High rents and the cost of buying a home in Cyprus, especially in Limassol, is one of the main problems faced by young generations of the island today.
At the same time, the problem has become so huge that it causes great concern among young couples who want to buy real estate, but do not have the financial capabilities. They often have to pay a lot of money for rent because there is no alternative.
This problem was studied in a survey conducted by LionGlobal among first-time home buyers. According to the survey, millennials are expected to become the dominant force in the Cyprus property market in the coming years. Contrary to prevailing overseas trends, young couples in Cyprus between the ages of 25 and 39 are dreaming of buying their own home. 34% of respondents said they would prefer to buy rather than rent as it is seen as a more affordable option. However, in practice, the dream of owning a home is hampered by the inability to find money for a mortgage deposit required by banking institutions.
According to real estate experts, the solution to this problem could be the implementation of a scheme that would allow young buyers to receive a large amount of collateral. Similar schemes are already operating in several countries abroad.
This will create incentives for many young people to become buyers by realizing their dream of owning their own home. It would help to solve the problem of high rental rates and at the same time stimulate the growth of the real estate sector. It is clear that the market now needs to create new, modern real estate with a design that includes, if possible, “green” technologies, aimed mainly at millennials at attractive prices.
A typical example of such a residential development is Sunset Gardens, an innovative project developed by Imperio in western Limassol.
It is one of the most innovative, sustainable and comprehensive housing projects in Cyprus, offering its future residents a balanced lifestyle.
A wide range of functions and possibilities of the project, as well as affordable prices at which apartments are offered to buyers, have already made it a pole of attraction for interested parties. It is noteworthy that since the launch of the project in September last year, almost 100 apartments have been sold, mainly to young couples and professionals, which has demonstrated high resilience during the pandemic, ”said Nicholas Ayomamitis, CEO of Sunset Gardens.
As you may know, a new residential complex is being built by Imperio between the City of Dreams Mediterranean casino resort and Limassol Greens golf resort in Limassol.
The project has a fairly attractive location.
There is a sandy beach, shops, cafes and a shopping center are located nearby. But, most importantly, there are no dense buildings nearby, which means that residents of Sunset Gardens will be happy to enjoy peace and quiet, admire the riot of colors of nature and relax in the shade of trees. The problem may be the lack of public transport within walking distance, which, however, is typical of many projects in which the emphasis is on environmental friendliness.
Sunset Gardens is the first closed, multicultural space with low-rise buildings of 315 1-, 2-, 3-bedroom apartments and magnificent four-bedroom penthouses surrounded by a huge 10 m2 park. In total, the developer plans to plant about 44 thousand different plants and trees.
In the future, this will enable the owners and residents of the apartments to enjoy life in complete harmony with nature, combining everyday life with sports. For example, cycling, jogging, or yoga on the grass. And all this in the fresh air, in a stunning green paradise.
The residents of the complex will have access to swimming pools, basketball and tennis courts, a private gym, a mini-supermarket, a business center, a cafe, a small restaurant, etc. The apartments will correspond to the high quality of Imperio development and each building will have 2 levels of roof gardens.
The project will be implemented in 2 phases.
The developer is actively constructing the first buildings, which they intend to commission in the summer of 2022, simultaneously with the opening of the City of Dreams Casino Resort. Imperio will then proceed to the second phase of construction of the complex, which is scheduled for completion in early 2023.
In addition to the ecological component, the undoubted attractive feature of Sunset Gardens, of course, is the inexpensive cost of buying a home in it.
By the way, prices start at 185,000 euros + VAT for 1-bedroom apartments.
You can learn more about this and other projects in Cyprus on the DOM Real Estate. The website also has over 20,000 real estate properties in the country - from residential to commercial. Choose and contact professionals who will help you make the right choice!