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Thursday 9th July 2020
Home News 20,000 Cyprus property industry workers face job losses

20,000 Cyprus property industry workers face job losses

THE president of the Cyprus Construction Association, Sotos Lois, has said that 20,000 workers in the property industry may lose their jobs. Sotos Lois warned that if forecasts of a 40% drop in construction sector activity prove to be true, lay-offs could not be avoided.

At a press conference today, he noted that sackings in the holiday home sector have already begun; adding that while every effort will be made to ensure the continuing employment of Cypriot workers, there are some “unscrupulous businessmen” in the industry who will not hesitate in sacking Cypriots and keep on foreign workers for less pay. He noted that foreign workers make up 20 percent of the current 100,000 strong workforce.

At the press conference Mr Lois reported that turnover in the construction sector in 2007 was €850,000,000.

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