The world of real estate now looks a very different place to where it was 2 months ago. There is an increase focus on everyone’s homes as the majority of the world is confined to them most likely spending more time there than they have ever done before. We are finding it is an opportune time for clients to re-evaluate their homes if they want to improve them, sell, buy a new one – we have seen an increase in clients wanting to talk through their options.
With the volatility of the global stock market more investors are looking to real estates as a safe haven. Recently we have seen a lot of interaction with buyers looking at Limassol; this city is still attractive. We’ve also saw a surge in enquiries from buyers who think and buy with US dollars (i.e. Israel, Russia, GCC & Middle East). Currency is key with buyers as even the smallest change can affect the value of a transaction and their taking advantage of this.
What will happen to currency over the coming months? If it continues to fluctuate in the favour of the buyers then we should see a lot of activity in both Cyprus and internationally. Compounded with everyone looking at their homes in minute detail, and when it will be safe to go back to work, every part of real estate will surely see an increase in activity. For now, engagement is paramount to plan for the future.