The Covid-19 pandemic has certainly created a new reality for society and the daily lives of citizens, the functioning of businesses, and has changed the way people interact with each other around the world.
At a time when the Cyprus Government has managed and is still managing the health crisis very effectively, the economic consequences of the pandemic on businesses and citizens are the next big bet. The support for employees and businesses with emergency financial assistance programs and the recent measures announced are proving vital. There are still many questions about the post-coronavirus era and the ways in which the Cyprus economy is restarting.
One of the pillars of the country’s economy is undoubtedly the real estate industry, which has contributed the most in times of crisis, especially in 2013. It has been proven in the past that the cooperation between the private and public sector has led to the adoption of appropriate decisions in favour of the country’s economy.
In order to deal with this unprecedented health crisis, the economy must rely on its strongest weapons, which are tourism and real estate. As for the real estate sector, initially, the industry professionals should turn their attention to locals, especially to young professionals and young couples, where in turn the Authorities and the banks should give the necessary incentives through similar programs implemented by other countries (for example “Help to buy” in the UK), in order to enable citizens to join the ladder.
In addition, tax incentives should be given to prospective buyers, both local and foreigners, so that the acquisition of a property becomes more attractive, while the creation of an investor customer service centre will greatly reduce the time required to complete the transactions.
Furthermore, the continuation and completion of reforms to unify processes and introduce e-government in all stages of the examination of town planning applications will shorten all the procedures for issuing town planning permits.
Supporting the purchase of properties and the construction industry has undoubtedly proven to be very important for the Cyprus economy. In this unprecedented crisis, for which we do not yet have enough data on the duration of its effects on the economy, we must show the same quick reflexes as we have in taking precautionary measures to protect the health of citizens. Adaptability, quick reflexes as well as the cooperation between the private and public sector are the key factors that will accelerate the recovery of our country’s economy.
