Driving Growth: How Cyprus’ real-estate is shaping a greener, smarter economy

The Cyprus real estate sector is in a dynamic phase of growth. Despite significant challenges, the industry continues to demonstrate resilience and adaptability, contributing approximately 15% to the GDP and providing over 40,000 jobs. At the same time, the sector plays a crucial role in positioning Cyprus as an attractive investment destination.

Real estate is influenced by numerous and diverse factors, making flexibility and adaptability essential. Today, we are faced with new challenges and opportunities, and we must leverage global trends to propel our industry forward. Our goal is to establish Cyprus as a model of modern, sustainable, and innovative development - one that continuously attracts high-quality investments.

In an era where climate change is a global challenge, the transition to sustainable construction is no longer optional but imperative. Our sector must - and can - lead the way in reducing its environmental footprint by adopting eco-friendly practices. Aligning with European regulations for energy-efficient buildings and fully complying with the "Fit for 55" initiative are fundamental steps in this direction. Through incentives, tax reliefs, and investments in green infrastructure, the transition to sustainable development can be accelerated, ultimately enhancing the quality of life for citizens.

The industry is also navigating another rapidly evolving landscape - technology is transforming the way real estate is designed, built, and managed. Artificial intelligence, smart buildings, project management automation, and data analytics are shaping a new era of flexibility, efficiency, and transparency. Investing in technology is now a prerequisite for a competitive and sustainable sector. Through innovative solutions, we can streamline processes, enhance productivity, and improve transparency in project management - creating a more efficient and sustainable development model.

Certainly, we must remain vigilant and ready to address or correct issues that hinder growth. For instance, accelerating licensing procedures is crucial for the timely execution of new projects and for strengthening the real estate market. It is encouraging to see steps being taken and implemented in this direction. At the same time, the state must also tackle another pressing issue affecting the industry: the shortage of skilled labour. It is vital to establish a framework that attracts and retains specialised professionals. Furthermore, strengthening public-private sector collaboration is essential. Through cooperation, we can achieve significant progress for the benefit of the economy, society, and the environment.

The Cyprus real estate sector has proven that it shapes global trends. By embracing innovation, implementing the right strategies, and fostering collaboration, we can build a sustainable, forward-thinking, and "smart" future for generations to come.

*Υiannis Misirlis, Chairman of Cyprus Property Developers Association (CPDA) & Chairman of Imperio Group