Philenews

Development Doesn't Reach 'Below', Says Paphos Chamber of Commerce

Published December 31, 2025, 05:11
Development Doesn't Reach 'Below', Says Paphos Chamber of Commerce

The President of the Paphos Chamber of Commerce and Industry, George Mayes, stated that development in Cyprus is not reaching the lower income brackets due to structural issues within the state. Despite the excellent performance of tourism and tourist services in Paphos, housing remains inaccessible to many residents. Mr. Mayes emphasized the need for more effective and faster measures for affordable housing, as well as more flexible housing schemes from banks. Significant investment activity in sectors such as technology, energy and transport, which contributes to development, is acknowledged. However, concerns are expressed regarding international uncertainty caused by geopolitical developments in Ukraine, the Middle East and the wider region. In addition, increased government spending, such as the state payroll and administrative costs, is highlighted as a factor affecting the economic situation. Mr. Mayes stressed that development is not evenly distributed in society and that adjustments are needed to ensure that the benefits of development reach all citizens. This statement follows similar estimates from other bodies and confirms the need for targeted policies to address social inequalities.