High rents and the expense of purchasing an apartment in Cyprus, particularly in Limassol, are among the major issues that young people confront nowadays. This is a recent problem that is of considerable worry to young couples who want to own their own house but lack the financial means and have great difficulty finding such means, especially while paying the exorbitant rents imposed by landlords.
LionGlobal conducted a study of first-time home purchasers, which revealed the issue. According to the poll findings, Millennials will become a dominating force in the Cyprus real estate market in the following years. Contrary to popular belief, young couples in Cyprus aged 25-39 desire to purchase their own property. For instance, 34% of respondents said they would like to own rather than rent since it is a more economical choice.
In actuality, however, the desire of owning a home is often limited by the lack of funds for the mortgage deposit needed by banks. After all, it is no secret that many young purchasers rely on the resources of their families to pay the deposit.
From ‘Generation Rent’ to ‘Generation Buy’
A solution to the problem would be to develop a plan that allows young purchasers to secure a considerable portion of the deposit. Similar plans are already in existence in a number of other nations.
In this method, incentives would be provided to encourage many renters to become purchasers, allowing them to realize their dream of owning their own house. Furthermore, this would assist to tackle the problem of excessive rents while also increasing the real-estate business. It is apparent that the market currently requires the development of new, modern homes with a design that includes, if feasible, 'green' characteristics, aimed primarily at Millennials, and priced affordably.
Are you a young couple looking for you ideal property? Our expert team would be happy to provide you with the support that you need. Contact our team at 77000111.