The President of the Republic, Nikos Christodoulides, announced the decision to establish and operate a Business Service Centre, which will be exclusively dedicated to the service of entrepreneurs.

He was addressing the annual General Assembly of the Cyprus Land and Building Developers Association on Thursday afternoon in Nicosia.

This Centre, he said, will house the Strategic Development Sector of the Ministry of Interior and the Business Facilitation Unit of the Ministry of Commerce.

"The philosophy behind our decision is to create a central point of contact for Cypriot and foreign investors wishing to operate or expand their business in our country, so that they can receive direct information and personalised guidance, utilising with greater efficiency the accumulated experience and expertise of our technocrats and improving the productivity of our services, for the benefit of the business community and the economy at large," he said.

President Christodoulides also pointed out that the continuous upgrading of the construction sector contributes not only to the promotion of Cypriot business, but also to the promotion of Cyprus as a country with huge business growth potential.

The President of the Cyprus Land and Building Developers Association, Yannis Misirlis, noted that 2024 was a year of dynamic progress for the real estate sector.

Noting that the sector's contribution to the country's GDP amounts to 15%, while the number of jobs in the sector exceeds 40,000, Mishirlis said that "we have not only maintained our role as one of the main pillars of the Cypriot economy, but we have further strengthened our contribution", adding that the sector has proven its resilience despite constant challenges, naming as such the housing problem, delays in licensing, inflation, high interest rates and geopolitical turbulence.

The President of the Cyprus Employers and Industrialists Federation (OEB), Antonis Antoniou, in his address, said that the land and building development sector is a key pillar of the Cypriot economy. He noted the challenges facing the sector, referring to international economic uncertainty, increased prices of building materials and energy costs, as well as the demands arising from the need for a green transition.

"For the sector to continue its upward trajectory as predicted", he said, the state should intensify its efforts to reduce bureaucracy and further develop the required infrastructure.

Alkis Dikaios, President of the Cyprus Architects Association made a presentation entitled "Building a sustainable future".

During the Assembly, the Association announced its decision to renew its identity, changing its name and logo, with its new name being "Cyprus Property Developers Association".