Challenges for construction companies: What three prominent contractors have to say

Collective agreements, a lack of specialised staff and equipment, contracts and public works are just a few of the burning issues that the real estate sector and its professionals are having to face.

Senior executives from three prominent contracting companies analysed ways to turn the challenges into opportunities in a way that will optimise the functioning of the local construction sector, during a panel discussion at the 17th Real Estate & Construction Conference & Exhibition recently.

The discussion was held between Stelios Gavriel, President of the Cyprus Building Contractors Association and Managing Director of N. Gavriel & Sons Ltd, Minas Mina, Deputy Managing Director of N. Psaras Construction Co Ltd, and George Chrysochos, Director of Cyfield Group.

Gavriel said the issue was that the industry was having to deal with international challenges, which have increased costs. “Our belief is that we are entering a new era, which is marked by the principle of de-globalisation, with security playing a key role when it comes to investments,” he said.

Gavriel added, “We have reached the end of cheap energy products and cheap labour. The aim should be to promote and develop the economy. The construction sector continues to move upward.”

He highlighted the need for more specialised human capital and proposed synergies with technical schools to increase the potential for these professions and alleviate the situation.

On his part, Mina said that the construction industry has no choice but to enter the green era. Contractors are required to achieve the ESG targets, he said. “Contractors are an integral part of the ESG terms and digitisation,” said Mina. To this end, he added, the state’s digital transformation is also vital.

As he also pointed out, this is one of the conditions put forward by professionals from abroad. “As this is implemented in their own countries, foreign investors ask for it in our country as well,” said Mina.

Chrysochos referred specifically to the public works sector, saying there were currently some important projects underway in a sector that needed special attention. He added that a significant chunk of the recovery fund had gone toward infrastructure that has improved the public’s quality of life.

The panel discussion was coordinated by Michalis Hadjipanayiotou, Chairman of the Cyprus Land and Building Developers Association and CEO of Cybarco Development Ltd.

(Source: InBusinessNews)