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FIABCI world congress gets underway in Paphos

Cyprus is hosting the 62nd world congress of the International Real Estate Federation (FIABCI) which is being held at the Coral Beach Hotel and Resort in Paphos.

THE theme of the five-day congress is the influence of culture and civilization on real estate and business leaders from the global real estate sector will exchange views on how to realize sustainable development and assess risks and market confidence.

In a written message to the Congress, Cypriot President Demetris Christofias hoped that the international event will provide numerous opportunities for business development and networking.

Addressing the meeting Cypriot Interior Minister Neoclis Sylikiotis said that the Congress is unprecedented for Cyprus as the island plays a very important role in real estate transactions.

In his address, Mr Sylikiotis recalled that the Parliament has approved four bills reforming the legal framework governing the licensing of development projects and the issue of Title Deeds. These developments will restore Cyprus’ good name internationally and will give a new boost to development and the real estate market, creating healthy and secure conditions for future customers, both local and foreign.

He said that the mechanisms incorporated in the bill have allowed the issue of approximately 25,000 Title Deeds since June 2009, while the town planning authorities have managed to issue town planning licenses for normal scale developments within three months.

Mr Sylikiotis also noted that a review of the town planning zones in progress and that this will create a new environment regarding development and real estate market throughout Cyprus.

FIABCI President Dinos Michaelides said “We are all very honoured by the awarding of the annual World Congress in our small country” adding that it will not only highlight Cyprus but would attract further investment from the delegates, who have invested in Congress host countries in the past.

The FIABCI World Congress will continue until 21st May.

Readers' comments

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  • out of the frying pan into the fire says:

    Some good jokes here if only it was not so serious. Here is an idea how about a law that stops lawyers telling lies, blatantly defrauding clients, and that they will pay compensation to the victim should they be found guilty. Dream on.

  • AnnDee says:

    Nobody invited CPAG then to give some “balanced” opinions I suppose.

    Restore Cyprus’ good name says the Minister? I can think of a name and it certainly has never been good as far as the development business is concerned on this island.

  • from Vienna/Austria says:

    OH YES, Cyprus is the right place for the congress!
    no joke!

  • @Andrew – The fifth bill that was rejected by parliament was that to be considered valid, all land contracts were to be in writing and registered at the Land Registry.

  • mikey be says:

    Maybe we should all get down to the Coral Beach Hotel with our placards and make sure the international delegates are left in no doubt about the property problems that still persist here.

    If they only hear the official Cypriot line, they might not know any better.

  • Richard says:

    Well – like it or not – it’s here – so let’s see what shakes out of it.

    I’m quite sure the Cypriot Gov’t will put plenty of spin on the issues we all know to be present – and also there will be plenty of closed-door meetings with the bankers and developers attempting to offload their problems on the thrice-conned buyers leveraging whatever they can, however they can to achieve that.

    Let’s hope the UK Gov’t have sent at least one person reporting back to the MEPs and maybe a few investigative journalists will ask some awkward questions too.

    Is anyone from CPAG there by any chance?

  • Alex says:

    Does the interior minister think the delegates are naive of the sham practices conducted within the Cyprus property market? Time is right to apportion the blame & cost to the guilty parties, not the rightful purchasers (owners).

  • Gavin Jones says:

    Yet another cynical attempt by the Cypriot authorities, using the apparent medium of respectability of the Interior Minister, to pull the wool over the eyes over an unsuspecting public.

    The only difference now is that the proverbial rabbit is well and truly out of the hat and nobody is fooled by the state’s crude shenanigans regarding the activities of the developers, banks and legal fraternity in the ongoing title deed scandal.

    Even more tomfoolery from the regime of lies and spin. Shameful and despicable.

  • Andrew says:

    More front than Orphanides my friend!

    12,500 title deeds per year at that rate it will only take 10.4 years to clear the 130,000 backlog. Assuming no one else buys a property in Cyprus of course.

    What about the fifth Bill. The one that releases unfortunate buyers from the developer mortgages which their lawyers did not tell them about.

    Mr Sylikiotis, will you please address that problem at the conference?

  • Peter says:

    Referring to the four bills… Interior Minister Neoclis Sylikiotis said. “These developments will restore Cyprus’ good name internationally”.. I doubt it. A good name once lost is never restored, particularly where the buyer is expected to cover the failings of the developer due to the “Cyprus way”.

  • Robert Briggs says:

    Dear Mr Sylikiotis, dream on! & I imagine that a considerable amount of bull-dust has been generated at this “real estate congress.”

  • andyp says:

    Dream on Mr Sylikiotis. The usual rubbish.

  • Vlachos the Impaler says:

    Does FIABCI stand for Felonious International Association of Brazenly Cheating Immobiliaries?

  • Costas Apacket says:


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