In its recent report, the President of the Cyprus Association of Landowners and Developers (LBDA) announced that the construction sector of the real estate in Cyprus has brought the country's economy more than 1 billion euros over the past two years. LBDA Association was established in 1983.
Made an appeal, Mr Pantelis Leptos noted that the contribution of the real estate sector is 19% of the total GDP of Cyprus. Also, Mr. Leptos noted that in 2013, despite the uncertainty of the situation in the country as a whole, has sold 3,767 houses, among the buyers in 1017 were foreign nationals. In 2014, sales increased by 20% and has sold 4,527 objects, 1,193 of which are purchased by foreigners.
The absolute advantage and incentive program was the citizenship program provided by the Government in 2013. The program greatly stimulated sales and continues to attract the attention of investors in Cyprus.
Mr Leptos also said that the loans taken out by land developers were part of their business transactions and most have collateral. He Mentioned that the majority of the loans will be serviced, provided that they are restructured and most of the Developers are trustworthy and reputable.