th Land Development Conference, in Nicosia, the Minister noted that the real estate sector is one of the most important pillars of the Cypriot economy and that the aim of the Government is to modernize it and shape new mechanisms, together with the private sector.

As the Minister said, the Government, in response to the real needs of the construction industry, but also of the society for professional and residential housing, is aiming for a framework of integrated, coherent development policy and not "in the absence of the private sector.”

The new Government, he said is taking "the next step", evolving or shaping, where necessary, the policies that will give even greater support to land development.

“Cyprus”, as he said, “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”.

This policy, he noted, focuses on the one hand, on better serving foreign and local investors, by omitting delays and bureaucracy and on the other hand, on attracting strategic investments strengthening the profile of Cyprus as an attractive destination for economic activity.

Director of the Department of Lands and Surveys, Ellikos Elias said that in 2022 they had 20,800 property sales worth €4.18 billion, noting the importance of this market and that, 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 that it was a wake-up call for them to better protect themselves.

Elias said that the digitization of the Lands Department started in 1999 and that it was one of the first departments that went digital and is now digital to a very large extent, something that helped with the simplification of procedures.

The final goal, as he said, was the creation of the "immaterial land registry", which does not use paper, noting that they were heading in that direction.