Major international property conference to be held in Cyprus

The property market in Cyprus has been under pressure in recent years.  However, the announcement this week that a major international property conference is to be held in the country has given the beleaguered Cypriot property market a much needed boost.

The 62nd annual world congress of the International Real Estate Federation (FIABCI) will be held in Paphos from May 16 to May 21, 2011.

‘A very important professional and economic event’

Speaking at the press conference to announce the convention, Commerce, Industry and Tourism Minister Antonis Paschalides hailed the announcement as “a very important professional and economic event.”

He said: “I am sure this will be a great success. A Congress of such international calibre honours Cyprus and has both political and financial benefits… All professions can benefit from this great major international conference in Cyprus.”

Paschalides also commented that he was pleased that the event would take place in Paphos specifically because of the area’s recent real estate problems.  The Minister told the press conference that the congress would be a ‘big injection’ for the area.

FIABCI has more than 3,500 members from more than 70 countries and is the only real estate organization represented at the United Nations’ ECOSOC and UNECE.

Conference to attract investment from delegates

FIABCI President Dinos Michaelides said: “We are all very honoured by the awarding of the annual World Congress in our small country”.  Mr Michaelides believes that not only will the conference thrust Cyprus into the property limelight, but it will also help the country attract direct property investment. During this year’s annual congress in Indonesia, purchases amounted to almost 1 billion dollars whilst 1,450 delegates attended the recent convention in Greece.

Cyprus Federation of Business and Land Development President Lakis Tofarides also welcomed the news.  He thanked Michaelides for bringing the congress to Cyprus, which he described as ‘a weapon to our arsenal’ that would strengthen the political entity of Cyprus.

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