21.08.2024
One of the key issues facing the Cyprus property market today is the significant imbalance between supply and demand, according to the chairman of Imperio Yannis Misirlis , despite the high demand for residential property, there are very few available offers, which leads to a sharp increase in prices. Problems with the supply of building materials, delays and rising costs of transport services, which began several years ago, have become one of the factors that aggravated this situation. This was especially acute during the COVID-19 pandemic. However, despite the problems of recent years, the Cyprus real estate market continues to grow, increasing by 10% annually. This, in turn, exacerbates the problems with the affordability of residential property.
Misirlis also noted that the Cypriot real estate market does not depend on Russian capital. More than 60% of buyers are either locals or foreigners who live and work in Cyprus. Israeli citizens account for a significant share of foreign investors. As for high rental rates, Misirlis believes that the only effective solution is to increase the number of available properties. He noted that in some cities, rental prices are so high that many cannot afford to rent residential property. Misirlis emphasized that with the increase in supply, rental prices will begin to decrease.
When it comes to choosing a suitable investment property, Cyprus offers many opportunities due to a number of favorable factors. According to Misirlis, the main principle for investors is to invest in markets with stable development. At the initial stage of the purchase, investors usually evaluate the prospects for a return on investment, which begins to be realized from the moment the construction of the property is completed. After that, they decide whether to sell the property or rent it out depending on the current market situation.
Misirlis also stressed the importance of “green” projects, which he calls the future of the real estate market. According to him, more and more buyers prefer environmentally friendly buildings, given their numerous advantages. Imperio is actively developing such projects, focusing on the real needs of buyers. Misirlis cited the Sunset project as an example of successful green development in Cyprus. Gardens – the first gated residential complex in Limassol , as well as Imperio House is an office building with almost zero energy consumption.
At the same time, Misirlis emphasized that for the further development of eco-friendly projects in Cyprus, active participation of banks in providing “green” loans is necessary, as well as a clear definition by government bodies of what exactly is meant by “green” development. Imperio is already implementing ESG (environmental, social and corporate governance) strategies in its projects.
