At 1.4 billion euros, real estate investments in 2019, through the "Cypriot investment program." Ten times compared to 2013.
These investments mainly benefited those directly involved in naturalization and real estate purchase, such as construction companies. Mr. Kourousidis, when asked if foreign investments in the real estate market made prices inaccessible to locals, said that foreigners bought unique properties, in towers and coastal areas. "Not all property prices skyrocketed because of this program. However, it is sure that when an injection of money comes into the economy, it affects the whole spectrum of the real estate market ".
Mr. Kourousidis estimates that the pandemic will not work well for the real estate market, as other appraisers may have predicted at the beginning of the pandemic. "The months before the lockdown were better compared to those of 2019. Then from March to June, there was a decline, but during the summer months, we saw the market recovering mainly in Nicosia, which had the same sales as last year. It is shown that Nicosia, where the real estate market is 90% based on the locals, has fully returned. Interest rate subsidies certainly helped with this. But the other provinces seem to have a problem. Sales are at 50% compared to last year, and this is because they relied on foreign buyers.
On the one hand, foreigners due to a pandemic and on the other due to the dread that exists around the naturalization program, they do not see that it is a suitable time to make real estate investments in Cyprus. Now, to the general public, every investment they make.
The question mark remains about how the economy will move, especially the real estate market. However, there is no visible increase in real estate prices ".
According to Mr. Kourousidis, Limassol will not happen in Nicosia regarding the towers, mainly because the capital is addressed to locals. In contrast, this type of real estate is addressed to foreign investors. If Nicosia approaches large foreign companies, especially now on Brexit, it will record significant growth given that these companies need offices, facilities, etc.
Photos: DOM LiVE, pixabay.com