24.01.2023
CEO Korantina Homes George Ioannou characterizes the scenario for the real estate market in Cyprus as unstable, noting that if nothing changes, the war in Ukraine will continue to play a catalytic role in the development of events, influencing the rise in the cost of building materials and exacerbating the energy problem, influencing inflationary trends.
In an interview, Mr. Ioannou characterizes the Russian market as very important for Cyprus, expressing in this connection the assessment that the exclusion of such an important market will lead to a reduction in demand for real estate. He said developments after the presidential election in February will be important because, as he points out, each new government shapes its policies, activates its programs and sets its taxes.
As for Korantina Homes , Mr. Ioannou says the SOHO resort, featuring two ultra-luxury towers, is close to completion and the expansion of the iconic Cap St George has already begun.
How do you think the Cypriot economy will develop in 2023?
International assessments show that we are likely to face another global economic downturn in 2023, especially due to the war in Ukraine, which has had a significant impact on European economies.
Currently, Cyprus has to face socio-economic and energy problems, as rising commodity prices, a sudden increase in bank interest rates put a lot of pressure on many households.
Decreased household purchasing power coupled with the energy crisis could dampen growth and likely lead to higher inflation.
As you understand, we expect that a dynamic and flexible economy of our country, which can be characterized by its adaptability to development, will become a counterbalance to this whole situation.
What are your predictions for your industry in 2023? What events and developments in your field of activity should you be aware of?
Earlier we mentioned the war in Ukraine, which, if nothing changes, unfortunately, will continue to play a catalytic role in the development of events, influencing both the increase in the cost of building materials and the aggravation of the energy problem, as well as inflationary trends.
This will have a significant impact on the Russian market, which is very important for Cyprus, as Russian investors, with the sanctions they have suffered, are in danger of being excluded from the property market. Blocking such an important market will reduce the demand for real estate, and combined with rising construction costs and tax reforms, the picture of how the real estate market will move becomes unstable.
Also important will be the development after the presidential elections in February, as each new government implements its own policies, activates its own programs and sets its own taxes. We hope that the new government will develop new real estate plans and programs that may also attract international interest.
Korantina Homes
What can we expect from your company in 2023? What are your goals?
Our goal is to maintain and expand the course of our company, bringing to market many new projects that will succeed the success of our flagship Cap project. St George , whose expansion has already begun.
Also in early 2023, the SOHO Resort , unique to Paphos, is expected to be completed, located on the seaside Poseidonos Avenue and consisting of two ultra -luxury towers.
In addition, design work is underway for new residential resorts that will bear the Korantina signature. Homes in carefully selected geographic locations, combining luxury villas and apartments with a range of five-star services and amenities.
