A Holistic Approach

June 19th 2022

George Englezos, General Manager of REInvest, explains how the company uses its over four decades of experience and extensive portfolio of properties to provide clients with a wide range of real estate investment options and services | Gold Magazine – June 19th 2022

Your company represents properties throughout Cyprus and provides real estate-related services around the island. What are some of Cyprus’ most significant real estate investment advantages?

Cyprus is a truly advantageous location when it comes to real estate investment. To begin with, the island itself is geographically positioned in a valuable location: at the crossroads between East and West. As a member of the EU, Cyprus offers investors a secure, stable environment, while simultaneously providing a gateway to the Middle East and beyond. For those looking to increase their passive income through real estate rental, the island has one of the highest and most stable real estate yields in Europe. In fact, rental returns are high for both residential and commercial rental properties. REInvest can assist in maximizing the return on their investments through proper project and property management.

As well as high rental returns, Cyprus offers a favourable tax policy for real estate investment, as well as one of the lowest corporate income tax rates in Europe. The island is also a fast-growing hub of commercial, industrial and real estate development. In fact, as we can see from our major urban hubs such as Nicosia and Limassol, international businesses across all key industries are currently choosing Cyprus as their base thanks to its optimum corporate conditions. In turn, this thriving business sector helps further drive real estate opportunities. And then there is Cyprus’ attractive climate and rich diversity of both natural and urban landscapes, with a great variety of things to do for people from all walks of life. All these add up to make this a very attractive place to invest in real estate. Of course, there is also a huge range of choice when it comes to available properties and with REInvest’s extensive portfolio of locations, there is an attractive proposition for any business or individual investor.

Are specific areas of Cyprus of particular interest to investors? Do clients prefer certain locations for commercial properties and others for holiday homes?/p>

Every district and destination in Cyprus is attractive to investors but each for different reasons. For example, the main urban hubs of Limassol and Nicosia offer advantageous commercial and residential investment opportunities. Another popular investment in Nicosia is in student housing, which offers a high rate of return for landlords looking to earn a passive income. On the other hand, Larnaca, Paphos and Famagusta attract the vast majority of foreign investors linked to the tourism and hospitality sectors. Furthermore, non-EU individuals can always take further advantage of their investment and apply for Permanent Residency.

What are some of the ways in which clients can benefit from REInvest’s four decades of experience in the sector and its holistic approach to the services you offer?

Well, first of all, our 40+ years of experience are a benefit: with REInvest as their committed real estate partner, our clients benefit from having a team of dedicated real estate experts on their side! The company was founded in 1980, so over the past four decades, we have amassed a vast amount of knowledge in property management and real estate services. However, our clients benefit from more than just our expertise. They also benefit from our unique approach to the market. Not only do we take a friendly, customised approach, tailoring our bespoke services according to each client’s individual assets, projects and portfolio; we also take a holistic 360° approach to our services. So, whether you are a buyer, seller or renter, we can oversee the full process in a bespoke way that meets your needs and requests. Further benefits include our dedicated team of 30 property experts, who are always on hand, going above and beyond to support your every need and share their local know-how and extensive market knowledge. This means that our clients are taken care of every step of the way. Our team will guide them through the complexities of the purchase process and handle the mountain of paperwork, while taking care to spot any hidden costs and potential problems, thereby minimising the client’s exposure to legal property risks. As a proud member of Resolute Group, with an international presence in 10 countries, REInvest can definitely benefit its clients. Committed to staying ahead of market trends and tech advances, REInvest uses the very latest technology to accrue data-driven market research. This, in turn, means that our clients benefit from sustainable value driven results and advantageous deals. At the end of the day, all our clients benefit because we save them time, money and energy, while removing every cause of stress.

Tell us more about some of the urban landmarks in your portfolio, such as City Plaza in Nicosia. Today we also have an unrivalled portfolio of diverse locations, which is undoubtedly another key benefit for our clients. Why?

Because we offer them the widest choice on the island, as well as exclusive access to off-market property listings, meaning that we’ll always find the ideal property for each and every client. In our diverse portfolio, our clients and investors will find some of the most desirable properties and hidden secrets in all of major hubs across the island. These include some iconic urban landmarks that make for exclusive investment opportunities. One of these is, indeed, the City Plaza building on Makarios Avenue in the heart of Nicosia. An easily recognisable part of the cityscape, City Plaza is a prominent commercial building, exclusively for sale with REInvest. The investment opportunity here lies in the recent major revamp and development of downtown Nicosia, which has restored the area to its former glory as a commercial hub. As a result, City Plaza can offer very high yields as an appealing investment opportunity. The building currently features 74 commercial spaces that can be unified to form bigger units and create a desirable business centre in the heart of the capital.

You mentioned earlier that, in addition to real estate agency services, REInvest also specializes in Property and Project Management. Tell us more about this.

Yes, we deliver a holistic range of services, two of which are Property and Project Management. In terms of Property Management services, we work with tenants, owners and investors, offering an A-Z of premium calibre services. These include a detailed review and remediation of the existing documentation of a property or plot, building administration, title deed and energy certificate issuance. We will also oversee the general management of leased properties, managing rent, maintenance, complaints, contracts and lease enforcement. In addition, we offer risk assessment services, inspecting properties and managing insurance, health and safety and funds. When it comes to Project Management, REInvest’s team is experienced in managing any development, town-planning or real estate project from start to finish. This includes issuing title deeds, managing construction, refurbishment and renovation, creating technical briefs, appointing third party contractors and consultants, and overseeing the relocation of corporate operations from one property to another.

Generally speaking, how would you assess the recent development of the real estate sector in Cyprus and what do you anticipate for the years ahead?

The termination of the Cyprus Investment Programme (citizenship by investment) has affected the cities that handled the most applicants: Limassol first, followed by Nicosia, Famagusta, Larnaca and Paphos. Today, without the CIP, the market is considered ‘healthier’ and is based purely on the performance of the property and property appreciation. If construction costs are not differentiated, they will definitely affect the market for newly constructed buildings in the near future. We also anticipate increased interest in the resale market, while demand for the rental of commercial land residential properties is also expected to increase in the coming years. Based on Resolute’s data- driven review of Cyprus’ market transaction dynamics in 2021, transaction volumes have now started to increase again following the 2020 slowdown. In 2020, the number of transactions was 15,115, whereas in 2021 this figure rose by 28% YoY to 19,284. Meanwhile, residential and land assets are driving market activity, while activity in the commercial and industrial segment is minimal.

INCREASE BY VALUE INCREASE BY VOLUME
67% in residential 54% in residential
23% in land 40% in land
5% in commercial 3% commercial
5% other 3% other

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