News Local Momentum in real estate market to continue, President says

Momentum in real estate market to continue, President says

The momentum in the Cyprus real estate market will continue, fostered by the large number of local and foreign investments in the country, President of the Republic Nicos Anastasiades has said.

Addressing a ceremony for the 2019 State Architecture Awards, Anastasiades assured that “our primary concern is to support the efforts aiming to upgrade the natural and structured landscape and to further boost the impetus in the building industry.”

As the President noted the high employment percentages with the reduced unemployment but also the momentum in the real estate sector with a significant registered increase both in sales and building permits show that the sector’s recovery has been achieved with multiple benefits for the country.

“A momentum which is expected to strengthen at an even greater extent as the targeted promotion of our countries comparative advantages and the series of measures promoted by the government, resulted in a large number of local and foreign investments recorded in our country,” Anastasiades added.

Apart from tax, town planning and other incentives which have updated, amended and expanded, he added, the government promotes measures with multiplying benefits, such as a new flexible and streamlined licensing process and a fast-track process for strategic investment projects, the drafting of new development policies based on contemporary town planning principles as well as a new comprehensive framework for housing policy.

“Our main aim following the economy’s dynamic recovery remains the stabilization of sustainable growth on the basis of the implementation of additional reforms, which will, first and above all, act to the benefit of the citizens,” the President concluded.

(Cyprus News Agency)

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https://in-cyprus.com/cyprus-state-architecture-awards-2019-the-winners/

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