Stable and growing demand, especially for the purchase of a house or apartment, mainly in Nicosia and Limassol, which are the most populous cities in Cyprus, is recorded in the domestic real estate market after the lockdown, said Kyriakos Talattinis, President of the Cyprus Association of Scientific Appraisers.
He also noted that interest is being generated by the local market, which has dead funds in banks for real estate investments.
As Mr. Talattinis said, the main finding in the real estate market in the middle of a pandemic of coronavirus is the psychology of the buyer, who feels that he has the upper hand and expects to receive some reductions on the part of interested sellers.
At the same time, there is an increased supply of real estate for sale, especially from the real estate departments of banks and other companies that deal with the sale of real estate through electronic platforms.
"Demand from the local market is expected to continue to rise among those with the capital and the ability to buy apartments and houses," he added.
As far as the foreign market is concerned, there are some rays of light, with buyers from abroad observing the good management of the coronavirus by the Republic of Cyprus, being interested in buying a house through the naturalization program, which, according to Mr. Talattinis, should clear up, get the final form and be approved by Parliament. "It is the oxygen that will help us to move on," he said.
Analyzing the effects of the coronavirus crisis on the Cypriot real estate market (rents and sales), the President of the Cyprus Association of Scientific Appraisers stressed that there are short-term reductions in rents, especially in retail stores. the 30% reduction in rents with a parallel tax deduction for property owners.
However, Mr. Kyriakos Talattinis clarified that there are still no significant reductions in values in relation to pre-coronary prices.
Speaking specifically about the field of student dormitories and the residential sector adjacent to the universities, he pointed out that if the universities operate normally, there will be no significant impact. If not, then there are expected to be reductions in rental prices for student-rented properties.
Speaking about the demand for the real estate sector in the aftermath of the coronavirus, Mr. Talattinis noted that, in terms of housing, incarceration has led to restrictions on housing and work from home, resulting in families within apartments need a home even with a small yard as something more attractive than what they are living now.
The coastal cottages are also of particular interest, as they can be the solution, the refuge for the future.
In addition, the pandemic highlighted the need for technological upgrades in homes and commercial real estate (offices).
Among other things, Mr. Talattinis explained that the next day in the real estate sector must find us stronger, to see the points that we need to improve more, which have to do, for example, with issues of transparency of property markets and acceleration of procedures.