30.03.2023
Land management market trends for 2023, expectations and challenges are some of the topics discussed by leading businessmen at the 17th Land Management, Planning and Construction Conference and Exhibition.
What awaits the real estate market today and what is expected tomorrow? The heads of land management companies gave their answers to the burning questions of the industry.
Kikis Athinodorou , director of Kikis Athinodorou & Associates LLC, said that when a buyer purchases a property, he takes on financial obligations for several years. “Taxes on buying and selling real estate are high, so it’s not that easy,” he added. Therefore, he emphasized that it is very important, especially for young people, to understand that the obligations are big and that “they cannot fail the bank.” “Besides,” he added, “all costs are borne by the consumer.”
Nicolas Michalias , CEO of M. Residence , said it’s clear these days that predictions can’t be made. This year, especially among new buyers with rising interest rates, the picture has changed, he adds. Regarding real estate prices, Mr. Michalias said: “In five years, we will look back and prices that seem high today will seem low to us.” He then predicted that investors would look for projects focused on “building to let.”
Marcos Christodoulou , Partner/Sales Director Quality Group , was asked to comment on developments in Larnaca , saying it was “a city feature” especially after the relocation of the refineries. “Thus, a beach strip with a length of more than 2.5 kilometers was created, which lends itself to new development,” he said. “From an industrial city, it begins to turn into a tourist one,” he said characteristically. He also requested that the property tax bill be discussed before it is approved by Parliament so that the right decisions can be made.
Giorgos Chrysochos , director of Cyfield Group , said that the Land Registry had the most contract deposits in October 2022 and that Cyprus is a safety oasis that attracts foreign companies to host headquarters. Rents and their growth, especially in Nicosia and Limassol , are also one of the elements that determine the current state of the real estate sector, he added.
Kyriakos Costas Talattinis , a member of the Cyprus Property Appraisers Association, believes that the real estate market will become more mature and investors will focus on more specific products. That is why we need good study and analysis.
