“I would like developers, particularly the larger ones, to think beyond the boundaries of their own sites. We are collectively shaping Limassol, and this means considering not only architecture but also landscaping, infrastructure, road access and public spaces around our developments. Even relatively small improvements can make the wider neighbourhood work and look better,” Lyra Amvrosiou, CEO at Property Gallery Developers and Constructors Ltd, suggests.
Amvrosidou has been in the position since co-founding the company in 2002. Focused on Limassol, it has earned a reputation for premium and design-led development, such as with YOO Limassol. In an interview with GOLD magazine, she shares her views on the main challenges facing the real estate sector and offers her own suggestions on how to ensure further growth.
Property Gallery is involved in both commercial and residential real estate projects. Does one segment have greater momentum than the other? If so, how does this impact your strategy?
Residential projects prevail in our portfolio, but we do not target a fixed residential-commercial split. Our strategy is driven by demand and location. If a location has clear demand for a business centre, we will develop one. We look for gaps in the market and build what that particular market needs. Our commercial portfolio includes business centres, hotels, restaurants and sports facilities.
Many foreign nationals are not only purchasing property but are settling and living in Cyprus, meaning that they are investing in the country’s quality of life as well as in a fixed asset. Which markets are most active and what are their expectations?
We see historically strong demand from buyers from the Commonwealth of Independent States (CIS), alongside growing interest from Germany, the UK and Poland. Another important driver is that of international companies relocating their employees to Cyprus. Increasingly, these professionals are settling here long-term and moving from renting to buying, often using mortgage financing.
There has been a sharp increase in the number of building permits being issued. Do you think it will help address the matter of housing affordability?
More permits are certainly positive because projects can move into construction faster. Many projects are already designed, marketed and reserved before permits are issued. A permit allows construction and formal sales to proceed, so a more efficient permitting process should help bring projects to market faster, increasing supply and improving the quality of housing stock available.
Is the availability of labour adequate to maintain the current pace of the sector’s development?
Skilled labour remains a challenge for the construction sector. As more projects move into construction simultaneously, demand for experienced contractors and qualified specialists increases. This makes careful planning, reliable contractor relationships and efficient project management increasingly important for developers working in a very active market.
What change would you like to see in Limassol?
I would like developers, particularly the larger ones, to think beyond the boundaries of their own sites. We are collectively shaping Limassol, and this means considering not only architecture but also landscaping, infrastructure, road access and public spaces around our developments. Even relatively small improvements can make the wider neighbourhood work and look better. We follow this approach wherever possible in our own projects. On the business side, we welcome the recent progress with permits and hope to see efficient, consistent processes and continued cooperation between developers and the authorities.
This interview first appeared in the September edition of GOLD magazine. Click here to view it.
