Christodoulides urges state and private sector to join forces on investment as study shows limited Limassol housing choice

Nicosia, Cyprus. President Nikos Christodoulides said on Monday that the government and the private sector should work more closely together to draw in productive investment, speed up major developments and deal with challenges such as housing affordability. He was speaking at the annual general meeting of the Association of Large Investment Projects in Nicosia.

Role of large developments

Christodoulides said major developments have a decisive part to play in bringing in capital and expertise, creating business opportunities and strengthening the international competitiveness of Cyprus. In his words, such projects also mobilise a broad range of professional activities, which helps diversify the economy and upgrade the country’s productive model.

Related: Christodoulides Calls for Closer State-Private Sector Cooperation to Attract Investment

RelatedChristodoulides Calls for Closer State-Private Sector Cooperation to Attract Investment

Government priorities

The president described attracting quality, productive investment as a strategic priority for the government. He said work was under way to protect economic stability, improve the business environment and advance reforms meant to boost investor confidence. He added:

“We are working to create the necessary framework so that attracting quality investment becomes an achievable goal.”

Study on housing affordability in Limassol

A new study by the real estate analytics firm Ask Wire found that just 1.8 per cent of two- and three-bedroom apartments advertised for sale in Limassol are priced within an estimated budget of €256,000 for a hypothetical household on an average income.

The analysis covers residential property listings in the areas of Cyprus under government control. It points to wide differences in affordability between districts, and shows that Nicosia offers the largest overall selection of apartments within the budget assumed in the study.

Methodology and obstacles to ownership

The research sets asking prices advertised on the online marketplace Bazaraki in early October against household purchasing power, which was calculated from median salary data from the Cyprus Statistical Service. After data validation checks, Ask Wire examined 25,550 active property listings, of which 17,532 were for two- or three-bedroom homes.

The study identifies two main barriers to homeownership: being able to raise the initial deposit that a mortgage requires, and being able to afford the monthly repayments.