Property has taken a battering in the last year but there are markets that are still attractive to second home buyers.
One of these markets is the Mediterranean island of Cyprus with AIM listed Dolphin Capital Investors leading the competition to provide innovative solutions to see through the slowdown.
Miltos Kambourides the Managing Director of DCI spoke with the London Daily News from Athens to outline his confidence that a new innovative “Share for Assets” scheme will prove to be a “win-win” for both the company and buyers.
“212 homes in Cyprus and close to 36 plots to build homes are being offered, the assets list is very clear and descriptive. DCI offers a limited opportunity to exchange shares for properties that have double the market value of that of the shares. So effectively anyone can buy theses homes half price.”
Dolphin acquired Aristo Developers in Cyprus, the largest property developer on the island last year; the asset base of Aristo was valued at 2 billion Euros.
“Aristo has a vast number of properties on its stock list. Effectively only 4 per cent of Aristo’s assets is for sale in this programme.”
The Share for Assets scheme came into effect this month and will run until 4 July.
Dolphin Capital has grown as a “large-scale” developer of residential resorts in South-east Europe which has interests in leisure-integrated residential resorts under development in Greece, Cyprus, Croatia, Turkey, Panama and the Dominican Republic.
Miltos Kambourides outlook for the property market is surprisingly positive by saying that:
“The bottom of the market was hit in January, February and March, we are now seeing increased demand people are beginning to spend and this upward trend will continue into the summer and the rest of the year”.