Iakovos Group: Prospects for the Construction Sector Development in Cyprus

Iakovos Group: перспективы развития строительного сектора на Кипре
30 December 2020 Liza Medvetskaya

In the early 50s, a small contractor company was born in Cyprus, which later became one of the largest construction organizations based in Larnaca.

For the seventh decade since its founding, the name Iakovos has been associated with iconic construction projects in Cyprus, Great Britain and the Middle East.

The comparative advantage of the Iakovos Group is verticalization, which it has achieved thanks to its subsidiaries and affiliates engaged in the production and sale of building materials and other related products.

In addition, the undoubted superiority of the Iakovos Group is its well-trained staff, who have extensive experience in the construction industry and are distinguished by their dedication to the company.

Our vision is to maintain and strengthen the leading position of the Iakovos Group in the Cypriot market through large and innovative projects and at the same time expand and develop in our fields of activity, especially in the construction sector. In addition, our vision is to expand our existing overseas activities through targeted business development initiatives. Our philosophy is to ensure that in every case we adhere to our values, which are inextricably linked to the improvement of construction, - said George Iakovos, CEO of Iakovos Group.

Experts from the Iakovos Group commented on the situation that has developed in the construction sector today and told how their company manages to stay afloat in the light of the coronavirus pandemic.

Economic Outlook

After the financial crisis of 2013, Iakovos Group managed to dynamically return to the growth trajectory. Today, the global coronavirus pandemic, as well as the cancellation of the naturalization program, heighten fears that this will negatively affect the economy in 2021 and will undoubtedly affect the construction sector.

Estimates for the future

In light of the coronavirus pandemic and the economic crisis, there is great uncertainty and it is almost impossible to make reliable forecasts for the future. The key factor determining the survival of any organization is its flexibility in the new environment and the new opportunities that will be created. The Cyprus economy has the potential to achieve its goals as it has proven in the past that it can overcome difficulties and solve problems for the benefit of its citizens.


Of course, the state's contribution is needed, which should stimulate new investments in new projects in the construction sector, aimed at developing and protecting one of the most important sectors for the country in order to preserve and promote it. It is necessary to create employment and reduce unemployment.

Industry problems

One of the major challenges facing the construction industry today is the complexity involved in obtaining revenues during execution and after completion and delivery of projects, as well as in resolving disputes arising from construction contracts. It is also difficult to find well trained and specialized staff.

New projects

In each commissioned project, Iakovos Group strives to improve and strengthen the company's place in the real estate market. Among the iconic projects of the Iakovos Group:

  • The Metropolis Mall in Larnaca;
  • The Icon in Limassol;
  • reconstruction of the Protaras embankment - phases C1 and C2;
  • construction of two dams at Aradippou;
  • new town hall in Nicosia;
  • liquefied natural gas storage terminal.

Construction sector trends

The construction sector requires modern methods and practices such as digitizing processes. The use of digital technologies and the constant search for innovative methods and products is an inevitable necessity at all stages of the design and construction of a project. In addition, in recent years, there has been a trend towards the construction of high-rise buildings, which, of course, is the result of modern urban design concepts and global trends.

Safety and health

Iakovos Group respects the environment, therefore, in its work it uses a high safety and health index, while strictly observing quality standards.


Today Iakovos Group is constantly forced to work in conditions of serious challenges and shocks. Nevertheless, thanks to the collective efforts of the company, it is possible to recover and create new prospects and conditions of stability. The vision, mission and values ​​championed by the Iakovos Group include hard work, honesty, humility, dignity, fairness and good behavior.

Expansion of activities

The goal of the Iakovos Group for the future is constant strategic investments, expansion of operations abroad and expansion of the company's fields of activity.

Source: inbusinessnews.reporter.com.cy
Photos: officesinlimassol.com
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Компания «Dom Real Estate» Контакты:
Адрес: Limassol, Cyprus,
Телефон:+357 25 212 212, Электронная почта: info@dom.com.cy