About the deposits of document stores, the Land Registry department's latest data gave an optimistic note since, in September, it was significantly more than the corresponding month last year.
Professionals in the field of land developers who participated in the second part of the research of EY Cyprus, Industry Pulse Report: Real Estate, also tend towards the optimistic scenario for recovery. 67% of the participants answered that they expect a full recovery after 2021 but within three years. The remaining 33% said they expect a full recovery by 2021.
Simultaneously, everyone is hoping to lift travel restrictions and reconnection with key markets in the sector such as Russia, China, and the Middle East, which will restore activity for both the Cyprus Investment Program and high-value real estate.
Simultaneously, the most apparent effects they identified were the cancellation or freezing of agreements, especially during the lockdown period, in the strengthening of due diligence on the part of buyers. In terms of prices, most respondents commented that they had not identified any significant differences to date.
Regarding the demand for real estate, most participants believe that it will increase in the next period. Mainly due to the real estate that will be put on the market by banks and asset management companies and private companies and individuals who may try to increase their cash by disposing of assets. Of course, some believe that real estate supply will decrease shortly as several land development companies have reduced their projects under construction to reduce their openings.
However, during the pandemic, the interest of domestic buyers remained at a satisfactory level. Of particular interest were apartments worth less than € 150 000, plots worth less than € 280 000, and houses worth less than € 300 000.