Cypriots return to the real estate market after the shock of the pandemic and gradually start investing in small apartments, plots, and houses worth from €50.000 to €200.000 and in some cases up to €350.000, preferring the real estate opportunities presented on the REMU websites and Altamira.
The comeback of the Cypriots is also linked to the government’s decision to subsidize housing loans, a move that has suited many to take advantage of the low cost of borrowing for four years. On the other hand, purchases are made not with cash that comes from deposits that actually have zero returns and other ways are sought. In fact, the prices of the properties offered are with a discount of up to 20%, as mentioned, so that they can be sold more easily.
The Director of Real Estate Management of REMU of the Bank of Cyprus, Anna Sofroniou told, that the slogan at the moment is to restart and support at the same time. Since May, she noted, that real estate sales have risen and continue to show mobility. At one point she explained that people would not go on holiday, there are opportunities for subsidizing the housing interest rate. Already, on the REMU website under the asset of the month section, there are sales that have been made are enough at the time when the economy is still in the shadow of the pandemic.
Indicatively, it is reported that a two-bedroom apartment in Paralimni was sold for €48.000.
Mobility also prevails in real estate sales from Altamira with Cypriot buyers interested in plots of land, small plots of land, small plots of land, apartments, or houses with prices ranging from €50.000 to €200.000 and in some cases even higher. At a time when foreign buyers have pulled back, due to the situation created with the coronavirus, and they do not close major agreements, the small deals of the Cypriots stand out. Since May, the situation has begun to change. Cypriot buyers who are interested and want to buy, also ask for a discount from the initial prices. On Altamira’s website, there are 60 residential plots for sale with reserved prices from €29.500.
One of the famous Real Estate Agency DOM REAL ESTATE also mentioned the high interest of local residents in cheap properties. The most popular is a land of small footage up to 300 m2, and also apartments or houses in the price range from €50.000 to €200.000, and in rare cases - more expensive housing. At the same time, many buyers are trading and get very good discounts as well.