According to the latest observations of the real estate market of Cyrus, it is high time to create real estate funds in the country. This statement is based on the following important facts:

1. Good properties of Cyprus are priced profitably low. Additionally, no price reduction is possible in the near future.
2. Properties can be now purchased at great prices via swap deals or through auctions. They are mostly connected with financing.
3. All districts of Cyrus are filled with all sorts of properties to choose from.
4. Old and new buyers have the chance to be connected with each other on long financing terms due to the current resales.
5. In Cyprus, new companies can obtain a certain property from the owning company (called "clean" owning companies) without paying the fees.
6. Another profitable fact signifying it’s time to obtain a real estate in Cyprus is the reduction of the interest on deposits. If a year ago it was 6% per annum, now clients are charged only 1.5%pa. If we look at these deposits abroad, we’ll find out banks are demanding only about 0.5%, yet some are also charging the "keeper’s fee"
7. Certain European banks, those in Italy or Greece, for instance, don’t show enough proof on their solidness.
8. Taking into consideration the economic hardships of local regions with Greece in particular, as well as the uncertain consequences Brexit may have on London, it’s time to get a "piece" of land in Cyprus as far as the way is free!

All the above-mentioned facts imply one needs to hurry in case he intends to set a local estate fund. It’s advisable to first concentrate on such profitable areas as the Famagusta seasides, certain residential areas with an improvement need (to resell later), as well as such estates, which could be lend to tenants on a profitable basis.

Certainly, the economic state of Cyprus leaves much to desire, yet it seems to have bypassed the real estate market. Today it has all the possibilities to attract property buyers from abroad.

Antonis Loizou & Associates Ltd – Property Valuers, Property Consultants & Estate Agents