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Next G. Misirlis: New data in the field of Real Estate in Cyprus HOME • INSIDER • ECONOMY • G. Misirlis: New data in the field of Real Estate in Cyprus
G. Misirlis from the podium of the E conomist conference on the London Stock Exchange spoke about the new trends in the field in the coming years
Radical changes in the Cypriot Real Estate were brought about by the sudden arrival of the pandemic, accelerating developments and accelerating trends in the sector.
Speaking at the Economist's sixth business conference on the Cypriot and Greek economy, which took place at the London Stock Exchange in recent days, the Director of Imperio and Vice President of the Pancyprian Association of Land Development Professionals, Giannis Misirlis, stressed that the pandemic as an accelerator in the real estate sector in Cyprus, while it contributed significantly to the adoption of significant trends abroad, which would otherwise take several more years to enter the Cypriot real estate market, as Real Estate is one of the least innovative business sectors. .
Analyzing the new data in the sector, the Director of Imperio referred to the new trends, which the Cypriot land development companies should focus on in the coming years.
Turn in green buildings
A key factor for the future viability and profitability of companies operating in the sector, is the integration of sustainability elements in their future projects, as the construction of “green” buildings is gaining more and more ground in the last two years.
High-carbon buildings now have higher operating and maintenance costs, as well as high insurance costs, and will face funding problems in the future as investors, tenants and banking institutions increasingly focus on sustainable construction.
Interest in office space
At the same time, the creation of office space – and indeed sustainable – is a field with several opportunities for activity in Cyprus. Despite the fact that abroad teleworking has reduced the demand for office space, in Cyprus the picture is completely different.
“Precisely because the weather on our island is good and the cities are not densely populated, there is a lot of interest from companies wishing to relocate their headquarters and headquarters to Cyprus or to open regional offices “, noted the Director of Imperio.
Opportunity for students
The picture is similar in the field of student housing, which, according to Mr. Misirlis, offers great opportunities for businesses for land development entrepreneurs, especially in Nicosia and Limassol, where large university institutions are located.
According to the Director of Imperio, with the end of the pandemic and the return of students to the halls, there will be a shortage of student accommodation.
The effects of the war
Referring to the war in Ukraine, Mr. Misirlis said that it will have an impact on the real estate sector, both at European level and in Cyprus.
“With the Cypriot real estate having managed to reduce its dependence “From the Russian market due to the pandemic, what is particularly worrying is not the impact of the war on finding buyers, but the effects of the war on the world economy, such as inflationary pressures and rising interest rates and prices on oil and raw materials.” Mr. Misirlis pointed out, adding that the real challenge is to keep construction costs at controlled levels.
In closing, Mr. Misirlis stressed that land development professionals, investors and everyone involved in Real Estate they will have to show flexibility and adapt to the new data.
“Those who ignore the dictates of the times will face great risks and reduced profits, while projects that will not “they follow the modern trends, they will be considered obsolete and will be difficult to be chosen by buyers and tenants”, he concluded.
