Falling oil prices and housing shortages in Asia present a unique opportunity for Cyprus to attract more foreign property investors, says a leading developer.
Cyprus is the entry point into Europe for Asians and those from the Middle East and interest there in real estate investment is continuously growing, says Imperio, which is optimistic about markets prospects.
Imperio Director, Yiannis Misirlis, says, “Investing in foreign property has always been in demand. When such investment opportunity is combined with obtaining a permanent residence permit (PRP) in an EU country or even an EU passport, then it becomes a top attraction.
“Cyprus is one of a handful, if not the only, EU country, which in addition to having attractive immigration programmes, also addresses the above mentioned elements and more.”
The fall of the oil prices in the last few months is helping, and many feel that this is going to be sustained through the course of the year, says Mr Misirlis. This is set to have two big effects that affect the Cyprus property market.
“The first is that it’s going to provide some inflation release in the Asian countries, and this will allow some Central Banks in Asia to cut rates, or perhaps hike rates less than they would otherwise do. The reduced rates will allow more funds to move from bank deposits into real investments, such as real-estate.
“The second effect is that low oil prices mean that you are effectively taking income away from oil producers and you’re giving it to oil consumers. We currently have both groups heavily represented as buyers of properties in Cyprus today.”
The economies of oil consumers, including India, China, Korea, and other Asian countries, are going to be helped quite a lot from lower oil prices. On the other hand, oil producers like Russia, Ukraine, Saudi Arabia and the Gulf and some of the other commodity producers like South Africa, Qatar, will face more challenging conditions, he says.
Another major theme relates to the significant credit and housing imbalance that’s been built up in China, which will take the authorities a considerable time and effort to solve.
“Growth in China should be slower during the course of this year and maybe in the years to come, as the Chinese try to solve the issue of the imbalances which have been built over the course of the last two years. Slow growth in their domestic market and low margins in real estate would mean that more and more investors will be looking for suitable opportunities abroad.”
The situation presents a unique opportunity for Imperio and other developers to attract foreign property investors to the island.
“Our single focus remains the client, and our single objective is the client’s ultimate satisfaction. I’m sure that, in the following months, international investors will find the Government’s immigration programmes, the properties and services of Imperio and the almost-perfect Cypriot weather, food and hospitality good enough reasons to visit our island and invest in our country,” adds Mr Misirlis, who is also Vice-President of the Cyprus Land & Building Developers Association and a member of the board of the Limassol Chamber of Commerce and Industry.
The comments were made at an Imperio client event at one of its developments, Limassol Bay Residences, attended by around 60 investors, including overseas buyers.
Its other projects include luxury apartment developments, Elysia Residences and Belvedere Residences, in Limassol, and the award-winning office development, Noble Centre.
Imperio Properties specialises in the design, construction and marketing of apartments, maisonettes, townhouses, golf villas, as well as offices and shops.
Last year, the developer celebrated its 10th anniversary at an event attended by Cypriot President Nicos Anastasiades, who reinforced the importance of Cypriot businesses attracting foreign investors.
Imperio Properties has representative offices in London, Manchester, Beirut, Dubai, Cairo, Moscow, St. Petersburg, and other cities in Russia.
It holds monthly sales and marketing promotions in various countries across Europe, Africa and Asia.
Source: OPP Today
http://www.opp.today/unique-opportunity-for-cyprus-to-attract-foreign-property-investors/
