According to Danos International Property Consultants & Valuers' S1 2024 Market Insight Report, Millennials (Generation Y) and Generation Z will make up 70% of real estate market customers by 2025.
The report also highlights other significant trends impacting the Cyprus property market:
- There is a higher demand for more affordable rental properties.
- Cyprus is an attractive destination for starting a new life experience, leveraging its comparative advantages.
- Technology has become a crucial component in the real estate purchasing journey. Buyers now demand the highest quality 2D and 3D virtual media, such as photos, videos, and electronic tours, to assist in their home search. Virtual browsing and online exploration have become the preferred method, with buyers relying on features like video conferencing for further details and clarification, personalized videos to share with loved ones, and searching for nearby amenities and locations using tools like Google Maps and Google Earth. The real estate industry has had to adapt to these evolving buyer expectations and leverage technology to provide an enhanced and seamless purchasing experience.
- Buyers, especially experienced ones, are more discerning, demanding properties that are environmentally friendly and near sustainable communities.
- High-end buyers seek authenticity, personalized services, and highly professional experiences from reputable real estate brands.