- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Paphos building contractors sound alarm bells

Building contractors in Paphos sounded the alarm for increased unemployment in the construction sector due to lower activity. In his statements to StockWatch, Chairman of the Paphos Building Contractors Association, Antonis Petrides said that 80% of the contracting companies have been affected by the crisis, and if things remain unchanged, all contractors in Paphos will be hit in the next six months.

Mr. Petrides referred to the Association’s study according to which contractors face liquidity problems, lower profitability, operating problems and lower turnover.

According to the study, 87% of the contractors in Paphos will dismiss staff in the next few months and almost all no longer deal with subcontracting. The Association believes that the number of unemployed in Paphos will reach 2,5000 from the present 667.

Chairman of the Pancyprian Association of Building Contractors, Sotos Lois, referred to the same figures and after his meeting with DISY Vice President, Averof Neophytou he stated that free Famagusta faces the same problems as Paphos. “Unemployment is expected to culminate in the first half of 2009“, he said.

We agree with the government’s measures. However, if they are not adopted immediately, unemployment will reach 40,000 on a national basis“, Mr. Lois said.

Mr. Lois urged the government to take measures against the estimated 15,000 illegally employed in the construction industry.

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