Cyprus Property Developers Association Celebrates 40 Years, Highlights Significant Contributions to Economy

The Cyprus Property Developers Association (LBDA) commemorated its 40th anniversary, underscoring its pivotal role in the country's economy. Throughout its four-decade journey, the LBDA has emerged as a dynamic advocate for the land and property development sector, contributing over 15% to Cyprus' Gross Domestic Product (GDP) and generating employment for more than 35,000 individuals.

"In 1983, industry professionals recognized the need for a collective voice for sector companies, leading to the establishment of the association under the Cyprus Employers and Industrialists Federation (Oev)," stated the LBDA.

The association highlighted the transformative impact of industry professionals, whose modern and innovative projects have significantly contributed to Cyprus' development. Additionally, it emphasized its role as a reliable social partner, leveraging members' expertise to enhance sectoral initiatives and collaborate with executive and legislative authorities.

To mark its milestone, the LBDA organized a commemorative event attended by prominent figures including President Nikos Christodoulides, Ministers Makis Keravnos, Constantinos Kombos, and Alexis Vafeades, as well as Oev president Antonis Antoniou and representatives from the economy and business sector.

President Christodoulides acknowledged the vital role of the construction sector, supported by the LBDA, in attracting investments, promoting entrepreneurship, and positioning Cyprus as an investment destination. He stressed the importance of reforming licensing procedures to facilitate construction sector growth and development.

Meanwhile, Cyprus' construction sector witnessed a surge in building permits issued in early 2024, reflecting a 13.1% increase compared to the same period last year. Recent data from the Cyprus Statistical Service (Cystat) indicated a rise in the economic value of permits, reaching €248.9 million in February and totaling €470.19 million over two months.

Furthermore, the Central Bank of Cyprus (CBC) reported an uptick in residential property values during the fourth quarter of 2023, driven primarily by soaring apartment prices, highlighting the buoyancy of Cyprus' property market.

By fLEXI tEAM