Lira Ambrosidou , CEO of Property Gallery described accession to Schengen as an important milestone, opening up new markets. It believes this will allow Cyprus to offer more mature and competitive programs to attract residents. Until now, the island has competed for investors with countries such as Greece, Spain, and Portugal, and the simplification of the visa regime could significantly strengthen the position of the local residential real estate industry. It was also noted that permanent residence programs remain national and are not directly dependent on Schengen regulations, which requires proper information to clients to avoid misunderstandings.
Founder of Marfields Group’s Tal Mashkif emphasized that Schengen is, first and foremost, a powerful branding tool. Joining the Schengen Area increases Cyprus’s visibility internationally. This could open up demand from regions such as India, China, and South Africa.
However, the expert warned of associated risks. Cyprus is a small market with limited resources. A sharp surge in interest in purchasing one-, two- , and three-bedroom residential properties could put excessive pressure on available land and the production capacity of construction companies in each area .
Andreas Michael, CEO of Cyview Group emphasized the need for internal preparation for change. The influx of new population and investment requires:
- Significant acceleration of procedures for issuing construction permits.
- Infrastructure upgrades in key areas .
- Clear planning, since the market has a limited capacity to absorb new properties per year.
Investors targeting high-quality residential real estate expect rapid project completion. Any bureaucratic delays could negate the benefits of joining the Schengen Area.
The discussion demonstrated that Schengen offers significant prospects for Cyprus, making it an even more attractive hub for living and doing business. However, realizing this potential directly depends on the ability of the government and the construction sector to adapt to growing demand. Success will be determined by the quality of infrastructure management, the effectiveness of institutions, and the ability of the construction industry to consistently supply the market with modern residential real estate that meets high European standards.
