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About REInvest

REInvest has made its mark in the local property market with the delivery of an unparalleled client-centric service throughout Cyprus. This includes Project Management, Property Management, and Agency services to retail clients and corporate and institutional investors.

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Real estate news

REInvest Real Estate: Why you should trust a reliable Real Estate Agent

True or false: By using real estate agents to buy your next property, you benefit by gaining access to their expertise, contacts and advice.This is true as long as you first carefully select the right professional, and here at REInvest Real Estate, we feel proud to be the keen experts you are looking for that important decision, at zero extra cost.With more than 40 years of experience, we aim to match your needs, skilfully negotiate the right deal for you, and save you much more than hassle and stress. With REInvest Real Estate, you can gain access to various exclusive listings quickly and discover at the same time off-market property listings and hidden features that don’t show as well on the internet.The REInvest Real Estate team consists of more than 30 full-time professionals, who will work with you to spot hidden costs and potential problems, and to minimise exposure to legal property risks. You can truly rely on our extensive market knowledge and valuable tax guidance and assistance all the way through the complexities of the purchase process, while handling smoothly for you that endless paperwork.REInvest provides you with all the needed services as a trusted holistic Real Estate Office for buying, selling, leasing, and offers as well Property Management and Project Management services with a comprehensive after-sales service. What is also true, is that we can shorten the selling cycle of your property by using the extensive international network, which consists of retail and corporate buyers, investors, funds, real estate professionals, and institutions.You can now trust REInvest as a real estate agent who will guide you effectively with its know-how in the field through your new explorations in life by supporting all your needs and requirements.List your property with REInvest. Contact us at 7778 7771 or +357 22 477 600.Registration Number 1044 | Licence Number 523/E

March 9th 2022

City Plaza: Nicosia’s legendary building for sale

One of the most well-known commercial buildings in Nicosia, is exclusively for sale with Reinvest Real Estate. Located on Makarios avenue, the most central and commercial area of the capital, the City Plaza can be used as a shopping centre with cafeterias and restaurants or as a business office building. Alternatively, it can be used as a combination of shops and offices. With the revamp of the former high-street shopping centre, the City Plaza can now offer very high yields as an appealing investment opportunity.City Plaza is a 4-floor commercial building in excellent condition with a total of 74 shops and a covered area of 4,669m². The top floor is a united lot without any partitions offering freedom of space and individual utilization with an approximate covered area of 1,232m². The rest 3 floors of the building, comprise 19 shops each, with an internal area for each level ranging from 778m² to 943m², which can be also unified as per the top floor to create a bigger office space with the area of 1, 232m².The subterranean basement can accommodate approximately 75 vehicles as well as storage facilities. The parking lot has access to the main lifts that connect it to the whole building.City Plaza is part of the ''Nicosia Local Plan'' and according to the incentives offered, the building coefficient could increase from the current 250% to 425%, as outlined in the “Nicosia Centre Area Plan 2016” and the “Incentive Plan 2016-2019 (for parking spaces for public use)”.For more information, please click the below link:https://reinvest.com.cy/property/building-commercial-prime-location/12416

February 17th 2022

Real Estate Funds – The Asset Management Lifecycle

Real Estate Funds represent over 10% of all Funds registered in Cyprus, as per the latest statistics provided by Cyprus Securities and Exchange Commission. Indirect investment in Real Estate (hereafter referred to as ‘RE’) through Funds is popular, as it allows investors to access large projects and provides investors with a level of professional management to which they may not have access, should they attempt to replicate the strategy themselves.Management of a Fund’s RE assets occurs on multiple levels and requires a multi-disciplinary team of professionals. In addition to the financial professionals at Fund level, the involvement of real estate professionals such as civil engineers or lease experts is required at Fund, Asset and Tenant levels.To highlight the various professionals involved in the management of a RE Fund, we provide a case study. This case study will focus on a “Turnaround Fund” which will acquire a residential block, with the view of converting it into office space, leasing the units and subsequently exiting the strategy via sale at the end of the Fund’s life.The investment process begins with the Fund Manager who is responsible for setting the investment strategy of the Fund and ensuring that strategy is implemented, to deliver target returns within the relevant risk and time parameters outlined in the Fund’s Prospectus. The investment strategy is set by the Fund Manager’s Investment Committee and is implemented by the Portfolio Managers and overseen by Risk Managers, who will collectively perform what will be referred to in the context of this article as ‘Fund Management.’The term ‘Asset Management’ will be used to describe the efforts made to maximise a property’s value and returns, and are performed by RE professionals at Fund, Asset and Tennant levels. RE Asset Managers are responsible for various tasks including assistance in the due diligence stage (acquisition and disposal), and oversight of assets during the Fund’s lifecycle. RE Asset Managers and the professionals who support them, may be employed by the Fund Manager or its affiliates (collectively the ‘in-house team’) or outsourced to third parties. RE Asset Managers will take instructions from, and report to, the Fund Manager’s Portfolio Management Function on a regular basis.Once suitable candidate assets have been identified by the Fund Manager, the RE Asset Manager will perform the necessary due diligence. It is important that the RE Asset Manager is involved early on, to identify any property related shortfalls or risks that might come about, such as inherent (e.g., structural issues) or extraneous (e.g., tenants under rent control legislation).Upon completion of initial due diligence stage, the Fund Manager and RE Asset Managers will discuss property specifics to ensure that characteristics are reflected in the forecast performance. As the Fund in our example has a turnaround strategy (i.e., the conversion of residential to offices), key metrics would be the Estimated Rental Value (ERV) to be generated by the conversion, and the Captial Expenditure (‘CAPEX’) required for the conversion to offices of the required calibre as per Fund objectives.Once the property has been deemed as suitable by the Fund Manager and acquisition is complete, the RE Asset Manager will ensure that the execution of the property conversion in line with the architectural plans, CAPEX and timeframes agreed, to ensure returns are maximised.Amongst the RE Asset Manager’s first direct actions will be the appointment of a Property Manager, who may be part of the in-house team or a third party, to undertake the day to day functioning of the asset. The Property Manager must be involved from the start of the project, ahead of any construction works to ensure procedures are put in place and agreed internally before any actions are taken by leasing agents to attract prospective tenants.Furthermore, the Property Manager will identify any pre-existing problems (e.g., undocumented consumption of utilities due to absence of utility meters) and act to resolve them well in advance. The Property Manager may also weigh in on the construction works in terms of phasing and developing handover protocols to enable partial occupancy where applicable (i.e., if a multi storey conversion from residential to a commercial building).The RE Asset Manager will also appoint and oversee the involvement of a Project Manager, who again may be part of the in-house team or a third party, to deliver the refurbished works on time and inform the RE Asset Manager of any potential delays which may impact the investment returns, requiring adjustments to the leasing strategy.The Fund Manager will actively monitor developments once the building works have been agreed and commenced on site through reports prepared by the RE Asset Manager, concentrating on attracting leasing agents to market the property and securing tenancy contracts. Property Managers will again be involved, dealing with queries from prospective tenants.Amongst the key objectives given by the Fund Manager to the RE Asset Manager is the maximisation of rent and return of properties owned by the Fund. Therefore, negotiating contracts with estate agents, and implementing a strategy to both attract and retain tenants is crucial. To do so, the RE Asset Manager needs to assess external factors in the wider real estate market to assess competition and trends in the office space sector, and determine the approach in terms of tenancy length, renewal periods and other relevant commercial terms. These are then reported to, and discussed with the Fund Manager, who will in turn factor in micro/macro-economic factors before taking any necessary decisions. The results of insights provided may also be incorporated into the periodic reporting to investors.Upon completion of building works, Property Managers will shift focus to the needs of committed tenants by assisting them to move into the building, following up on communal areas, implementing preventive maintenance and any ad-hoc requests. In doing so, the Property Manager maintains close rapport with the RE Asset Manager, as the latter will be responsible for communicating the operating expenses (OPEX) for this workstream to the Fund Manager. Such provisions are important, especially where unforeseen expenses might come about as in an extreme weather event, in providing justification should additional funds be required.The ongoing responsibilities of a Fund Manager will be then diverted to mitigating liabilities and risk, where applicable, and ensuring availability of necessary liquidity to cover both expected or unexpected expenses or Fund level liquidity requirements such as redemptions, distributions, or expenses.Real Estate Funds require a great deal of work on the development and subsequent management of properties, however the benefits of having an integrated team across the various workstreams cannot be underestimated. Asset, Property and Project Managers provide the Fund Manager with the necessary expertise on demand to ensure all relevant factors are presented for consideration.An integrated team allows for quick responses where conditions dictate, be that on account of external factors such as market factors or asset related ones. An end-to-end real estate solution improves the likelihood of return maximisation by the Fund Manager and of course investors, through smoother communication channels, established relationships, common internal procedures and reporting, and reduced expenses.By Alkis Hajittofis FCA, CFA, Executive Director, Resolute Investment ManagementMelios Price, Supervisor of Property Management, REInvestPanos Hadjichristofis, Director, Resolute Asset Management

January 21st 2022

Important Factors for Property Appreciation

Real Estate properties are an asset class that could potentially (while real estate does tend to appreciate, there are no guarantees) provide, to individuals, a high return of investment.One way of securing a good return is by using the property to collect rent as a landlord. The other primary way that landlords earn money is through appreciation. If your property appreciates in value (we will be looking at how, further on), you may be able to sell at a profit or equally important, to borrow against the equity to make your next investment.In real estate, property appreciation refers to the change of value of a property over time. There are several factors affecting the margin and time frame of property appreciation, the most important of which are discussed below.Property Improvements through property’s features, amenities, and upgrades influence its value. By features we refer to characteristics or fittings that set the property apart and by amenities facilities to provide comfort and convenience to occupiers.For Commercial Real Estate (CRE) this would refer to a few conveniences such as the energy efficiency of the building, the presence of conference facilities, reliable and fast internet connection facilities to enable remoting working across different jurisdictions. Access and ease of parking for clients as well as security and concierge services are often deciding factors in sourcing an office space and as such provides an owner a competitive advantage. Auxiliary facilities to the main function say for an office would be an outdoor/break out space as well as the provision of a cafeteria for the staff. Furthermore, the design of an architecture and the interior of the property can also play their part in price appreciation.In residential properties the improvements would have a range across all the property rooms, such as the example of the dining room where the relationship to other rooms (Dining/family and Dining/living combination) could prove to be deciding factors in renting such a property. Other notable features would be outdoor features such as, swimming pool, barbeque area, garden, an outdoor kitchen etc. Renovating a home’s kitchen could potentially add to its value upon completion. Completing a basement construction, adding a guest bathroom, or upgrading heating/cooling infrastructure for private residences are all valid value-adding improvements.Asset Location, location, location. If the neighbourhood surrounding your property is growing, say in residential area where a high street is being created, adding new local businesses, and opening up more jobs while also offering facilities for homeowners, local house prices tend to increase. If the community is struggling, i.e. crime rates are on the rise, businesses are closing or relocating to other more affluent districts, it usually results in depreciation of the specific property.Infrastructure development and new road transport networks improving connectivity are also a significant factor. As these are often changes taking place across longer periods, monitoring of how the location inherent value is modified is always crucial. Potential homebuyers cite local schools, job opportunities in close vicinity, shops and entertainment choices as the most important factors.Market conditions play an important role in property appreciation as well as the wider area of real estate market dynamic. As a rule of thumb, if properties of a similar size and condition to your own, are in high demand in your area, value will go up. On the other hand, if availability of similar homes rises in the market, value will go down.Lending rates and current interest rates and future trends play a crucial part for real estate appreciation. By providing low borrowing cost to investors and buyers, such as current local government initiatives, will encourage more potential buyers to enter the market. Consequently, generating more demand will create property appreciation. On the other hand, higher rates will reduce the pool of buyers, stifle demand and result in property depreciation.The overall economy (including macro indicators such as employment, population growth etc.) has an effect to a more global scale. When the economy performance is weak and consumers are under pressure, real estate tends to be less in demand. Oppositely, when the economy is strong and employment is up, you often see appreciation rates rising. What is being witnessed locally at the moment is an investment in real estate as a way of maintaining the purchasing power of capital by depositors who have not had good returns from depository products combined with increased inflationary pressure. The inflation hedging capability of real estate stems from the positive relationship between gross domestic product (GDP) growth and demand for real estate.Why choose REInvest as your Consultant?Advice how to showcase the property strong pointsAssist in assessing what are key improvements that could be value addUndertake improvements related to Energy Performance and issue of the adequate Energy CertificateProvide insights through its reports (on website) of the outlook of the marketExecution of remediation works in accordance with terms and conditions of the planning and building permitsGeorge EnglezosGeneral ManagerREInvest AGY Ltd

January 5th 2022

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