By 2025, 70% of Property Buyers in Cyprus Will Be Millennials and Zoomers

Who will be purchasing property in Cyprus in the coming years? What will their demands and preferences be? How can developers meet these needs? These are the questions being asked by Cypriot developers. According to a forecast by Danos and Associates, a company specializing in real estate valuation and consultancy in Cyprus, by 2025, 70% of property buyers in Cyprus will be millennials* and zoomers.

* Millennials (or Generation Y) are people born between 1980 and 1994. The previous generation, Generation X, was born between 1960 and 1979. After the millennials come the zoomers (1995-2009), born at the turn of the millennium, followed by Generations Alpha (2010-2024) and Beta (2025-2039).

According to Danos and Associates, millennials and zoomers, born after 1980, are the most professionally skilled generations. They make up the majority of those working in finance and high-tech sectors. In the coming years, they will become the largest group of buyers with significant purchasing power, who will closely study the Cypriot real estate market.

Among the trends for the next decade, Danos and Associates analysts highlight the use of new technologies, which are becoming an essential part of the property purchasing process. By 2025, online tours of properties and Zoom meetings to clarify details will become increasingly popular.

"A more holistic approach to housing is needed. Discerning buyers/investors are very selective and pay attention to details, preferring eco-friendly properties that are close to communities using sustainable development practices and are pet-friendly," the analysts explain.

The further development of the Cypriot real estate market will be influenced by demand from executives and highly paid employees in high-tech and fintech companies, foreign investors, and expatriates who decide to buy a house or apartment to obtain Cypriot residency.

According to Kyriakos Kiliaris, Head of Marketing at Danos and Associates, it is necessary to study the needs of new groups of buyers, as well as international requirements for real estate within the framework of the "green" transition, with a focus on the viability and environmental friendliness of projects during construction.

"All stakeholders in the island's real estate market should promptly study new trends and jointly develop a strategic plan for the development of the real estate sector, rather than waiting until it is too late," Kyriakos Kiliaris believes.