02.12.2021
Oikos Group CEO Petros Petrou spoke in an interview with InBusinessNews. He is convinced that a free Famagusta is an area that will be of interest to many foreign and local investors in the coming years.
The picture that exists in the real estate market in the Famagusta area, according to Mr. Petrou, is very positive. There have been and are ongoing projects that change the current data for the province, while Famagusta has been and remains an attractive place for investment.
The director of Oikos Group points out that Famagusta offers the lowest risks for investors. He also notes that foreign investors have flooded the area due to the reasonable and stable prices in the real estate market, especially when compared to other provinces. In this regard, he states that investors-buyers from third countries continue to lead the market.
Excerpts from the interview:
The number of property purchases by foreigners increased by 9%. What do you think is the reason for this increase and how does it relate to free Famagusta?
– Famagusta has been and remains an attractive place for investment, this trend is only growing. Great development in our region is noticeable. At the moment, there are various developments, the cost of which is estimated at more than one billion euros. For example, two marinas, Ayia Napa and Protaras, with other major projects underway.
Projects are being created that change the current data for our province. It will not only be our wonderful and award-winning beaches, but also an investment.Infrastructure projects are being implemented in conjunction with projects that have been implemented and this will further improve our area.
We believe that if it were not for the pandemic, especially last year, we would have had even more investors.
According to the Land Registry, across Cyprus, the number of buyers from EU countries has increased, in contrast to third countries. What role does Famagusta play here?
– Our region continues to attract foreign investors from the EU and third countries. Investors-buyers from third countries continue to lead in terms of numbers in the market. Investors have flooded our region because they find prices attractive compared to other provinces.
There are two categories of investors. Those who want to have a steady stream of income (from rent) and those who want to maximize their profits. The latter resell the properties later because they believe that today’s prices are attractive.
What kind of property do foreign buyers prefer?
– Foreign buyers prefer property that is in a good location (first class location – sea). Thus, they avoid big risks. Location is one of the most important factors determining investor preferences.
In the Famagusta area, investors mainly choose tourist/commercial properties, as well as residential buildings.
In general, how do you see the future of the real estate market in free Famagusta?
– Famagusta is demonstrating stable growth, and most importantly, it offers investors less and less risk.
Undoubtedly, this is the area that will attract the most foreign and local investors in the coming years.It is no coincidence that all the major real estate firms have opened offices in our area.
