Cyprus property developers point out economic impact and job creation

This week was an important milestone for the Cyprus Property Developers Association (LBDA), which celebrated its 40th anniversary. The association, known as an influential organisation in the land and property development industry, highlighted its significant contribution to Cyprus' economy and employment market.

Over the last four decades, the LBDA has played a significant role in defining the country's Gross Domestic Product (GDP), accounting for more than 15% of total economic activity. Impressively, the association has employed over 35,000 people, demonstrating its importance in the Cypriot job market.

Established in 1983, the LBDA was born out of the recognition of the sector's challenges and the necessity for a cohesive voice to represent its interests.

Under the umbrella of the Cyprus Employers and Industrialists Federation (Oev), the association has evolved into a powerful advocate for industry professionals.

The LBDA emphasised the sector's importance in the Cypriot economy, stating that it serves as a basis for growth and development. Professionals in the industry have had an important role in pushing Cyprus forward with innovative and dynamic developments.

Today, the association is regarded as a reliable social partner, using its members' skills to engage with executive and legislative bodies. By collaborating with authorities, LBDA aims to develop sectoral policies and contribute to continuing efforts to improve the environment for industry.

In celebration of its 40th anniversary, LBDA President Yiannis Mysirlis and the board of directors recently hosted a commemorative event.

President Nikos Christodoulides, as well as prominent government officials and business executives, attended the event to emphasise the association's importance in national growth.

President Christodoulides acknowledged the construction sector's importance in attracting investment and supporting entrepreneurship, stressing the LBDA's commitment to these goals. He emphasised the significance of reducing licencing procedures to encourage development and protect the sector's long-term growth.

Meanwhile, recent statistics from the Cyprus Statistical Service (Cystat) showed optimistic prospects for the construction industry. Building licences provided in early 2024 showed a significant rise over the previous year, demonstrating a positive trend in construction activity.

Cyprus is currently seeing a record level of investment in strategic development projects as the number and value of permits increase. The economic importance of these permits demonstrates the sector's resiliency and critical role in supporting economic growth.

Furthermore, the Central Bank of Cyprus (CBC) showed an increase in residential property values in the fourth quarter of 2023, driven by higher demand for apartments. This brings out the strength of Cyprus' real estate market and its attractiveness to investors.

With continued coordination among stakeholders, Cyprus is positioned to expand on its accomplishments and become as the region's leading investment destination.