Cyfield CEO George Chrysochos said that the recent closure of the Citizenship by Investment program will bring certain benefits to the residents of Cyprus, as it will serve as an impetus for price stabilization.
According to Chrysochos, the Cyprus investment scheme has undoubtedly benefited the country's economy, but it has created an overpriced property market.
'We expect that the imbalance created by the existence of the program will soon be corrected, and in the long term, the industry will become more normal and stable,' - said the head of the Cyfield group of companies.
At the same time, according to Chrysochos, the trend towards the construction of high-rise buildings will continue, especially in the central areas of Cypriot cities. He is convinced that skyscrapers cannot be compared to traditional buildings, because they have a number of advantages: service, technology, safety, leisure facilities, but above all, stunning views. In addition, these buildings create their own micro communities of tenants, which really improves the quality of life.
High-rise towers are a product of the future in city centers and prestigious areas. They do not compete with traditional buildings or detached houses, but are complementary products with different characteristics, added Chrysochos.
Talking about the construction of the most famous building in Cyprus, the 360 skyscraper, the head of the Cyfield group of companies noted that the choice in favor of the construction of a skyscraper in Nicosia was not accidental. He stressed that Cyfield was the first real estate developer to begin construction of high-rise buildings on the coast of the island in 2016. One of the first skyscrapers was Arc-Ship, a high-rise seafront apartment complex in a prestigious area of Limassol.
After successfully completing the construction of Arc-Ship, we realized that further construction of high-rise buildings in Limassol was a risky investment. Limassol and Nicosia are two completely different markets with different needs and different business plans. Development projects created specifically for foreigners come with inherent risks. Therefore, the 360 project was created primarily for our traditional clients, the residents of Nicosia. Our strategy has always been to create a local market-oriented property that has proven itself as a safe and sustainable investment over the years, Chrysochos said.
Finally, regarding the Alternative Investment Fund (AIF) created by the Cyfield Group (Cyfield Real Estate Investment Fund), Chrysochos stated that this is another investment proposal addressed to investors who want to benefit from sustainable investments, with safe returns and a guaranteed exit policy.
The company has built several high quality commercial buildings which it has rented out to tenants. Many individual and institutional investors, both local and foreign, are willing to invest in assets with safe and high returns, so we decided to create this fund and include some of these commercial properties. The fund is fully licensed by the Cyprus Securities and Exchange Commission, and the demand from investors is still quite high, Chrysochos concluded.