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Cypriot developer reveals new marketing strategy

Cypriot developer Aristo has begun a new marketing strategy separating its existing stock from its new luxury projects.

THE COMPANY has launched its latest development, Panorama Residences in Pissouri, in an attempt to attract buyers from the high-end of the market, a move that mirrors the actions of other developers in the country.

Aristo is also awaiting government approval on a scheme it says will be the biggest the island has ever seen. Called Venus Rock, it is intended to be a €1 billion project covering around 10 million sq.m. of land.

The two developments are to be marketed separately from the company’s other products, which are aimed at mid to low-end buyers and now referred to as ‘Aristo Classic’. The company has no plans to launch any more ‘Classic’ projects this year.

We felt we needed to rebrand and categorise our developments to identify specific marketing strategies for each type of property,” group marketing manager Panayiotis Michaelides told OPP. “They have different clientele and we need to use different marketing channels.

The company is hoping to attract buyers from the UK, Scandinavia, central Europe and Russia, but also hopes to take advantage of the growing demand for overseas property among Arabic buyers.

We have extended our marketing investment in Arab countries and are about to establish collaboration agreements with agents in Saudi Arabia, Kuwait and Qatar,” said Michaelides.

Readers' comments

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  • Charles Fryth says:

    Cyprus has always focussed on low quality, low prices, and low end buyers; a strategy that worked very well in past.

    Developers in other countries are focusing their attentions on the top end of the market. Many believe that the surge at the top end of the market results from rich people solidifying their assets by putting their capital somewhere safe out of fears of currency devaluation and inflation.

    Whether a strategy of focussing on the top-end niche will work in Cyprus no-one knows because it hasn’t been tried before. And given all the negative publicity that is blackening the island’s reputation, Aristo are going to have a hard time convincing people to buy.

  • Clive Fletcher says:

    Remember that ‘Mr Aristo’ is also chairman of the board of directors of the Bank of Cyprus, a developer in charge of a major bank!!!!

    Looks like many purchasers, those without Title Deeds, are going to be left to the mercy of the banks who hold title to their land due to the mortgages/loans taken out on the land by the original developer.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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