31.01.2022
“Whereas the real estate sector, which has proven to be the safest and most profitable during a period of uncertainty, will continue to move up, both for those who want to own a house and for making investments,” says the group’s first chief executive D. Zavos Michalis D. Zavos.
In an interview with Business Forecast 2022 – On the Road to Sustainable Growth, Mr. Zavos states that the most important trends and developments to be expected in the real estate sector are an increase in demand for housing and apartments from local residents, as well as demand for luxury real estate, mainly from foreign buyers.
According to Michalis Zavos, the rise in the cost of building materials, as well as labor, will affect the increase in property prices, as well as increase rents, mainly in the city of Limassol and nearby municipalities.
Below is the full interview of Michalis D. Zavos:
How do you think the Cyprus economy and market will develop in 2022, as well as the real estate sector in particular?
I regret to say that I am looking forward to another challenging year with many features and permutations; a year in which it is difficult to say which industries will develop better and which worse.
The real estate sector, which has proven to be the safest and most successful in a period of uncertainty, is predicted to continue its upward move, both for those who want to own a home for investment and for investment. What is also helping the real estate market are low interest rates, which are expected to stay about the same.
Finally, we must emphasize how our company is now connected with buildings that have become landmarks, as well as projects that are the latest in luxury, technology and architecture.
Our latest projects Limassol Del Mar (in collaboration with Leptos Group) and Address By the Sea prove our company’s experience and ability to build and implement long-term projects, as well as landmark projects that improve our country and the city of Limassol in particular.
What are the most important trends and developments that can be expected in 2022 in relation to your industry?
The most important trends and developments in real estate are the increase in demand for housing and apartments from the local market, as well as demand for luxury real estate, mainly from foreign buyers. The relocation of several foreign companies, including multinationals, will further increase the demand for real estate, both for purchase and for rent.
Further rent increases are envisaged, mainly in the city of Limassol and nearby municipalities, which will positively affect the value of real estate in these areas. Also the increase in building materials as well as the labor force will push property prices up.
What can we expect from your company in 2022? What are your goals?
Our company is planning various plans and projects for 2022.Following the success of our plans ZITA Katikia, which deals with the sale of affordable housing, and ZITA Investment, which offers real estate for sale with a fixed income, our firm is about to present two new projects.
Specifically, one will showcase luxury homes and apartments with unique and contemporary features, while the other will feature designs that will offer homes and apartments of the future, i.e. buildings that will help buyers fight climate change, save energy, and also improve their daily lives.
We will be able to tell you the details about all this very soon.
