Investment in real estate in Greece or Cyprus is the purchase of an apartment, house or villa for the purpose of owning or making additional profit. The latter can be achieved through the renting or renovation of the real estate and its subsequent sale. Investing in the European Mediterranean real estate has always been considered profitable. However, due to the influence of COVID-19 on the world economy, many of its industries are no longer so confident of a stable future.
Nevertheless, if you are thinking about investing in the real estate of Greece and Cyprus, but cannot decide to do so, do not hesitate. This investment option will remain relevant and safe after COVID-19. Understanding several factors will help.
Increased number of buyers and investors
• The pandemic has had a negative impact on the economy, namely, on many businesses. Their shares had fallen, resulting in inflows of funds from investors seeking to buy securities at record low prices. As far as real estate buyers are concerned, during the COVID-19 period there was no decline. People continued to buy properties for sale, especially apartments that were ready for living.
• This trend will remain unchanged for the next few months, as restrictions will gradually be lifted in various cities. The economy needs time to recover. To increase market demand after a pandemic, prices and interest rates will remain low. The real estate market in Cyprus and Greece will follow this tendency. Therefore, investing in housing will be the right choice.
• The world has experienced epidemics and recessions before, but sooner or later the recession ends. Market volatility is always short-term, so investors with long-term assets have no cause for concern. In addition, every investor is aware that investing in commercial real estate (long-term investments) brings more benefits than short-term ones. This is why the purchase of real estate in Cyprus and Greece is a profitable project that will remain so after the coronavirus.
Uncertainty drives action
• During the period of self-isolation, many people have lost confidence in important aspects of their lives: job stability or living in rented accommodation. People have realized the importance of investing in property as a source of income, as well as the opportunity to obtain safe housing. The purchase of a house or apartment in Greece or Cyprus guarantees a stable and long-term profit, therefore it is a promising investment.
Evaluation of real estate
• Real estate has steadily increased in value over time, and returns on investment increase if the house is taken care of. In the purchased house you can make cosmetic repairs, which will increase its value. After all, the appearance of a property is a factor to which tenants and buyers pay significant attention. Thus, the acquisition of a property does not necessarily end with the purchase. Renovating a house is also considered a profitable investment.