Issues concerning the evolution of the developer profession, the skills required in the modern market environment, and the importance of integrity and the institutional functioning of the sector were at the centre of a panel discussion entitled 'Advancing the Property Development Profession: Competencies and Integrity for the Future,' as part of the 20th Real Estate, Property Development & Construction Conference & Exhibition organised by Altia.
The discussion focused on the role of professional training, institutional oversight and responsible business practice in shaping a sustainable and credible real estate development sector. At the same time, the challenges facing the sector today and the conditions for enhancing credibility and transparency in the market were highlighted.
The panel included the President of the Cyprus Scientific and Technical Chamber (ETEK), Constantinos Constanti, the The Partner and Head of International Disputes, Christos Georgiades & Associates LLC, Agis Georgiades, as well as the Vice President, Cyprus Property Developers Association, Antonis Kakoullis. The discussion was moderated by the Chairman, Cyprus Property Developers Association & Chairman, Imperio Group, Yiannis Misirlis.
The President of ETEK referred to the need to regulate the sector, noting that the aim is to reduce failures that leave citizens exposed. As Constantinos Constanti mentioned, in the past, there have been incidents that did not do honour to the country, such as delays in the issuance of property titles or the completion of major projects, which have also been the subject of discussion abroad.
He then noted that the goal is to further study the basic principles of the relevant regulation bill, including examining alternatives to the creation of new councils, by utilising existing infrastructure or ministerial departments instead.
Antonis Kakoullis emphasised the need to create a strong and reliable council, which will be able to effectively implement the legislative framework and prevent bad practices. As he mentioned, such practices in the past have negatively affected the sector and even contributed to an increase in unemployment.
He also raised the issue of the delay in issuing property titles, questioning what security there can be for the buyer when the title is issued after three years, highlighting the need for faster procedures.
On his part, Agis Georgiades underlined the purpose of the regulation, noting that the goal is to protect the buyer and the credibility of the sector. As he explained, there is a risk of entrepreneurs appearing on the market without a substantial structure, who, with intense marketing, proceed to sales and then disappear, leaving buyers exposed.
He also emphasised that the bill is under public consultation, with the aim of recording opinions and suggestions from all stakeholders, in order to form a framework that will enhance transparency and credibility.
The discussion demonstrated that the future of the land development sector in Cyprus is directly linked to strengthening professionalism, ensuring transparency and creating a modern institutional framework that will protect both the market and citizens.
(Source: InBusinessNews)
