Who will buy Cypriot real estate in the coming years? What will their requests and preferences be? How to match them? These questions are asked by Cypriot developers and developers. According to the forecast of Danos and Associates, a company specializing in valuation and consulting in the real estate sector of Cyprus, by 2025 70% of buyers of Cypriot real estate will be representatives of millennials* and Zoomers.
* The Millennial generation (or the "Y") — people born from 1980 to 1994. The previous generation is the "x" generation. Its representatives were born in 1960-1979. Millennials are followed by Zoomers (1995-2009) born at the turn of the millennium, followed by the Alpha (2010-2024) and Beta (2025-2039) generations.
According to Danos and Associates, millennials and Zoomers born after 1980 are the most professionally qualified generations. They make up the lion's share of those who work in the fields of finance and high technology. They will become the largest solvent group of buyers in the coming years, who will closely study the Cypriot real estate market.
Among the trends of the next decade, Danos and Associates analysts highlight the use of new technologies, which are becoming an important part of the real estate purchase process. By 2025, online tours of real estate and Zoom meetings will be increasingly in demand, during which missing information can be clarified and clarified.
— A more holistic approach to housing is needed. Demanding buyers/investors are very picky in their search and pay attention to details, preferring eco-properties that are close to communities that use sustainable development methods and are friendly to animals, analysts explain.
The further development of the Cyprus real estate market will be influenced by demand from executives and highly paid employees of high-tech and fintech companies, foreign investors, and foreigners who decide to purchase a house or apartment to obtain a Cypriot residence permit.
According to Kyriakos Kiliaris, head of the marketing department at Danos and Associates, it is necessary to study the needs of new groups of buyers, as well as international requirements for real estate within the framework of the "green" transition, focusing on the viability and environmental friendliness of projects during construction.
"All stakeholders in the island's real estate market should study new trends promptly and jointly develop a strategic plan for the development of the real estate sector, rather than waiting until it is too late," Kyriakos Kiliaris believes.