Yiannis Misirlis: Land development is a key pillar of the Cyprus economy

Cyprus is on the cusp of becoming the region's central business hub with significant benefits for the country, thanks to the solid foundations laid by its real estate sector, according to Yiannis Misirlis, Chairman of the Cyprus Land & Building Developers Association’s Board of Directors.

Addressing the 18th Land Development, Design, and Construction Conference & Exhibition that was presented by Altia in Nicosia, coordinator Misirlis highlighted how the land development sector has shown its resilience and durability despite successive challenges, contributing 15% to the country’s GDP.

As he said, the industry employs over 35,000 people while it also attracts investments. “We achieved this thanks to the sector’s solid foundations and to the creation of new prospects and a new country profile the years leading up to it,” said Misirlis.

And so, Cyprus is currently one step closer to becoming the region’s central business hub, with significant benefits for the country, he added.

Looking ahead, Misirlis said the prospects are positive – though they may be affected by external factors.

Concluding, he said that all of the industry’s stakeholders need to come together “to tackle the domestic factors affecting the sector and to correct the problems that are impacting the sector”.

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