Investing in Cyprus: Expert Insights with Anastasia Yianni

In this episode, we sit down with Anastasia Yianni, CEO and Partner of Cyprus Sotheby’s International Realty, to explore the evolving real estate landscape in Cyprus. With over 24 years of experience in residential, commercial, and large-scale investment projects, Anastasia shares expert insights on why Cyprus continues to attract international investors, high-net-worth individuals, and lifestyle buyers.

We discuss the island’s strongest investment opportunities, emerging locations, market trends, and how Cyprus compares with other Mediterranean destinations. Anastasia also shares her perspective on luxury real estate, sustainability, and what the future holds for Cyprus’s property market.

From smart investment strategies to long-term market outlooks, this conversation offers valuable insights into the Cyprus real estate industry and so much more.


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Transcript

SPEAKER_00 0:00

In this episode, we welcome Anastasia again me, CEO and partner of Cyprus So the Bees International Reality, to discuss Cyprus's real estate market, investment opportunities, and future trends. Welcome to the episode eight of the Farishamas Podcast.

SPEAKER_02 0:18

Anastasia, I'm so happy we finally got around to doing this. It's been ages. We've been talking about doing this podcast for months, months and months. Monsieur. And we're both busy ladies. So to find uh that time and our schedule, it's been crazy. So I can't wait. I can't wait to talk about this because as the CEO and partner of International Southern International Cypr no, one minute. I'll say it right. Southern Cyprus Sotheby's international realty. Benever. So I mean, you're the CEO and partner. That's a big deal. How did Sotheby's decide to come to Cyprus? And how did you get involved?

SPEAKER_01 0:57

You know, I think it all happened very naturally. But again, like most things in life, it just like they just happen. And actually the story started when I was still working in perfidia. Okay. I've been working in real estate in Cyprus for 24 years. So have you been living in Cyprus for 24 years? For 25. 25. Yes, wow. The first year I was actually working in the hotel. No way. Yeah. And then the career brought me to real estate.

SPEAKER_02 1:26

Remember that.

SPEAKER_01 1:26

Not in your hotel. Oh, okay. I was gonna say no.

SPEAKER_02 1:30

Yeah, I know my memory's bad, but that's amazing. You see, everybody has a hotel story. I think so. We could have done this on hotel talk, actually. But anyway, here we are on the Forest Mask podcast.

SPEAKER_01 1:40

Here we are. So I was working in Perfilia at Minthis, and actually I sold the house to the owner of the franchise of Moscow, Cadabis International Realty. Wow. So we became friendly.

SPEAKER_02 1:53

Which says a lot for someone in real estate in uh Moscow to decide to come all the way here and invest in Cyprus. That says a lot. Yeah.

SPEAKER_01 2:04

Definitely, definitely. So then uh I was working for them while I was working in Pophilia, closing with Pophilia, their clients. And then I made a decision that I want to leave, I want to move towards my own business, towards a different career. And when I made this decision, I got a proposal to work as a closing party for Moscow, Sotheby's International Realty. And after a couple of years, we decided to reach out and get the franchise for Cyprus. And when we did that, I became a partner of that wonderful business.

SPEAKER_02 2:41

Amazing, amazing. Well, it's definitely a huge thing. I mean, Sotheby's is a world-renowned brand, and it means a lot that they chose to establish themselves here in Cyprus. So we're definitely all very excited.

SPEAKER_01 2:53

You know, I remember because it's not that easy. You actually need to make a case for the country. You need to make a case for you why you will be the best representative of the brand. Because, yes, we carry a very big legacy with a name. So I'm very happy that we won that, that we opened in 2019, and this year we already celebrated six years of our presence here in Cyprus. Wow. And you opened just before COVID.

SPEAKER_02 3:24

My goodness, how was that?

SPEAKER_01 3:26

That was horrible. But you know, at the same time, I often think when I reflect back, I think that that was the best thing that happened to me as a manager. Because before, if you remember, it was all quite easy, meaning that we had Cyprus citizenship by investment. People were coming, they were coming on the brand. So it was a completely different way. And then COVID hit and we closed the island, and then the citizenship program was cancelled. So basically, we just opened and we had to go to complete zero, and not even zero, I would say minus, because I had to create completely new strategy. But because of this hardship, I think my path as a manager developed completely different. And that was the big uh big part of our success.

SPEAKER_02 4:26

Absolutely. It's failure and hard times that make us who we are. So Cyprus is a global investment destination. Let's talk about that. So if someone's looking at Cyprus from abroad, why should they consider Cyprus as such a strong and stable place to invest right now, at this time?

SPEAKER_01 4:46

You know, I think there are so many reasons why, but of course, being part of the global network, I understand that we are not the only one. You know, when you're in Cyprus, it's very wonderful to think, oh my god, we are the best. Cyprus is the only place on earth. It's not quite true. There are many other destinations, but Cyprus definitely stands out with a combination of several things. Like, you know, one, for sure it's lifestyle. You know, you cannot argue there are many other tax places, but Cyprus offers a very special lifestyle for families, for someone who likes a bit more laid-back structure, so a lifestyle plus amazing taxes, plus an amazing business place that is becoming now with educated workforce, with so many other things. And I think that a general atmosphere in Cyprus now is a happy atmosphere. So basically, you move your money, you move your family to a happy place that still has lots of potential. I think these are one of the main keys.

SPEAKER_02 6:04

Yeah, absolutely. Well, I'm definitely biased, so I love Cyprus. I think it's a great, a great place to live and work, um, for sure. So there's a big thing when people come to our island, obviously they want the sea and they look at the sea. And so many people want to be as close to it as possible, which is understandable. And you must get lots of people coming with that dream. But frontline v non-frontline properties. So what would you say in today's market, is the frontline still worth that premium? Because I know in Limissol it's crazy. The difference between being south of the beach road or just a bit above it, I mean, the prices can halve sometimes. And it's I mean, it's crazy. So um do non-frontline homes offer better return sometimes? Is frontline still worth it because location, location, location. What's your your view on that?

SPEAKER_01 7:00

You know, I wouldn't call the frontline as investment if you want to get rental return, because in many cases, return will not be percentage-wise as good as uh with more business style properties. Okay. I would say that the seafront is always more like a lifestyle and trophy asset, meaning that we do not have more frontline, and there is something very special that when you come out and the sea is right there, it makes a difference, even though we always say, oh, just like five minutes, if you sit in the car, it doesn't matter. But you know very well that there is something very romantic when you sit on the balcony and the sea is there, there is nothing between you and the sea. When in the morning you can go and swim without crossing the road, so there is always this element of attraction.

SPEAKER_02 7:55

And also health-wise, and breathing that sea. I mean, some would say that's priceless in itself. Of course.

SPEAKER_01 8:02

So, you know, I would mainly put it their lifestyle, their benefit for you, and the budget constraints. Because definitely, Cront always have premium. So if your budget is constrained, then maybe it's not worth investing. But if you have an open budget and you really want to enjoy to the fullest, I would say go for the seafront.

SPEAKER_02 8:29

And also, as you said, um, you know, people can it's it's what they want. It's what if somebody wants that and they can afford it.

SPEAKER_01 8:38

You know, lots of people, of course, like the wealthy people, they say, you know what, what we're looking for that I come out in bikini and my towel and I go to the sea. That's the thing.

SPEAKER_02 8:51

Yeah, absolutely. So um, location, location, location. I just said that. And so what areas should we watch out for? Um, can you walk us through the different areas of Cyprus? There's obviously the regions of Limusor where we are now, but there's Nicosia, Larnaca, Paphos, Farmagusta area, where there's Ayanap and Brodaras. Um, and maybe we can share which areas are currently the strongest for investors and why.

SPEAKER_01 9:17

You know, here Cyprus, I would say, is a very interesting case because even though each and every area, and they talk about big regions, like you know, Paphos, Limusol, Larnaca, Famagusta area, they are so different. The energy is different. The uh people who like the areas, completely different type. But with all this variety, percentage-wise, return is more or less the same. Oh, really? Amazing. You know, of course, within the area, of course, you will see.

SPEAKER_02 9:53

Because the prices are very different. I mean, we know limousol has always been more since well in the 80s, which we laugh now. Oh, it was so reasonable back then. But comparatively with what people earned, it was expensive. And it it was always more than Paphos and Lanica. Yeah, then the rent's more, so I guess.

SPEAKER_01 10:11

But the rent is so you know it's it's amazing. And I've done this exercise many, many, many times. So again, it's what you like. Because even when we we love to say, oh, investors, they only go with numbers. In Cyprus, not so much, or I would say very small percentage of investors, they don't consider emotional factors. In most other cases, people say, Yes, I am buying for investment, but I don't like this area. And we're like, but guys, it's the numbers. No, I don't like the area. So in Cyprus, it's always a combination of numbers, return, and feelings. And the percentage, more or less, is the same.

SPEAKER_02 10:57

And also, I mean, I don't know, but I'd say from what I know definitely of the Limissol real estate market, yes, you might get that return from renting when you own something. But the actual value of the asset is going up and up and up and up. And especially we're talking about seafront. I mean, that's that there is no more land on the seafront. That's it. So it's only rising. And I feel like we're on this plateau that's about to go boom as well. However expensive it is, I feel it's only going more because of the demand and the lack of the availability of anything else to develop.

SPEAKER_01 11:30

Now you said you mentioned the word that is for me is Alpha and Omega of everything supply and demand. If we have demand, if Cyprus still attracts wealthy individuals who are ready to pay for these assets, the prices will go up. If we do not have these people, the prices either stay, because especially with the luxury market, luxury market, luxury segment is not that sensitive to the small uh plateaus. People can wait. Yeah. You know, like that's the difference between the sellers, like we have desperate sellers, or we have sellers who say, you know what, if it doesn't sell, I'll wait. I'm okay.

SPEAKER_02 12:18

I'm okay. That's true. Really, really good point. So um, the best type of investments for today, um, from your expert point of view, what are the smartest real estate investments in Cyprus today? I know it's different internationally, but we're talking about this beautiful island. So are we talking residential? Are we talking luxury, commercial, short-term rental properties? What would you say if somebody came to you now and said, Look, I don't want my money in the bank and I don't want to put it in stocks and bonds, I need some real estate. Find me something.

SPEAKER_01 12:51

Maybe I'm a little bit nerdy, meaning that I like to go deeper into details with every request. Because it's like with doctors, there is no one medicine that fixes all the things. And the same with the approach, because there are so many things that we need to consider, like your personal lifestyle, how much money you have, how long, what is your investment horizon? Uh, do you want to get out quickly and make money fast? Do you want to keep your money and get the flow of income? So there are lots of issues, and for everything, there is a solution. But let me try to give maybe like the sort of general recommendations. So imagine that you have lots of money. If you have lots of money, I would recommend to go into JV with a developer and become a partner in the development project. Because there you will benefit from everything. You get a share of the profit, you can be part of the growing cycle. If it doesn't sell, you enter very early, you can keep renting. So I think that this is the biggest return. There, we are talking about return on investment in very high numbers. But for this, you need more money because you cannot be like you cannot be an investor if you have like one million. You need to definitely invest more. If you have a bit less, I uh personally being uh a woman and I think women are more conservative, for Cypress I would bet more on residential. And the reason being that now commercial is showing amazing results, but commercial thing is connected so much with our economy and with uh other factors that sometimes can be unfavorable. Like I think we all understand very well. Let's say another country now makes, I don't know, a killing decision and will say that for all the AT company there is no tax at all. Imagine the situation. The financial guys in those companies will do calculations and say, you know, guys, let's do it. It's work for us, let's go up and leave. What are we going to do with commercial? Residential, I think, because of the sun, because of the sea, because of the lifestyle, people will still be living. So if we want to be more conservative, I'd go for residential.

SPEAKER_02 15:26

Interesting, interesting. And within that, what would you go for a house or would you go for an apartment?

SPEAKER_01 15:33

Here, let's be again, let's look at the numbers. And the numbers say that there are more sales of apartments, which show that the demand for the apartment is higher. Again, guys.

SPEAKER_02 15:46

Why is that? Is that because people are more price sensitive or it's because it's easier to lock up and leave?

SPEAKER_01 15:51

Umbination. But I think that one thing for sure, it's easier to lock up and leave. You don't need so much maintenance.

SPEAKER_02 16:00

Maintenance, true.

SPEAKER_01 16:01

Okay, it's also more neutral. You know, like for investment, it's again, you know.

SPEAKER_02 16:08

Although the common expenses are quite high in the newer build. So it's probably the same house with apartment in a more luxury.

SPEAKER_01 16:15

I well, again, now I wouldn't if we go again strictly investment, return on investment, I would be more careful with luxury as well.

SPEAKER_02 16:27

Okay, so you'd go for more mid-range.

SPEAKER_01 16:30

Yeah, look, look, this is the rule, you know. If you want, again, if you're not risk taker, if you're risk taker, of course, you can go there, but you can either win big or you can lose big. With the more middle ground, you know, like our statistical curve, it always goes like that. Yeah. So like if you're conservative, if you're not running after big numbers, you stick in the middle.

SPEAKER_02 16:56

And what percentage should someone realistically be looking at? I know there's people now that they come and they say, oh, but I can get eight and nine and ten percent return if I put my money in X, Y, Z. And so they don't want to look at figures that are two, three, four.

SPEAKER_01 17:10

But what is realistic? Realistically now, Cyprus is looking if you can see rental. I'm not talking about capital gains. Yeah. I'm not talking about growth because it can go quite a lot. But rental realistically for 5%.

SPEAKER_02 17:24

Yeah, I think that sounds reasonable. And now there's a very big financial debate going on between experts all over the world and in many, many books and on many, many podcasts to buy or rent. And again, as you rightly said, emotional factors play a massive role in this. But if we take that out, this is the big decision. So um, should people buy, should they rent? And based on specifically Cyprus's current financial climate, where do you stand on this discussion? Um, especially for expats or people moving to Cyprus now, maybe with families, what would you suggest as best? I'm in the buying camp. Buying camp. I'm in the buying camp.

SPEAKER_01 18:03

Because again, woman from a female, you know, like you know, you have your bricks, you know, it's it's not virtual, it's there, you can touch, you can rent. You know that no matter what happens, you will get the money. The market goes down, you rent it less. The market goes up, you rent it more. But you own the asset that is in itself growing in worth.

SPEAKER_02 18:29

Yeah. That I I'm in that camp. I know. I I've always stood in that camp as a woman as well, because it's brick and mortar and it's land. Like that's yours. So whatever happens in the world, that is that is yours. But for many people, I think, especially more of a male perspective, they crunch the numbers and they say, well, rent actually costs slightly less than a mortgage, and then your upkeep costs less because more is on the landlord, and then you can take that excess and invest it somewhere else. But realistically, does someone, it's like the thing of, oh, if I quit smoking, I'll save whatever, or if I, you know, don't go to the gym and I work out at home. But does somebody actually work out at home and invest? Some do.

SPEAKER_01 19:12

And you know, that's why wise men, forever and ever, the investment gurus, the people who make all the portfolios, they invest a big chunk in real estate. They do, yeah. But of course, they keep the others for more liquid uh experiments.

SPEAKER_02 19:29

Yeah, yeah, absolutely. It is a really interesting um conversation. But I think, yeah, for many of the experts I've listened to, they will invariably say, Yeah, but my wife wanted a home, she wanted the dream home, or even they say, I fell in love with this property and I wanted to own it. So emotion plays a big part. And also in in someone's happiness, which can you, you know, can you buy that?

SPEAKER_01 19:55

No, that's your no, and I think that's why I'm saying again, I think that Cyprus is a happy place. You know, you can be happier here, of course, provided that all your major, major things are covered, it's a happy place. And if you're spending it in a beautiful house, I think I don't know actually if anyone has ever done research, but I probably they should have done, like correlation of your happiness to the space where you live you're living in. If you're living in a beautiful apartment, I bet that your level of happiness is slightly higher if you're living in a horrible one.

SPEAKER_02 20:37

I think there are studies done on that, definitely on environment. It's so important. And also, well, I mean, definitely on the people you surround yourself with, but in an unhappy environment, like people, yeah, and they're healthier. So if they're in a place that they feel happy, that they wake up positive, that they spend the day more energetic with colours. That's why hospitals they do huge studies, that's why there's um always green in hospitals, like the colour you're wearing, because it makes you psychologically happier and emotionally. Whereas blue is a depressing. So however pretty it is, it can bring people down if there's you know the wall colours.

SPEAKER_01 21:12

You know, I actually now mentioned one word which I didn't mention when I was talking about the reasons why people are buying, and this is health. After COVID and new generation generally, I think they want to live forever, and I think they realize that here it's much easier to be healthy. And actually, we had a client who said that, you know, since I moved to Cyprus, with I always had money, so it's not their issue. But since I moved to Cyprus, I eat healthier, I drink less, I exercise more.

SPEAKER_02 21:47

So, like Yeah, even if you're going on the beach walk here, first of all, you're walking, and then there's so many outdoor gyms now. So many people stop and do a few squats, or it's just an amazing place, really, encourages that. And I think also when you're not wearing a ton of layers, you know, not only when it's warmer, you don't need this the stodgy and the high fat food, but you also, you know, if you're if you're wearing a t-shirt, you're more aware that, you know, you want to look good. It's not that you're under five jumpers and who cares if you've got a bit of a tummy.

SPEAKER_01 22:20

Not only that, you know, like uh as a mother living in the cold climate, imagine dress the child, undress the child, took in the car, dress, undress, dress, undress. Yeah, you need to say, yeah, exactly.

SPEAKER_02 22:36

That has it's so true. So let's talk about market trends and high net worth buyers. So, what kind of buyers is Cyprus attracting today? Because that's obviously changed after our financial crisis and then with COVID and now with the several wars going on around the world. So, are you seeing more high net worth individuals or digital nomads or retirees or families moving, as we said, for lifestyle reasons? So, what what do you see now more in Cyprus?

SPEAKER_01 23:07

You know, I've seen all of these phases, and I would say that now the market is probably the healthiest that I've ever seen. Oh mean knock on wood, but what I mean, the healthy, that there is a healthy demand. Oh, healthy demand. Okay, people know why they're coming. It's not artificial, it's not some false promises, it's actually very real reasons why they come. And we can see first, I would say that we have a huge increase in geographies, meaning that there are people from so many countries. Yes, and nice. We're such it's more diverse now. It's more diverse just this year. I was looking at statistics of our company. We have buyers from more than 27 countries just this year. And we have traditionally lots of families, we have lots of young generation moving, or people who moved to Cyprus to work and now they're buying. So we see high net worth individuals again, very uh, very clear typology of high net worth individuals for whom Dubai is a bit too too Dubai-ish. Yeah. So they prefer word, I love it. Yeah. Dubai-ish. Yeah, so they still want to have a good tax country, but at the same time to have this homey feeling, to have this feeling of nature being nice, uh, following the values, the family values. I think it's easier to keep in Cyprus than in other countries. And there is high demand because so many countries have now uh war on wealth. So the wealthy people, they're looking for a better place to live. Yeah, and feel comfortable.

SPEAKER_02 25:00

Yep. One of my favorite topics now, sustainability. So I was having a conversation recently with a friend who's an architect, and it was so fascinating to hear about how homes can be designed to be more sustainable from the actual material chosen to how where the windows are, to the shaded areas, to where the sun hits. Um, so I want to talk about that sustainability architecture and the future. So luxury real estate is changing worldwide. How are sustainability, design trends, and technology shaping the future of high-end property in Cyprus? And also mid-range property in Cyprus.

SPEAKER_01 25:43

I would say that in Cyprus we're not there yet where we could be. And uh, but at the same time, I would say that the high-end real estate or higher mid-range, they're the ones leading the way because sustainability is still expensive. So, like when you put more sustainable options at the moment, it pushes the price up. So that's why when we're looking about more affordable housing, we do not see many elements. But the higher you go, the more elements you see. And I really love that the clients ask for that. You know, like from simple things like photovoltaics to more things about the choice of materials, to the quality of water, quality of air. There are more and more requests like that. And I love to see when developers and architects implement these trends.

SPEAKER_02 26:42

Absolutely. I think it's fascinating. Um, so what's the common mistake that investors make in Cyprus?

SPEAKER_01 26:50

Uh I think that it's uh probably like everywhere else, they go with unrealistic expectations. First, it's unrealistic expectations, then not thorough research. Many people come and they say, okay, well, Cyprus is such a small market. You know, I invested so much all over the world. What can be different? Trust me, with a small market, lots of things can be different because little things can matter more, and mistakes are less forgiving than in the big market. So they don't do enough research, they become a bit arrogant with their own knowledge, they don't go to professionals, and then they're surprised. Like, why didn't I get these returns? I would say these are the factors. That's so interesting.

SPEAKER_02 27:39

And um, what property that you've seen recently or maybe sold recently has absolutely amazed you?

SPEAKER_01 27:46

Uh, you know, I'm so lucky to see so many amazing properties that it's sort of uh not that easy to pinpoint one.

SPEAKER_02 27:56

Yes. What are the aspects of properties that still amaze you until today? Because you see so many. So what do you still get into and go, wow? For me, it's still the view.

SPEAKER_01 28:08

For me, it's still this moment when you enter the house and your breath is taken away because you have this, especially when it's while uh wide windows, when you have an infinity pool, you have the sea, the greenery. For me, greenery is very important because that's one thing I miss a little bit in Cyprus, the greenery. So I think that, and then I am always amazed with the quality of finishes. Because I think one thing that we have point of growth in Cyprus is the attention to details.

SPEAKER_02 28:43

Absolutely. We had that when we were building our tower, and I was so on top of them. So, and many people bought from us because they said we've seen so many, but the finishes here were better.

SPEAKER_01 28:52

Of course. You know, you can have a house two, three million, and your sockets, your plugs will be not straight.

SPEAKER_02 28:59

Yeah. It's crazy. It's crazy.

SPEAKER_01 29:02

It's crazy, but that's what we have.

SPEAKER_02 29:04

And it's interesting you say about the green. Like I know in our tower that we built, I mean, it was views for 12 floors of amazing views, but the lower ones, and many people opted for that. And even now, guests that choose to stay here, because they say until that, let's say the first, second, third, they see the sea, they get the view, but they have the green as well. Whereas the higher they go, it's just the sea. And it makes a difference. It's very important.

SPEAKER_01 29:32

That's why your tower is so successful because it combines all the elements that you need for high-level investment, whether for personal use or for investment. You have the sea, you have the greenery, you have attention to the details, and you have services and infrastructure. We didn't discuss that, but you know, now more and more we can see people who they they take it that it has to be. You know, they don't want to have amazing property with no services. They would rather go to a tower with the high-level infrastructure because they're used to it.

SPEAKER_02 30:15

Yeah, yeah, it does, it makes a huge difference. So if somebody had, let's say, 300,000, what would you advise them to invest in or buy?

SPEAKER_01 30:26

Okay, three again, let's imagine. Like I always I do lots of webinars because I believe in education, and when I talk about liquidity and investment, I always say that imagine that you have the same apartment and you just move it between the cities. Okay, so if you move it to Limassol, prepare that you will need to pay more. You move it to Puffers, it will be a little bit less. You move it to Larnaca, a little bit less. Nicosia, even more, a little bit more less, so to say. So if I had 300,000 and I want to use it for investment, for investment, I would go for a two-bedroom apartment. And probably well, I think with 300,000 in Limusol, it will be tricky. If I find 300,000 in Limassol, I would go for Limusol because rents are higher, even on the outskirts. If not, I would go because I'm from Puffers, so I have to be loyal to my to my city, I would go to Papas. Interesting. If you had half a million, if I have half a million, I would go uh Limosol and Puffers. With 300, I would consider Larnaca if I can find something near the sea, because there the prices will go up.

SPEAKER_02 31:53

Yeah, interesting. And what about if you had a million?

SPEAKER_01 31:57

Oh, million? For like you know, I sound very strange. It's still Limusol and Puffers. Yeah.

SPEAKER_02 32:04

There you go, everyone. It's so true though, because um, yeah, it is just amazing places. So, how is Cyprus competing with other Mediterranean markets like Greece, Malta, Spain? We do the full circle because you mentioned that at the beginning. You know, we're not the only place in the world, even though we think we're the center. So, how would you say we are?

SPEAKER_01 32:24

You know, it's interesting because I just came from the meeting of all the owners of the uh Europe, Middle East, India, and Africa meeting of Sotheby's International Realty, and I had a chance to talk to many of them. Most of them are doing pretty, pretty well. And the interesting thing that it just like we attract different clientele. Oh, really?

SPEAKER_02 32:48

We attract different clientele.

SPEAKER_01 32:49

I love that.

SPEAKER_02 32:50

So we're not all it's not all the same mice with the same buttons of cheese. It's different.

SPEAKER_01 32:55

I love that. And uh like the event took place in Italy, and of course, the real estate there is different. Yeah, like this year they've done their uh most expensive sale uh in Sardinia, if I'm not mistaken, 163 million for one property. In Cyprus, we do not even have these properties. Tell me again, 100?

SPEAKER_02 33:21

I think 163 million for a residential estate, yes. Estate.

SPEAKER_01 33:29

I think my mind blacked. I've also just blacked in Italy, Sardinia. Wow. Oh, let's say Dubai.

SPEAKER_02 33:36

I mean that's like buying a huge hotel, but it's a property, your personal property.

SPEAKER_01 33:41

Dubai, hundred million, ninety million, eighty million, seventy million. They in Cyprus we cannot sell these properties because these properties do not exist.

SPEAKER_02 33:58

Crazy. I mean, these are crazy figures. We're shocked here when there's something for you know 15 million is a huge amount. And it still is. I mean, let's not undermine it. That's a big amount spend on a home.

SPEAKER_01 34:10

Actually, it was interesting because I was asked to speak at this meeting, and you know what uh topic I had? Success in challenging markets. So I think it's so challenging.

SPEAKER_02 34:26

Wow, amazing. So, okay, let's end with your vision. What is Sotheby's vision for the next five or ten years? Where do you see Cyprus's real estate market heading in the next decade? And how does Sotherby's plan to contribute to the island's growth and international appeal?

SPEAKER_01 34:47

You know, my vision or my wish for Cyprus real estate is to uh be more beautiful. You know, I really want architects to become more creative, you know, not to just build the white blocks, the white windows, to use a bit of creativity, you know, to make Cyprus uh aesthetically pleasing.

SPEAKER_02 35:14

Yeah.

SPEAKER_01 35:15

You know?

SPEAKER_02 35:16

We have, I mean, we've seen a massive change in Limassol from oh, the horrific blocks that went up when I was a child, the 80s and 90s, they were just so standard. And now we have some beautiful buildings. Even a lot of the towers, they're just very elegant. The oval, it's so interesting. So that yeah, we do definitely.

SPEAKER_01 35:37

The change is definitely there, but my wish is to keep it going. Yeah, my wish is also maybe to have a slightly better town planning, master planning, you know, again age old, age old topic. But you know, my wish is that people when they come to Cyprus, they fall in love, not only because of the sun and the sea, but also because the cities are beautiful, the buildings are beautiful, livable, quality is increasing. And as uh uh Anastasia personally, with all my knowledge, yeah, we're as Cypress Setherby's International Realty, I definitely want to share my expertise to make it happen.

SPEAKER_02 36:24

I love that. Okay, I'm gonna go to the bonus questions. So my other podcast, hotel talk, I always have the staff contribute. But in this case, I've got um people over yeah, Instagram. Wow. So we do the story, and then and then I ask them what they want. Ah, okay, this is an interesting one. So I asked at the beginning of this uh podcast a story. Um, they can ask anything they want.

SPEAKER_01 36:55

So some I'm so excited that there are questions.

SPEAKER_02 36:58

I know. Well, someone here's obviously a student, and they've said, what's your view on student accommodation? And um, yeah, is it getting better? Uh I know there was an issue with that, wasn't there?

SPEAKER_01 37:11

There was an issue, and I still think there is an issue. I do think that this is something that we can improve, and this is a big niche because Cyprus is developing as the center of higher education, so we do need to provide better accommodation and guys, student accommodation, amazing investment.

SPEAKER_02 37:32

Amazing investment, right? I love that. Well, and then there's another one that came in that said, if as a mom, if I'm investing for my child for the future, what's better? Land or apartment?

SPEAKER_01 37:49

Ah, that's a very, very good question. And I think here, as a mom, you need to uh decide what do you want. If you want to have a steady flow of income, but it will require some work, meaning you need to find the tenants, you need to do the upkeep, then of course it's apartment. If you just want to have an asset that, if chosen wisely, uh increases in value for your child, then land. At the moment, we do not have any taxes on land, so you can buy the land, forget about it, and then in the future, your child will benefit from the growth in value.

SPEAKER_02 38:32

And maybe build a home there or maybe build it. Yeah, yeah, yeah. Interesting. Thank you so much. And as you loved it, I loved all everything you've shared with us. Thank you so much. This has been so interesting for everyone, and I wish you every success and keep doing what you do because you make Cyprus real estate a better place.

SPEAKER_01 38:50

Fara, thank you so much for the invitation, and I enjoyed our conversation so much because all the questions were something that I think people need to know. So thank you.

SPEAKER_02 39:01

Thank you so much. Thank you for being here.