What is the current situation on the Cyprus property market?
Our questions about the situation in Cyprus are answered by Tasos Stavrou, Aristo Developers' Sales Director
Like elsewhere this unprecedent and extreme situation caused stagnation a and turbulence in the market and ordinary life of people and families as we use to know that! However, the drastic measures of our Government to control and gradually stop the Covid spread from the early stages has by facts proved to be successful as it seems that situation is under control. Furthermore, the Government’s capacity and decision to support businesses at all levels, control the threat of unemployment but foremost at this stage subsidize our good general health system to remain strong and well performing to safeguard Cyprus’s civilian health is working well! I am confident that Cypriot people, united will manage to overcome this crisis also.
What changes are projected? Do you expect an increase or decrease in value?
Changes is a subjective term and I trust that at this stage is still premature to safely have such conclusions, it really also depends on how long this extreme crisis situation might continue. Generally, with Cyprus I believe and following the very proactive and targeted measures that our Government has already announced as support to the economy and business are in a position at least at this transitional and unsubscribed to all of us stage, sustain the market. Even if a drop on the price pace curve occurs, microeconomic I am positive that this will bounce back. Although the Global economic crisis of 2008&9 which the cause of that crisis was way different off course of what happens now, has stroked unavoidably Europe ad Cyprus subsequently, we have seen Cyprus Real Estate market bouncing back tremendously quickly and performing at very balanced and dynamic rhythms thereafter up to now. Also, Cyprus is an island with scarce land availability and very big geographic spread I regards to from where the FDI comes into sector. In addition, the local market is heavily investing into real estate also which make the. Market more resilience and stable (always the local investment represents 50 to 65% of the annual investment volume) and Real Estate and Constructions Industry is included in the 4 major pillars and contributors to the country’s overall GDP.
How real is the purchase and selection of an object remotely?
Essentially for us Aristo Developers, being a group with office and operations for many years in Greece, Beijing, Honk Kong, Shanghai, Guangzhou, Vietnam, Korea , Dubai , Cairo , Moscow , it is possible yes and it is a practice we go through partly . Of course now is more important and essential than ever ,considering the COVID outbreak impact on the markets, however , with the use of technology that we have invested a lot in over the last years as a group , yes this is a new trend that might even become a core strategy for all of us during the next year , so in a nutshell I will call it as a challenge that can turn int an opportunity.
Can I apply for citizenship now for those who have already become property owners in Cyprus?
The answer is yes as a general rule, based on the current CIP rules, requirements and parameters as long as such properties or property have been purchased by CIP investor not more than 3 years ago from the day the further required investment portfolio with CIP file / application will be submitted.
Should we expect changes in the investment citizenship program?
Well, the CIP is undeniably in my opinion if not the most one of the recently regulated immigration investment programs which has made it be even more transparent. In my view and based on our already long time experienced gained being one of the leading real estate developers of Cyprus offering by far the most diverse investment portfolio island wide Is transparency and accuracy of requirements of such programs it is of paramount importance for the investors , but service providers also promoting them! Furthermore, the CIP is justifiably still one of the fastest track programs composite by a clear pre-arranged exit strategy whether the investments is in shares of an established CY company and or Real Estate. Indeed some further considerations by Cyprus government are under planning to the extend we are also informed from media (mostly and other reliable sources) which are focusing and tends to set the CIP more simplified , transparent and fast to the extent that some or at least the main parameters and requirements can be processed prior to the physical presence of the investor in the country alongside of course and I as I can guess with the correct and accordingly correct screening and monitoring of procedures.