The multiple difficulties experienced in the construction sector and the real estate market, including finding specialised human resources, project licensing and the increased cost of energy, were recently analysed by Cyfield's Executive Director, Despina Chrysochou.
Speaking at INSPIRE 2025, Chrysochou also expressed the hope that the first steps towards expansion abroad and entry into the competitive electricity market will bear fruit.
The three biggest challenges for construction
Chrysochou said that perhaps the biggest challenge for the construction industry, but also for most sectors, is finding the right personnel, either scientific (engineers, surveyors, accountants, architects, project managers), or technical human resources (technicians, construction workers).
At the same time, she stressed that the difficulties surrounding the licensing system, securing final approvals and securitisations affect the success of projects and the smooth execution of contracts, noting that these are time-consuming and complicated procedures. She also, however, acknowledged that the Ministry of Interior has proceeded with the digitalisation of several procedures, although there are still gaps in the response of specific public utility services to construction projects.
Moreover, according to the Executive Director of Cyfield, the ever-increasing cost of energy is affecting households and businesses.
"Cyprus ranks second in the EU in terms of the cost of purchasing electricity in relation to per capita income, which affects the purchasing power of each citizen and at the same time the competitiveness of businesses," she said, calling on the state to commit to a sustainable and competitive electricity market.
Innovative projects and new markets
Cyfield Group's priorities and plans include the continuation of the creation of innovative projects that upgrade lifestyles, society and which are also environmentally sound, while expansion to other markets is also in the works.
"More specifically, we aspire to bear fruit in the first steps towards expansion abroad and the first steps towards entering the production of electricity," Chrysochou said, noting that the construction and land development sectors are a field of creation and evolution.
Recognising that entrepreneurship is a marathon, Despina Chrysochou recommended hard work, dedication, patience, as well as constant updating amidst rapid economic and geopolitical developments. “Never rest, always strive for something new,” she said.
Partners & Sponsors
Strategic Partner: Cyta Business
Platinum Sponsor: Bank of Cyprus
Gold Sponsors: ECOMMBX, Zorbas Group, Cyfield
Silver Sponsors: PwC Cyprus, Petrolina, Bioland
Academic Sponsor: University of Nicosia
Stage Sponsors: National Bank of Greece (Cyprus), KPMG Cyprus, Odyssey, CyRIC/Gravity Ventures Incubator, Invest Cyprus
Panel Sponsors: HRDA, OPAP
Podcast Presenter: Payabl.
Sponsors: Hermes Airports, IMR, Libertex
Technology Partner: Kotsovolos
Community Partner: TechIsland, Junior Achievement Cyprus
Innovation Partner: Research & Innovation Foundation (IDEK)
Mobility Partner: Pilakoutas Group
Sustainable Transport Partner: Cyprus Public Transport
Sustainability Partner: Electricity Authority of Cyprus
Coffee Partner: Coffee Berry
Partner: Charalambides Christis
Supporters: ASBIS, CSR Cyprus, Capacitor Partners, HJS Insurance Agents, Mastercard, Robura, Superad, Kapodistrias, Photos Photiades Breweries & Epilogi, Voici La Mode Group of Companies, GrantXpert, Gap Vassilopoulos, Techbiz, Grow Sustainability Consulting, ASBIS, Murex, Drastyc, Bolt
With the support of: Cyprus Computer Society, CITEA, CPMA, Youth Board of Cyprus, OEB, Skills Cyprus, National Betting Authority
Media Sponsors: Alpha Cyprus, CBN, IN Business, Reporter, SuperFM
Organizer: IMH
Under the auspices of: Municipality of Nicosia
- INSPIRE 2025 – Where passion meets action, and action changes the world.
(Source: InBusinessNews)
