Market overview for 2023.
Forlify team wishes you a Happy New Year and prepared a market overview for 2023.
The real estate market has undergone significant changes over the past 10 years. One of the most notable changes has been the increase in the use of technology in the industry. In the past, buyers and sellers typically relied on real estate agents to facilitate the transaction process. However, the rise of online real estate platforms has made it easier for buyers to do market research and see a clear picture of the market on their own.
Another significant change in the real estate market over the past 10 years has been the increase in the use of data and analytics. Online real estate companies are now using data and analytics to better understand market trends and make informed decisions about investments. This has made it easier for investors to identify opportunities and make more informed decisions about where to buy and sell properties.
The rise of the sharing economy has also had an impact on the real estate market. Companies like Airbnb have made it easier for people to rent out their properties on a short-term basis, which has led to a growth in the vacation rental market. This has had a variety of impacts on the market, including an increase in demand for properties in popular vacation destinations.
One of the most significant changes in the real estate market over the past 10 years has been the impact of the COVID-19 pandemic. The pandemic has had a major impact on the market, with some areas seeing a decrease in demand and prices, while others have seen an increase. The pandemic has also led to a shift in the types of properties that are in demand, with more people looking for properties that offer outdoor space and the ability to work from home.
Cyprus real estate market in 2023.
The war conflict between Russia and Ukraine had a significant impact on the real estate market in Cyprus. The market was not ready for such amount of buyers and investors.
It affected prices rise, as well as an increase in construction costs during post COVID period.
As a result, we have a bull market where demand is much higher than supply. The positive side is that companies and private investors relocating to Cyprus are now actively investing in the market, so many new build properties will be on the market closer to the end of 2023- the beginning of 2024.
The situation in energetic markets with increasing utility bills and remote workers amount increasing every quarter after COVID lockdown pushing people to think about relocating to a country with a warm climate and overall more pleasant environment. So we don't expect any decrease in demand in Cyprus real estate market.
As the price per sq.m. has been growing in Cyprus since 2013, and loan interest rates are increasing around the European zone, which in addition has a high inflation level, we advise you to consider buying a property as soon as possible, as safe investment for next few years.
General trends in real estate.
One trend that is expected to continue is the rise of remote work. The COVID-19 pandemic has accelerated the shift towards remote work, and many companies have announced that they will allow their employees to continue working from home even after the pandemic ends. This trend is likely to lead to an increase in demand for homes with features like home offices and good internet connectivity, as well as for homes in suburban and rural areas where it is easier to find space to work.
Another trend that is likely to shape the real estate market in 2023 is the increasing popularity of sustainable and energy-efficient homes. As concerns about climate change continue to grow, more and more people are looking for homes that are built with environmentally-friendly materials and that have features like solar panels and energy-efficient appliances. This trend is likely to lead to an increase in demand for homes that are designed with sustainability in mind.
Another trend that is expected to shape the real estate market in 2023 is the increasing use of technology in the home buying and selling process. More and more real estate agents are using virtual tours and other technology to allow potential buyers to view homes remotely, and this trend is likely to continue as the use of technology in the real estate industry becomes more widespread.
Finally, the real estate market in 2023 is likely to be influenced by economic factors such as interest rates and employment levels.