22.03.2022
Given that the war in Ukraine has caused a number of short-term and long-term problems, and the global economy is likely to take years to recover, Cyprus should shift its focus to the West for investment, especially when it comes to the real estate market, according to fintech company WiRE FS. This was announced on Monday by CEO Pavlos Loizu.
“In our view, the long-standing strategy of periodically focusing on specific markets outside the European Union with significant profits is over,” Loizou said, emphasizing that real estate professionals need to have a longer-term view.
Loizou explained that over the past three decades, the Cyprus property market has focused on trying to attract businesses from the UK (2000-2008), Russia (2008-2012), China (2012-2017) and the Middle East (2016-2018). 1999), calling this approach opportunistic rather than aiming for a more sustainable way of developing the sector.
“As it should be from a policy standpoint, we believe it is time to act rationally and turn towards the European market,” Loizou said.
Although Luazou acknowledged that the European market is more competitive, harder to crack and offers lower profits, he balances these problems with greater stability, greater security, and his ability to remain largely unaffected by external factors such as war and radical change. in political leadership.
“Now we as a country should pay more attention to the West,” he said.
