What Kind of Properties to Expect in Cyprus for Millennials
When the Cyprus Investment Program was unexpectedly abolished last autumn, it caused a crisis in that country’s real estate market. Investors were suddenly decreased in interest and many developers found themselves with difficult decisions to make for tomorrow morning’s newspapers!
Even though this was unexpected, the Cyprus real estate market has experienced strong growth this year, thanks to local demand. The industry can still offer a lot, if they focus on the needs of other groups in their society and work hard for each other instead!
A Market for Millennials in Cyprus
The data shows that young couples in Cyprus prefer to buy a home rather than rent, this includes people aged 25-39 years old! This is contrary to trends before. The older people always had an increase among those who want renting instead of buying homes or apartments for themselves and their families. The LionGlobal survey says millennials will become a dominant force within Cypriot Real Estate market soon enough.
What the market now needs are modern properties that millennials can afford with “green” features. These should be designed to make life easier for future generations. By using sustainable materials and including efficient design solutions for an affordable price point.
The data shows that young couples in Cyprus have a strong preference for buying property over renting. This includes people aged 25-39 years old! What the market requires now are modern properties designed with sustainability features. All at an affordable price point so more millennials can afford them.
What is available right now?
Sunset Gardens
This example of housing development, Sunset Gardens, is being developed in a privileged location. The first residential project that’s ecologically sustainable. It includes affordable homes with amenities like luxury hotel services for those who need it all under one roof!
The demand for these properties is reflected in the strong growth recorded by Sunset Gardens. The market was particularly difficult during this period due to a pandemic. Since it has been recovered and more than 85 apartments have already been sold out! Most buyers are young couples or professionals who took advantage with low housing loan interest rates offered by commercial banks combined with government incentives.
Sunset Gardens is new. A revolutionary residential development that offers residents some of the best features imaginable. The apartment has everything one could need: pools and parks, restaurants for every taste (including organic food), grocery stores with fresh produce available all year round–even when it’s cold outside! There are also fitness centers equipped with yoga spaces as well sporting activities such as tennis or basketball courts within walking distance from your doorsteps.
To make sure that the park is sustainable and environmentally friendly, it will have photovoltaic systems for electricity production as well as water treatment facilities. They also plan on implementing an advanced waste management program based off global standards!
It offers a great opportunity for those who want to live in Limassol and commute each day. With prices of apartments being so high, this project is an excellent alternative with its low cost, starting at only €185,000!
Other options in Cyprus
Apartments
Studio: Studios are a perfect choice for travelers who want to experience Cypriot life. Studios have minimalistic design, with only one room that includes both bedroom and kitchen separates by countertops in between them! The studio does not usually come equipped with a balcony.
Bungalow: With its convenient floor plan, the bungalow is an ideal home for anyone who wants to avoid stairs or vertical zoning. The cozy comfort of a bungalow room can be felt in its small size. It gives the homeowner an open, bright and inviting feel. The panoramic windows allow for plenty of natural lighting. The size of the basement and the roof in a bungalow is usually larger than other types, requiring more work to complete. This may cause it to be more expensive due to its high construction requirements.
First floor apartment: When you buy or rent a first floor apartment, the main advantage is that there’s no need to go up any stairs. In addition, this type of real estate typically comes with its own small courtyard just for extra privacy!
Penthouse: The penthouse in Cyprus is an apartment that sits on the top floor. These luxurious homes have pools, decks with views of mountains or sea. It’s no wonder they’re expensive! The location can depend. Some are located near scenic spots, while others may be within walking distance to shops nearby.
Duplex: The duplex apartment is a popular choice for those who want two floors of living space. This type typically resides in building complexes and occupies both upper-floor apartments, and below ground ones. Duplexes also offer more privacy than single story homes do because there’s no common hallway running through them.
Loft: The high ceilings, non-standard walls and large windows make the loft apartment in Cyprus a great place for individuals who want to live an extraordinary life. The low cost of housing is another advantage that makes this type of format attractive as compared with other real estate options available on the island.
Conclusion: There is something for you too!
Cyprus is a popular country for Real estate investors. The holiday atmosphere, wonderful climate and long vacation season make it an excellent place to buy property!
But not only are Investors from abroad acquiring properties, also local young families prefer to buy their own home.
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