At the 20th Real Estate and Construction Conference, experts noted profound changes in the structure of residential demand . New apartments are currently the main market driver, while the construction sector is facing the need for large-scale modernization and expansion into international markets.
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Shifting consumer preferences
An analysis of over 2,500 registered projects presented by Ask Wire confirms a clear shift in buyer priorities. New properties are generating significantly more interest than resale properties. The majority of transactions are currently concentrated in the modern apartment segment, while demand for older residential properties is weakening, leading to price stagnation in this sector.
Particular attention was paid to the area Germasogeia , which remains an indicator of market activity. Here, approximately 50% of new apartments are priced below €500,000. Meanwhile, demand for luxury properties in the upper price segment remains stable. Rising prices and diversified offerings allow developers to implement more targeted development strategies in areas where the demand for high-quality one-, two- , and three-bedroom properties remains highest.
A new look for the construction contractor
Stelios Gavriel, President of the Cyprus Construction Contractors Association ( Oseok ) , emphasized that the role of a contractor in the modern world has changed dramatically. Today, they are not just a foreman, but a “modern entrepreneur” managing complex investments and large teams.
The modern market requires companies to:
- Deep technical knowledge and financial management skills.
- Ability to adapt to fluctuations in material prices and supply chain disruptions.
- Implementing digital tools and innovative construction methods to maintain competitiveness.
Transparency and international standards
Strengthening trust between all market participants is essential for the industry’s further development. Experts call for modernizing the public procurement system based on international standards and implementing effective dispute resolution methods. This will minimize project delays and improve the overall quality of construction.
Business “extroversion” was identified as an important area. Since Cyprus’s domestic market is limited, supporting local companies in expanding abroad will help create more stable and competitive enterprises.
Forecast for the future
According to the data presented, the Cyprus residential real estate market will remain active over the next five years. New projects will continue to generate demand, forcing developers to more closely align their products with buyer expectations. The future of the industry lies with “fully-fledged professionals” capable of creating high-quality, environmentally friendly , and innovative residential real estate that meets the needs of modern society and the economy.
Investments in training new specialists and implementing cutting-edge ideas will ensure that the construction sector continues to make a significant contribution to the development of each region and the country as a whole.
