Who will buy Cyprus property in the coming years? What will their needs and preferences be? How to comply with them? These questions are asked by Cypriot builders and developers. According to the forecast of Danos and Associates, a company specializing in valuation and consulting in the real estate sector in Cyprus, by 2025, 70% of buyers of Cypriot real estate will be representatives of the millennial and zoomer generations.
The millennial generation (or generation “Greek”) are people born from 1980 to 1994. The previous generation is Generation X. Its representatives were born in 1960-1979. Millennials are followed by Zoomers (1995-2009), born at the turn of the millennium, followed by Generation Alpha (2010-2024) and Generation Beta (2025-2039).
According to Danos and Associates, millennials and zoomers born after 1980 are the most professionally skilled generation. They make up the lion’s share of those working in finance and high technology. They will become in the coming years the largest solvent group of buyers who will closely study the Cypriot real estate market.
Among the trends of the coming decade, Danos and Associates analysts highlight the use of new technologies, which are becoming an important part of the real estate purchase process. By 2025, online tours of real estate properties and Zoom meetings will be increasingly in demand, during which missing information can be clarified and clarified.
“A more holistic approach to housing is needed. Discerning buyers/investors are very selective in their search and pay attention to detail, preferring eco-properties that are close to sustainable and animal-friendly communities, analysts explain.
The further development of the Cypriot real estate market will be influenced by demand from managers and highly paid employees of companies in the field of high technology and fintech, foreign investors and foreigners who decide to purchase a house or apartment to obtain a Cypriot residence permit.
According to the head of the marketing department of Danos and Associates, Kyriakos Kiliaris, it is necessary to study the needs of new groups of buyers, as well as international requirements for real estate as part of the “green” transition, focusing during construction on the viability and environmental friendliness of projects.
“All stakeholders in the island’s real estate market should study new trends in a timely manner and jointly develop a strategic plan for the development of the real estate sector, and not wait until it is too late,” says Kyriakos Kiliaris.
Information channel “Europe-Cyprus”
Millennials and Zoomers will make up 70% of property buyers in Cyprus by 2025
