22.03.2024
Changes in the real estate sector include monetary changes, military conflicts, new geopolitical strategies and new technologies, which in turn change the global balance. How are these changes creating new trends and priorities in the Cyprus property sector?
The question was answered by Kritonas Onisiforou, Sales Director of Altia , during the 18th Conference and Exhibition of Land Management, Building Design and Construction.
Mr Onisiforu stated that there is currently an increased need for housing and this need is expected to remain at the same level for the next 7-8 years. It is estimated that after the end of the mentioned time period, if there is not enough quality immigration, the demand for housing will decrease significantly.
He also noted that there is no body – public or private – that conducts in-depth studies regarding future housing demand based on supply.
He spoke about the ups and downs of supply and demand imbalances, with one of the important points of his speech being the fact that the shortage of housing units is also accompanied by a shortage of land for plots. According to foreign studies, real estate availability should be 4%. He also raised the need to encourage affordable housing.
