New Air From The West

  Article By : Marinos Kineyirou|  Published at : Politis Newspaper| 10-03-2013

Marinos Kineyirou: President of the Cyprus Association of Estate Agent Entrepreneurs -President of the Real Estate Agent Entrepreneurs Association of Larnaca/ Famagusta and Property Auctioneer

Marinos Kineyirou Manager of Marinos Estate Agencies LTD

Marinos Kineyirou Manager of Marinos Kineyirou Estate Agencies LTD

New Air From The West

With the election of a new President and the appointment of new ministers, a new milestone has been hacked for the Cypriot economy. The psychology of citizens both in our country and the European Union is more optimistic with the new Government of Cyprus. The statements by foreign officials and investors show the milestone for a new route. A path that everyone should follow, changing our psychology first and then try with all our strength to put again Cyprus in the path of development, progress and prosperity. There are many measures announced by the Government for economic recovery, aiming to bring results soon but everything succeeds if we are next to all these initiatives. In the business world of Cyprus, there is great optimism regarding the economy, and the change in psychology is already obvious. With the recapitalization of our banks, the interest of investors to buy real estates will start again and the distrust towards the banks would lead them to choose a secure investment which is the Cyprus property market. There is a strong interest by the third country nationals buying a property in Cyprus after the approval of permanent residence permits in our country. The Cyprus Association of Estate Agent Entrepreneurs stresses that this interest increases revenues to the state, strengthens the banking sector, gives dynamic in the purchase of properties for sale in Cyprus, which contributes to job growth and revitalizes the real estate market. The need for measures without multiple taxations aiming for the property market’s revival by the Government is significant and immediate since it is the greatest pillar of development in the Cypriot economy and will bring positive rhythms of progress. Cyprus was and it is still an attractive destination for foreign investors and with the right measures both by the Government and all stakeholders we can very quickly see positive developments again.

The Cyprus Association of Estate Agent Entrepreneurs considers that the negative predictive of someone in the mass media regarding the real estate properties in Cyprus for the next two to three years, is meaningless and not based on any fully objective element of research. The reports of a declining route of the real estate market and the reductions of prices have nothing to do with the Cypriot reality and no one should create with publications negative and false images for real estate purchase, aiming not to present the real estate market but to create problems in investors’ psychology. As an answer to all those who rather want to present such an image for their own interests, the association underlines that the last few months the Cyprus property market has great perspectives and interest especially from third-country nationals such as China, Russia and others to buy a property. With the rapid process for granting a residence permit, over 800 properties all over Cyprus have been sold until today. In other words in five months, about two hundred and fifty million euro is in the funds of the Republic of Cyprus, but if there were better handled, certainly it would have been more. With the conclusion of the loan agreement and the recapitalization of banks there will be liquidity in the market and real estates will create interest not only on third countries but within Cyprus as well. The Cyprus Association of Estate Agent Entrepreneurs stresses that with thoughtful and right moves the economy will soon come back on a healthy environment that it deserves.

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