Construction sites have re-opened and work restarted, with the local construction sector pondering the overall impact the health crisis will have on the industry. Some plans for new projects are now in a state of uncertainty, some are temporarily postponed and delays in the completion of projects in progress are now likely.
Yiannis Misirlis, Director of Imperio Group and Deputy Chairman of the Cyprus Land and Building Developers Association, in his recent statement in Limassol Chamber noticed that the impact of the coronavirus on the real estate market is undoubtedly significant, with construction sites and sales offices closed for more than 45 days during the lockdown, the purchasing interest of foreigners has understandably become less.
However, Mr. Misirlis pointed out, real estate remains the first form of investment to turn to in times of crisis, which is why the messages coming from Arab countries, Israel and Russia are encouraging. Although, he explains, we should not expect impressive moves in the immediate period, at least until further easing of the measures and the re-opening of airports.
Source: Limassol Chamber