Most people buying property in Cyprus focus on the view, the location, and the price per square metre. Viktoria Iatsiuta wants them to focus on the memo.
Viktoria Iatsiuta is CEO of MySpace Real Estate and Vidi Group. In this interview, she speaks from the inside of a market she has helped navigate, running both an agency and a development company through one of the most turbulent periods Cyprus real estate has seen.
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Today, MySpace Real Estate is ranked among the top five agencies on the island according to leading developers, with a catalogue of over 9,000 properties across residential and commercial segments. The company’s approach, as she describes it, is not just property selection. It is full investment support, from business modelling through to legal protection.
One of the most pressing challenges in the secondary market, she says, is on the legal side. Properties are sold with different memos (the legal documentation attached to a property), and buyers don’t find out until complications arise. In other cases, the land itself is mortgaged, something that doesn’t always surface through preliminary due diligence.
“This is why having a professional real estate agency and legal team is essential to protecting a buyer’s interests,”
she says.
It is not a niche problem. It is, she suggests, one of the most common ways serious transactions go wrong.
The market has changed significantly in recent years. Geopolitical instability has driven a new category of buyer to Cyprus, one looking for a safe jurisdiction rather than merely a second home or investment. “Cyprus, with its stable jurisdiction, has become especially attractive,” she says. The demand is not only from Russian-speaking clients as it was a decade ago. It has been joined by buyers from Israel, Lebanon, and China, as well as growing interest from India and South Africa. Foreign buyers now account for around 35% of the market, including buyers from the UK, Germany, Scandinavia, Ukraine, and the. The 65% who are Cypriot tend to focus on the economy and business-class residential property. Premium and luxury demand, she says, comes largely from international buyers.
Another change in the market has been in terms of pricing. As of Q1 2025, Limassol leads the market at an average of €4,000 per square metre in the primary market and €3,500 in the secondary. Paphos sits at €2,800 primary and €2,400 secondary. Larnaca and Nicosia are broadly similar at €2,500 to €2,600 primary. Entry-level residential properties start at €80,000 for a studio in Larnaca, Paphos, or Nicosia; in Limassol, the floor is €160,000. At the top end, luxury starts at €6,500 per square metre, with ultra-luxury at €12,000 and above.
What today’s buyers ask for has also altered. Location remains a top criterion, but it is no longer sufficient on its own. “Today’s buyers are far more discerning,” she says. Social environment, quality of finishes, ergonomic layouts, smart home systems, solar panels, and energy efficiency are now factors that serious buyers raise. Guaranteed returns and built-in infrastructure, including fitness centres, security, and managed services, are increasingly part of the brief.
When asked about advice for potential investors, her advice is to start with their goals. “Understand why you want to invest in property, whether it’s for personal living, generating income, or obtaining residency. Once your objectives are clear, choose a reliable partner.” The legal support, she adds, is a must. It is the part most buyers underestimate, and the part most likely to decide whether a transaction holds or falls apart further down the line.
Viktoria Iatsiuta is a guest on the Future Makers Real Estate Series. The full conversation, including her outlook on the Cyprus market over the next five years and the investment model behind Melrose Villas, is available to watch now.
Future Makers: Real Estate Series follows Cyprus real estate from the inside. The conversations cover demand, pricing, negotiations, and the legal details that decide whether a deal holds or falls into the cracks.
A production of The Future Media.
