Danos International Property Consultants & Valuers: Millennials and Gen Z to represent 70% of real estate market customers by 2025

Danos International Property Consultants & Valuers has outlined new data and trends as part of its S1 2024 Market Insight Report, including that “Millennials (Gen Y) and Gen Z are going to represent 70% of real estate market customers by 2025.”

Other trends include the impact geopolitical events and other external factors such as the European push towards a carbon-neutral economy have had on the local property market.

“It is a common finding that the war between Israel and Hamas, and the war in Ukraine have brought about significant changes in our daily lives and lifestyles,” the report notes, going on to add, “At the same time, EU regulations on moving towards a carbon neutral economy, push up the cost of buildings.”

“Combined with the hike of the cost of living, an increase in interest rates has also forced families and households to reconsider goals and priorities. There is increased demand in rentals which are more affordable,” the company underlines, while also pointing out that, “Cyprus, with the comparative advantages it brings together and the opportunities it offers, is an attractive destination for starting a new life experience.”

Danos International Property Consultants & Valuers also point out the increasing role of technology.

“Technology has become a very important part of the real estate purchase process, imposing the need for the highest standards in 2D / 3D virtual photos, videos and electronic tours. Shoppers now prefer virtual browsing visits, zoom meetings for further information and clarification, personalised videos that can be shared with family and friends, searching for services and favorite locations via Google Maps/ Google Earth, etc.,” the company explains.

All these changes have also impacted what clients’ expert from the real estate sector, Danos International Property Consultants & Valuers’ report suggested.

“The provision of many and important services and amenities has now become necessary. A more holistic approach to housing search is needed. Experienced buyers/investors are very demanding in their quest and emphasise detail, preferring properties that are environmentally friendly and close to communities that are committed to using sustainable practices and are family and animal friendly,” it explains.

“Finally, high-end buyers are much more demanding with experienced real estate brands that offer authenticity and trust, personalised management services, top online experiences and highly professional service that meets their needs and expectations,” Danos International Property Consultants & Valuers concludes.

The full report can be viewed here.