Demand for Real Estate, positive signs in Cyprus

Рост спроса и оптимистичные тенденции на рынке недвижимости Кипра
31 July 2020 Angelica Michael

The President of the Association of Scientists, Kyriakos Talatinis, points out, that there is no comparison between the two periods, estimating that this time there will not be such a big recession. In fact, he stressed that despite the two months of lockdown, the real estate market is moving at a satisfactory pace.

Primarily, the interest from the local buyers, especially after the lockdown as the real estate market showed positive signs. On the contrary, external demand is very low because the lockdown did not allow flights. Even now, that is, fights from all counties, from customers who were already in Cyprus, commented Mr. Talatinis.

As he mentioned, after the restriction, stores were submitted at quite satisfactory levels, especially in Nicosia for the purchase of an apartment or a house. He added that properties located in the periphery were affected more negatively than in urban centers. 

There is also interest from individuals who want to invest in real estate market some of the money they have if the interest rates are negative, - he said.

In addition, he noted that an encouraging measure announced and will stimulate the real estate market is the incentive given to couples for interest rate subsidies.

"There is interest and I believe that this positive image will continue in the future", - he noted, adding that no one can accurately predict the course of real estate in the coming months. "It will depend on how the market develops after October when the effects on the economy will be more apparent and if there will be pressure on the capital values", - he said.

According to Mr. Talatinis, no decrease in price has been observed compared to the months before the pandemic. "The sales made so far did not seem to have reduced prices due to the situation. Some sub-areas of sub-properties may have shown some adjustment, but they were done as part of the negotiations. Sage conclusions can be drawn over time," - he said. 

At the same time, he said that the construction industry is working at full speed while many public and private sector projects are underway. Asked about the possibility of delays in projects, he said that some projects that the Government does not consider necessary to be delayed, however, major private sector projects or public projects that were awarded continue. 

Rental prices are falling, but not everywhere. 

August will prescribe the course of rents, as the non-descent of students in Nicosia and Limassol will put pressure on prices. Already, their course is declining, as supply is greater than demand, commentedMr. Talatinis. 

He also pointed out that the decisive factor will be the course of the pandemic and the new online way of education. One effect of the pandemic is a change in the way education is done, as online teaching is gaining ground. 

Many students will be waiting to see how the situation with the pandemic develops, which is why we do not see them find a home, - said Mr. Talatinis. He described August as a critical month, especially for Nicosia and the student districts, but also for the areas around the private universities.

Many owned will be forced to drop the prices to attract a share of the students "pie", - he said, adding that if foreign students do not come, we will have a serious impact. In August, there will be strong pressures on the real estate market. If universities offer online courses, then which students will choose to rent? - he wondered. 

Source: Philenews

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