The Chairman of the Cyprus Developers Association, Yannis Misirlis, praised the contribution of the real estate sector to the economy and defended it from sweeping accusations of unfair practices.
Yannis Misirlis noted that the real estate and construction sector is still one of the pillars of the Cypriot economy, accounting for almost 15% of GDP and employing more than 40,000 people across the island.
According to the Department of Land Resources, the number of documents for the sale of real estate filed throughout Cyprus in the 1st quarter of 2025 increased by 15% compared to the same period in 2024.
Larnaca recorded the most significant increase in sales contracts by 26%, followed by Nicosia and Limassol by 15%, Paphos by 7% and Famagusta by 4%.
Misirlis believes that the steady growth trend in the market remains, and it is driven by both domestic demand and the interest of foreigners, especially in modern energy-efficient houses and multifunctional projects.
Despite the overall positive picture, Misirlis also mentioned the risks of the sector related to global events, in particular, the trade war initiated by the United States.
Source: Cyprus Mail
