Real Estates: A secure investment

  Article By : Marinos Kineyirou|  Published at : Politis Newspaper| 17-06-2012

 

REAL ESTATES: A SECURE INVESTMENT

Marinos kineyirou Manager of Marinos Estate Agencies LTD

Marinos Kineyirou Manager of Marinos Kineyirou Estate Agencies LTD

. The Cyprus Association of Estate Agent Entrepreneurs states that the immovable properties are still one of the safest investments,since it has been proved that it offers significant values, without of course, doubting the fact that the real estate market-the steam engine of the Cypriot economy-has been lately experiencing the impact of the economic crisis both in Cyprus and other European countries.

The property has always been one of the strongest sectors of the economy as well as a safe and risk-free investment for Cyprus, showing a tendency for stable and high yields. In a market that is currently in its‘maturing phase’, characterized by high fluctuation, and with the traditional forms of investments (shares, savings, etc.) offering low or high risk renderings, traditionally, properties are considered as both a “safe and secure” investment.

Lately, the interested buyers have shifted their attention with an even greater intensity compared to the previous years, to the old real estates, which are sold at very low prices in relation to the newly built ones,which keep their prices at rather high levelsdespite the recession.

The phenomenon of investing in real estates was considered as a priority for all Cypriots, from antiquity until today, through which they will gain profit either directly or indirectly. And indeed they were right, because the demographic and geographic peculiarity of Cyprus,will always constitute land-owning as a safe investment which will never be reset or lose its value.

According to the Cyprus Association of Estate Agents Entrepreneurs, Cypriots’ habits in real estate buying have been formed lately. Specifically, with regards to apartments, Cypriots seek to buy smaller apartments of one or two bedrooms, while the demand for a three-bedroom apartment has been decreased. On the contrary, Cypriots prefer three or four bedroom houses with low acreage since ​​the two-bedroom homes are now considered as summer tourist residencies.

Nowadays, the real estate prices in Cyprus have been decreased while we can also observe that most sellers negotiate on the prices, dropping them even further. Even though this phenomenon occurs because of the recession, it is temporary, and therefore a good opportunity for property investing in very good prices.

Despite the recession and the decline in property prices, buyers pay attention to the region and its particular characteristics as well as to other qualities of a real estate.

An important factor which nowadays prevents the real estate purchase from recovering is the “freezing” of housing loans by the banks. The fact that banks have caused the inertia of housing loans makes the improvement and development of the property market even more difficult.

 Marinos Kineyirou: Vice-president of the Cyprus Association of Estate Agent Entrepreneurs, President of the Real Estate Agent Entrepreneurs Association of Larnaca- Famagusta and Property Auctioneer.

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