In its S1 2024 Market Insight Report, Danos International Property Consultants & Valuers forecasts that “Millennials (Gen Y) and Gen Z are going to represent 70% of real estate market customers by 2025.”
In its report, Danos highlights the impact of other trends on the Cyprus property market.
New data and trends in real estate
Highlighting new data and trends, Danos reports:
It is a common finding that the war between Israel and Hamas, and the war in Ukraine have brought about significant changes in our daily lives and lifestyles.
At the same time, EU regulations on moving towards a carbon neutral economy, push up the cost of buildings.
Combined with the hike of the cost of living, an increase in interest rates has also forced families and households to reconsider goals and priorities.
There is increased demand in rentals which are more affordable.
Cyprus, with the comparative advantages it brings together and the opportunities it offers, is an attractive destination for starting a new life experience.
- Technology has become a very important part of the real estate purchase process, imposing the need for the highest standards in 2D / 3D virtual photos, videos and electronic tours. Shoppers now prefer virtual browsing visits, zoom meetings for further information and clarification, personalized videos that can be shared with family and friends, searching for services and favourite locations via Google Maps/Google Earth, etc.
- Millennials (Gen Y) and Gen Z are going to represent 70% of real estate market customers by 2025.
- The provision of many and important services and amenities has now become necessary. A more holistic approach to housing search is needed. Experienced buyers / investors are very demanding in their quest and emphasize detail, preferring properties that are environmentally friendly and close to communities that are committed to using sustainable practices and are family and animal friendly.
- Finally, high end buyers are much more demanding with experienced real estate brands that offer authenticity and trust, personalized management services, top online experiences and highly professional service that meets their needs and expectations.
