Danos Company International Property Consultants & Valuers predicts in its H1 2024 report that by 2025, representatives of Generations Y and Z will account for 70% of clients in the real estate market. The document also examines the key trends that are influencing the Cyprus real estate market.
Danos report , the conflicts in the Middle East and Ukraine have significantly affected people’s daily lives and habits. At the same time, tightening environmental standards as part of the EU’s carbon emission reduction policy leads to an increase in the cost of building and maintaining real estate. With the cost of living rising and interest rates rising, many families are reconsidering their financial plans and preferences.
Demand for rental properties has increased significantly in recent months as renting has become a more affordable option for the population. Cyprus, with its favorable climate, high standards of living and wide range of opportunities, continues to attract the attention of those looking for a new place to live.
The development of technology also makes its own adjustments to the process of buying real estate. Modern buyers increasingly use virtual tours and high-quality photographs to get a preliminary acquaintance with objects. Online consultations and video calls to discuss the details of the transaction are popular. Active use of services such as Google Maps helps to better understand the infrastructure and location of objects.
Buyers from Generation Y and Z prefer to search for housing using a comprehensive approach. They choose properties that meet high environmental standards, are located in areas with good infrastructure and are suitable for families and pets.
Buyers of luxury real estate have even higher demands for quality service and an individual approach. They prefer to work with proven brands that offer reliable and personalized services, which allows them to fully satisfy all their requests and expectations.
