The construction sector is sinking

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The abolition of the Investment Program began to create problems.

The construction sector is on the verge of collapse, due to the abolition of the Investment Program.

 The effects have already begun to show, as sales have fallen by 80% in luxury homes, while industry representatives are talking about inevitable layoffs.

The construction industry pays the heavy price of abolishing the Naturalization Program for foreign investors. Almost all construction companies have started firing or are on the verge of firing staff, due to the tragic number of sales.

The President of the Association of Large Developments, Andreas Dimitriadis states in Economy Today that “the problems have already been seen. In terms of sales in luxury housing, there is a reduction of 75% -80%. Almost all construction companies have started firing staff or are on the verge of firing because they do not have the necessary liquidity to keep their staff. “20% of the sales that are being made, at the moment, were already agreed”.

The Association for Large Developments calls on the government to reconsider incentives for local and foreign investors, with the ultimate goal of moving the market.

The difficult ones follow

At the same time, the Builders’ Contractors Association warns that after the completion of the last works related to naturalization, many people will be led to unemployment. The President of the Association, Costas Rousias, states in Economy Today that “the executions of large projects in Limassol related to naturalizations have been suspended. At the same time that the companies had a number of sales in mind, due to the abolition of the investment program, the numbers do not come out. It’s next after the completion of the ongoing projects, that they will send people into unemployment. “This is not pleasant for the construction industry.”

  According to information, what is a red line for the unions, is the fact that a fired person, due to the financial inability of the company to be replaced by an employee of the subcontractor of the company.

SOURCE: ET