The Sotheby expands to Cyprus real estate
The Sotheby International Realty network founded in 1976 has more than 470 offices in the US, 29 in other countries and 9,000 sale associates. Their first office in Cyprus will be opened in Cyprus by the end of this year, with an elite 25 year licensing agreement and this is a move to cover the Eastern Mediterranean region. The Sotheby’s International Realty network provides influential brokerage to hook up the independent real estate companies to the esteemed consumers in the world.
The opening of new office of The Sotheby International Realty network signifies Cyprus’s appeal as an investment market is spreading across the world. Cyprus is no longer just a hotspot for investors from Western Europe and its reputation is rapidly growing in places such as US and Russia.
Recently The Sunday Mail described Cyprus as a hotspot for overseas investors, including holiday home buyers who want a residence for individual use. The publication added that people could enjoy historical sites, traditional countryside and Cyprus’ fantastic beaches all year round thanks to the favourable weather conditions. Michael R. Good, the CEO of The Sotheby International has said that their new development in this region comes at the time of the supreme economic growth for the region due to the booming tourist industry.
Cyprus’ appeal as a popular year round holiday destination makes the island a potentially lucrative market for rental property investors. Potential property investors are pleased to hear that house prices are raising by 15 and 20 per cent every year, those who have already invested stand to make a profit if they sell up in future.
Theo Vassiliou, general manager of The Sotheby International has said that their company is distinctively positioned to take lead of the luxury real estate growth in the eastern Mediterranean region.
This comes after the SaveBorrowSpend website predicted Cyprus could see a property boom and there would be price rises of up to 35 per cent this year.
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