Investors from the Middle East began to take an active interest in Cyprus real estate.
This was recently announced by Yiannis Misirlis, the Deputy-Chairman of the Cyprus Land and Building Developers Association (LBDA).
As soon as all travel restrictions on the international level are lifted, Cyprus is expected to see even greater growth in Middle Eastern real estate investments, he said. Misirlis expressed confidence that due to this, the Cyprus property market will fully recover by 2022 from the consequences of the coronavirus pandemic. Many Arabs have already successfully acquired housing in Cyprus online.
He also stressed that it was the COVID-19 travel ban that was the key factor in the freezing of some major real estate transactions with foreign investors.
Misirlis added that this is an optimistic sign that interest from foreign buyers is growing again. Thus, apartments in big projects that have been completed or are now at the final stage of construction are practically sold out. This is because Cyprus, as an EU member state, is an attractive destination for those looking to invest in the wider Eastern Mediterranean region.
The real estate market was on a growth trajectory before the coronavirus pandemic broke out and there is no doubt that it will return to it once all restrictions are lifted. Some foreign investors are eagerly awaiting the opportunity to fly to the island, while others are buying housing online. The interest of buyers from the Middle East in real estate in Cyprus, and especially in housing in Limassol, has grown significantly in recent years, - said Misirlis.
About the domestic real estate market, Misirlis said that the latest data indicated a resurgence in the sector driven by local demand. At the same time, millennials will dominate this segment in the coming years. It is noteworthy that, unlike Generation Y living in other European countries, Cypriot millennials prefer to buy spacious houses rather than apartments.
Nevertheless, a prerequisite for the implementation of the plans of young couples to buy real estate is the adoption by the government of a comprehensive plan to support the acquisition of a first home. The government’s recent initiative to strengthen the interest rate subsidy plan for housing is the right decision, ”said the Deputy-Chairman of the Cyprus Land and Building Developers Association (LBDA).
Finally, Misirlis touched upon the problem of preserving the environment as a result of land reclamation.
He noted that the adoption of a "green" policy in construction entails higher costs, however, in the long term, the benefits are obvious.
The current trend, with many investors opting for green investments, shows that future demand is likely to focus on environmental property, Misirlis summed up.
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