Κ. Onisiforou: Houses are currently in high demand

11:48 - 27 March 2024

Real Estate

Houses are currently in high demand – a trend that is expected to continue for the next seven to eight years, yet drop significantly if the island doesn’t have a satisfactory inflow of quality migration, according to Kritonas Onisiforou, Head of Sales at Altia.

He was addressing the 18th Land Development, Design, and Construction Conference & Exhibition that was presented by Altia in Nicosia, where he also said there are a number of developments in the real estate sector, including monetary fluctuations, wars, new geopolitical strategies and new technologies, which are leading to new trends and priorities for the Cyprus real estate sector.

As Onisiforou pointed out, houses are currently in high demand – a trend that is expected to continue for the next seven to eight years. However, unless the country ensures a satisfactory inflow of quality migration, the demand is expected to dry up. And as he said, no organisation – state or private – currently conducts in-depth studies regarding the future housing demand in relation to the supply.

He spoke of ups and downs due to supply demand imbalance, while, among the important points of his presentation is the fact that the lack of residential units is also followed by the lack of available land for plots. There should be 4% availability of the properties based on foreign surveys, he said.

The real estate expert also highlighted the need for incentives for affordable housing.

Κ. Onisiforou: Houses are currently in high demand

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