The Cyprus Land and Building Developers Association (LBDA) was founded in 1983 and is a member of the Cyprus Employers and Industrialists Federation (OEB) and of the International Real Estate Federation (FIABCI).
Having as major concerns the preservation of the environment and the protection of the public, the goal is to create a central body in Cyprus where land and building developer businesses can be grouped together for better and more effective protection of their professional interests.
Cyprus Real Estate Forum, Shanghai - 18 October 2015
The Cyprus Real Estate Forum was organised by the Association in Shanghai on the 18th October 2015. The Forum was under the auspices of H.E. the President of the Republic of Cyprus, Mr Nicos anasatsiades, as part of his official visit to China.
In his address to the forum, attended by 70 developers from Cyprus and investor and buyers’ groups from China, President Anastasiades issued an “open invitation” to all investors to visit Cyprus and see for themselves that the island is an ideal place to invest, live and work in.
He also said that the economy is on a path to full recovery and enjoying a steady growth rate, with investment opportunities in all sectors, such as real estate, large public and private development projects, energy and privatisations.
He also referred to the favourable tax system and other related issues, such as the quality of life, security and modern infrastructure.
The Chairman of the Cyprus Land and Building Developers’ Association, Pantelis Leptos, elaborated on the advantages and incentives offered to foreign property buyers and later said that the forum was “a major success and the President’s speech contributed tremendously.”
“We are sure that that the great interest shown during the forum will soon be realised, thus contributing to the recovery of the property and construction industries, but primarily with added revenues to the state coffers,” Leptos said.
A short presentation of the current situation and future prospects of the Cypriot property market was made by the Vice Chairman the Association, Yiannis Misirlis.
The event concluded with the presentation of honorary diplomas by the President of the Republic, to representatives of Chinese organizations whom the Association thanked for their contribution to the Cypriot economy
Annual General Meeting - 6th March 2015
The land development sector is responsible for the influx of over €1 billion in fresh capital from abroad to the Cyprus economy during the last two years, President of the Cyprus Land and Building Developers Association Pantelis Leptos noted on Friday.
Addressing Speaking during the Association’s Annual General Meeting, Leptos revealed that the sector’s contribution to the overall economy continues to stand at 19% of Cyprus’ total GDP.
In order to aid this impressive performance, a Governmental scheme aimed at providing urban planning incentives is set to be extended for an additional two years, Minister of Interior Socratis Hasikos added.
In his address, the Minister noted that the aim of this extension is to enhance development, in order for the country to conclude its economic adjustment programme sooner than originally expected.
Approved at a Cabinet meeting last Tuesday, the scheme’s extension will allow additional time for the implementation of a number of mature projects which have been delayed, concurrently attracting fresh interest from local and international entrepreneurs. According to Hasikos, under the existing scheme more than 200 applications were received, with greater interest noted in the hotel and tourism sectors.
On his part, Leptos said that despite high overall unemployment, the levels of unemployment in the building sector have begun to record a downward trend.
Moreover, in January 2015, property sales were up by 10% compared to the same month in 2014, he added.
In 2013, amidst a general climate of uncertainty in Cyprus, a number of 3,767 properties were sold, of which 1,017 were sold to foreigners, Leptos explained. Sales increased the following year by 20%, with foreign buyers totaling 1,193 of the 4,527 overall sales.
The event was also addressed by Christos Michaelides, President of Cyprus Employers and Industrialists Federation, who noted that the Cypriot economy has improved greatly in the past year, though he cautioned that much remains to be done in order to secure long-term market stability and growth.