Cyprus has managed to establish itself as an attractive investment destination in several foreign markets, the CEO of the KARMA Group, Nikolas Karoulas, points out to InBusinessNews, emphasizing that the real estate sector benefits from the wider upward trend of the Cypriot economy.
Regarding the Group, Mr. Karoulas stressed that in 2018 the launch of 7 new projects which extend from the area of Kapparis and Protaras to Ayia Napa, while within 2019 the announcement of two new projects is expected to be addressed to domestic market as well as two coastal housing projects.
How do you expect the real estate market to move in 2019? What are the important trends / events / developments that we should monitor / pay attention to in 2019?
First of all, I consider it very important to note the steady, upward trend of the real estate sector from 2014 until today. It is known that despite the fact that the real estate sector was hit hardest in 2013, for four years now it has recorded a steady upward trend, which statistically translates into an increase in transactions by 132%.
In 2019, I estimate that the upward trend of the sector will continue. Cyprus has managed to establish itself as an attractive investment destination in several foreign markets, and this is largely due to the actions of the private sector, ie companies belonging to the sector.
Of course, the real estate sector benefits from the wider upward trend of the Cypriot economy, the high growth rates, the upgrading of the Cypriot economy by the credit rating agencies, the increase of tourism and of course the implementation of large-scale infrastructure projects such as marinas, Malls etc.
I consider the gradual return of the confidence factor in our country's banking system as an important development, something that in combination with the lending packages that the banks have presented or are expected to present in the near future, I estimate that they will reactivate the domestic market.
What can we expect for your group in 2019? Your goals for 2019?
The KARMA group will continue its upward trend in 2019. In 2018 we completed the sales in a series of projects that started in the previous years, while at the same time we launched 7 new projects which extend from the area of Kapparis and Protaras to Ayia Napa.
Consequently, a very normal part of our effort and time will be spent on the successful completion of these projects, definitely emphasizing the quality and design, as we have been doing for 34 years. In addition, in 2019, the announcement of two new projects that will be addressed to the domestic market as well as two coastal housing projects is expected.
How much interest is there in investing in high end properties by foreigners in Cyprus? Which countries are of most interest?
The interest in high end properties is a global trend, which for some years has appeared in our country. In relation to Cyprus, it is a trend that has certainly been strengthened due to the Cypriot investment program. The interest continues to be high from several markets, mainly from Asian countries but also the countries of the Arabian Gulf.
What is important is that these individuals who invest in our country over the years enjoy their investment both as holiday visitors and as investors, in order to operate in their country as ambassadors of the investment destination called Cyprus.
Source: Reporter