Northern Cyprus and Spain, the new areas of interest for real estate purchases by Romanians

Aurel Constantin 19/09/2022 | 15:02

Romanians’ appetite for real estate purchases outside the country’s borders is increasing this year by 50%, compared to 2021, according to Premier Estate Management specialists.

 

“Until this year, the interest was focused on local properties, in areas where rental demand was high, thus generating a very good investment yield, between 6-8%. The geopolitical context of 2022 has changed the focus to foreign markets, under the aegis of vacation homes, as well as for the purpose of renting them”, explains Andreea Comșa, Managing Director, Premier Estate Management.

The most numerous external offers encountered in Romania were those of developments in Dubai, but interest is also on an upward trend for other areas with tourist potential, such as Cyprus and Spain, the most sought-after being properties in residential complexes with easy access to beach, developments which comprise a number of facilities serving the properties in question, such as swimming pools, sports fields, jogging and cycling tracks, restaurant, cafes.

In North Cyprus, an area that has flourished in recent years from a residential and touristic point of view, a variety of new projects are underway, meeting the resorts’ principles in terms of facilities and functionality. The projects are generally large, with those located by the beach (400m, for example) starting at £77,000 for a studio and £96,500 for a one-bedroom apartment. Premier Estate Management extended its portfolio by representing one of the largest developers in Northern Cyprus, with projects such as Four Seasons Life or Querencia.

If we talk about the area of ​​investment interest in Spain, such as Malaga for example, we find here new developments, much smaller than those in Cyprus, located 500 m from the beach. The new developments include 1, 2, or 3-bedroom apartments, with areas ranging from 67 built square meters for a one-bedroom apartment to 123 built square meters for a 3-bedroom apartment. Prices start from 238,000 euros + VAT.

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