Georges Chehwane, CEO of Plus Properties Cyprus, shares insights on the Cyprus Property Market – SkalaTimes

SkalaTimes proudly presents an exclusive interview with Mr. Georges Chehwane, CEO of Plus Properties, a company with a decade-long presence in Cyprus—and now fully Cypriot, as Mr. Chehwane has obtained Cypriot citizenship. In this candid discussion, he shares the achievements of Plus Properties while addressing the key challenges facing the real estate development sector.

By Yiota Dimitriou

A Decade in Cyprus and Why Larnaca Became Home
SkalaTimes: How many years has Plus Properties been operating in Cyprus, and why is
Larnaca your base?
Georges Chehwane: “We began operations in Cyprus in 2015, so this marks our tenth year
on the island. We are also proud to also be celebrating 33 years of Plus Holdings, our parent
company.
Ten years ago, we chose Larnaca for its strategic location near the airport, and I recognized
its strong growth potential. Time has proven that decision right.
I am proud to have been one of the first foreign developers to invest in Larnaca and help
attract investor interest both to the city and to Cyprus as a whole.
While Larnaca remains our main focus, our portfolio has expanded across the island to
Nicosia, Limassol, and Paphos.
Plus Properties will continue to play a leading role in bringing both local and international
buyers and investors to Cyprus, with Larnaca at the heart of our vision.”

How Larnaca Has Evolved in Ten Years
SkalaTimes: How has Larnaca changed since you started?
Georges Chehwane: “When we first entered the market, Larnaca was a quiet city with limited
development and relatively few investors.
Today, it is experiencing rapid population growth, supported by new infrastructure, modern
roads, schools, and healthcare facilities.
The city has also become a hub for tourism with major hotel developments, enhancing its
appeal for both residents and international visitors.
This transformation confirms the strong potential we saw a decade ago, and it continues to
strengthen Larnaca’s position as one of the most attractive cities for investment in Cyprus.”

Demand, Supply, and Plus Properties’ Achievements
SkalaTimes: How would you compare demand and supply then and now?
Georges Chehwane: “The market has changed significantly. Over the past ten years, Cyprus
has seen strong demand from multiple nationalities.
We are seeing a slight demand slow-down recently, and with now over 300 active property developers in Larnaca we do have concerns about potential over-supply. Saying that, this
could rebound should the Schengen program be implemented.
Over the last decade, we have built a portfolio of 85 projects comprising over 110 buildings
and sold more than 900 units with delivery of around 550 units.
These numbers demonstrate that Plus Properties is one of the most trusted companies in
Cyprus, able to keep up with buyer demand.

Why the Schengen Program Could Transform Cyprus
SkalaTimes: You mentioned the Schengen program—how would this benefit Cyprus?
Georges Chehwane: “Currently, Greece requires upto €800,000 for permanent residency,
attracting investors seeking EU residency and Schengen access. Many doubt whether Cyprus
will offer the same, but I trust that President Christodoulides’ efforts on the Schengen initiative
will succeed. It could attract more investors to Cyprus, boosting the real estate market and
supporting the economy. As you know, real estate and tourism are significant sectors for a
country’s economy.”

The Biggest Industry Obstacles: Delays and Lack of Regulation
SkalaTimes: How important are delays and title deed issues?
Georges Chehwane: “There are three key issues.
First, construction permits and title deeds take far too long—sometimes up to 3–4 years even
for fully legal projects. This discourages investment and makes Cyprus less competitive.
Second, there must be proper regulation of real estate developers. Too many unqualified
individuals—without offices or professional teams in Cyprus—are entering the market. This
lowers standards, creates unfair competition, and damages investor trust. Real estate
development must be left to experienced, regulated professionals.
Finally, the Schengen program remains crucial. With the right framework, it can attract more
investors and strengthen Cyprus’ position internationally.”

Local Buyers Play a Key Role
SkalaTimes: Do you have Cypriot clients?
Georges Chehwane: “Yes, absolutely. Over our ten years in Cyprus, we’ve seen more and
more local investors choosing Plus Properties. Our reliability to deliver quality projects and
on-time has proven to have built trust from locals across the island looking for a home or
investment property.
We are proud that both our clients and employees are Cypriot. Today, our team of 35
professionals manages sales, marketing, after-sales service, construction, and
administration—ensuring every project meets the highest standards.”

Larnaca Still Holds Strong Investment Potential
SkalaTimes: Is Larnaca still an attractive investment location?
Georges Chehwane: “Absolutely. While each city we develop in has its own potential and
client – Larnaca continues to lead with growth potential. Its strategic location, airport access,
and reasonable prices still and will continue to attract interest widely.”

Looking Ahead: The Vision for the Next Decade
SkalaTimes: What is your vision after ten years in Cyprus?
Georges Chehwane: “We plan to expand into new business areas while continuing to offer
high-quality real estate projects in prime locations across the isalnd, delivering on time, and
maintaining the trust of our clients.”