Russia has been the most important market for the Cyprus real estate sector, and therefore Western sanctions have a negative economic impact, Oros Group CEO Petros Petrou said, noting that the island’s attractiveness in various areas makes it possible to look to the future with optimism.
Sales and rentals affected
Mr. Petru noted that the war in Ukraine is clearly affecting the sale and rental of property in Cyprus, and especially in free Famagusta. “Russia has been and remains perhaps the most important market for our industry in Cyprus and the consequences of the entire crisis will inevitably affect the sale and rental sector in free Famagusta. “The war in Ukraine, which led to sanctions against Russia, certainly cannot but affect our sector.”
Long Term Consequences
The consequences, according to Mr. Petru, will persist in the long term, as they will be offset by inflation, higher construction costs, sanctions and the euro/ruble exchange rate.
“However, we are optimistic that investors who have invested or will invest in a luxury property located in a very good location – in a great location by the sea – will avoid serious risks and will trust the province of Famagusta,” said Mr. n Peter.
Cyprus remains attractive
In conclusion, the CEO of Oikos Group praised the attractiveness of Cyprus, which, he noted, could offset any negative impact. “The dominant geographical position of our country, as well as our economic activity, allows us to look to the future with optimism,” he stressed.