The preferences of local buyers in the Cyprus property market have changed significantly over the past 15-20 years.
Young people or married couples who can afford to buy a home no longer want to live with their parents, as generations ago it used to be. Now young people buy small apartments, and then, whenever possible, exchange them for larger apartments or houses, depending on their financial stability.
The above formula is now followed by most buyers, with the exception of those who receive financial support from their families.
At the same time, local retirees who are over 65, in most cases, also try to exchange their large houses, the area of which exceeds 200 m2, for small apartments in the central neighborhoods in cities, in order to be within walking distance to shops and all the necessary infrastructure.
Older people do not want to clean the area around the building or pay high utility bills for the use of houses, the layout of which is very inconvenient for them at this age.
By the way, earlier, during the construction of a family house, the Cypriots wanted to give them to their kids, mainly to their daughters. But, now, most children believe that their parents' homes are outdated and in need of extensive and costly modernization, for which they are not willing to pay.
If older people decide to sell or rent out their property, they look for an apartment in the center (next to shops and other facilities) to buy or rent. Although a couple of years ago they would have lived either with their children.
Families are not as close as they once were. Therefore, there is a growing trend in Cyprus to put eldery parents in nursing homes, but most of such homes are in poor condition in Cyprus.
In addition, the demand for residential real estate in the mass segment is shaped not only by the economic situation, but also by the coronavirus pandemic, which over the year canceled out some trends that had been forming for decades.
What should developers do now? To offer customers not only comfort, but also variety.
Experts assure that one of the priority fields should be the construction of good quality nursing homes or high-class but not very expensive complexes, for which there is a high demand from both local residents and foreigners.
Selling a house and moving to an organized complex with some amenities is what older people need, according to market experts.
They are confident that a monthly rent of 2,000 euros for two people will be reasonable for those who has income. If a couple sells their home, they can use the capital received to ensure a decent old age.
The average life expectancy in Cyprus is 75 years for men and 82 years for women. This means that the need for such projects is very urgent and grows even more over time. The experts emphasized that the implementation of such projects will benefit both parents and children who do not have time to take care of them.
You can find profitable options for buying real estate in Cyprus on DOM Real Estate. The website also contains a large number of rental properties - from residential to commercial real estate. Choose and contact professionals who will help you make the right choice!