The Association, which unites the largest Cypriot developers, in a letter to President Nicos Anastasiades requested a postponement until the end of December for investors who have applied for participation in the Investment Program by October. Developers expressed hope that Cyprus will be able to offer a new program within one year.

Developers believe that the termination of the existing investment program from November 1, will further affect the projects that are in the early stages of implementation – will slow down the attraction of buyers of real estate, reducing sales prospects.

Augustinos Papathomas, President of the Chamber of Commerce and Industry of Famagusta, notes that part of the income from the program should be directed to a special fund to support not only the poor, but also other areas such as research and innovation, education, health, tourism and even agriculture.

He added that the new program should not focus only on real estate, but should make it more attractive for foreign investors in a wide range of different businesses.
According to Papathomas, if a new program is not announced in a year at the latest, it will have the most serious negative impact on the economy. Projects in the province of Famagusta, such as the marina at Paralimni and the golf course, will be difficult to promote because the prospect of pre-selling a residential area is under threat. “A golf course or marina cannot exist without a residential area because Cyprus is too small to support them,” said the head of the Chamber of Commerce and Industry.

In addition, according to him, the contribution of the Cypriot investment program was crucial for the marina of Limassol and golf resorts located in the province of Paphos (Aphrodite Hills Golf, Elea Golf, Minthis Hills and Secret Valley).