Viktoria Iatsiuta has built a reputation as one of Cyprus’ leading real estate executives, steering MySpace Real Estate as well as Vidi Group development company through a highly competitive market to become the island’s top agencies. With more than 15 years of business experience, first in the dental industry and later in real estate, her journey reflects a keen eye for opportunity and a relentless drive for excellence.
In this exclusive interview with The Future Media, Viktoria discusses the trends shaping the future of Cyprus’s real estate market, MySpace Real Estate’s approach to growth, and why Cyprus continues to be an attractive destination for international property investors.
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Can you tell us a bit about your background and how your journey led you to become the CEO of MySpace Real Estate and Vidi Group development company?
My entrepreneurial journey began over 15 years ago when I founded and successfully developed a network of dental clinics, which I later sold. For the past eight years, I’ve been working in the real estate sector in Cyprus. During this time, I have successfully delivered five large-scale development projects in Limassol, established Vidi Group, a real estate development company, and managed MySpace Real Estate, a real estate agency. Today, MySpace Real Estate is experiencing steady growth and is ranked among the top five agencies in Cyprus, according to leading developers.
MySpace Real Estate has built a strong reputation in Cyprus. What do you believe sets the company apart from other real estate companies in the market, and what unique value do you offer to your clients?
Our strength lies in the synergy between professionalism and a genuine, client-centered approach. We don’t just offer property selection; we provide full investment support—from business modeling to legal protection, working with trusted real estate lawyers to safeguard our clients’ interests. We pride ourselves on always staying a step ahead in service, analytics, and results.
It is especially important to emphasize the significance of legal clarity in Cyprus real estate transactions. We have encountered many cases where properties, particularly in the secondary market, are sold with different memos (these are real estate legal documentation), leading to complications later. There are also instances where the land is mortgaged, which are not always identified through preliminary due diligence. This is why having a professional real estate agency and legal team is essential to protecting a buyer’s interests.
MySpace Real Estate has grown in a competitive market. What strategies have been most effective in driving your company’s growth, and how do you stay ahead of industry trends and competition?
Key factors driving our growth include process digitalization, an investment-oriented approach, and personalized strategies tailored to each target audience. We continuously analyze the market, participate in international exhibitions, and build strong networks of strategic partners.
Additionally, in Cyprus’s highly competitive market, reputation marketing and brand performance strategies are especially effective. This includes actively developing my personal brand as a real estate and investment expert, which helps build trust in the company and strengthens customer loyalty.
How have recent conflicts and geopolitical tensions affected the real estate market in Cyprus, and how have you adjusted your strategies in response?
The world has become more unpredictable, and we’ve adjusted our strategy accordingly. We’ve strengthened our due diligence processes and started implementing more robust investment models to help diversify our clients’ risks. Geopolitical instability has driven increased demand for “safe havens,” and Cyprus, with its stable jurisdiction, has become especially attractive. This demand isn’t limited to Russian-speaking clients; we’re also seeing buyers from Israel, Lebanon, and China. Clients from countries with geopolitical risks are particularly active and visible in the Cypriot real estate market.
Cyprus has long been a popular destination for international property buyers. What types of clients are you seeing the most interest in today? Are there emerging markets or regions where interest is growing, and why?
We’re seeing steady interest from European, Israeli, and Arab investors, as well as growing demand from China, India, and South Africa. Buyers are drawn to Cyprus for its safety, climate, tax benefits, and residence permit opportunities.
Foreign buyers account for around 35% of the market, primarily from the UK, Germany, Scandinavia, Israel, Ukraine, Russia, Lebanon, and the UAE. While Cypriots still represent the majority of buyers (about 65%), it’s worth noting that domestic demand focuses primarily on economy and business-class residential properties. Demand for more expensive, premium real estate comes largely from international buyers.
We’re also seeing increasing interest in affordable housing in Larnaca, resort properties in Paphos and Ayia Napa, and premium real estate in Limassol’s top locations, where infrastructure development is more advanced. Then there is the growing demand for quality commercial real estate, though this is primarily for IT and financial companies.
At MySpace Real Estate, what are the most common requests you’re receiving from clients right now? Are there specific types of properties, locations, or amenities that clients are particularly focused on?
Clients are primarily looking for quality housing, whether for personal or rental purposes. The most sought-after properties are premium apartments in Limassol and modern villas with sea views. There is also strong demand for properties that offer guaranteed returns and infrastructure: fitness centers, security, and smart systems.
Of course, the famous investor slogan from Donald Trump, “location, location, location,” remains relevant in today’s market, but not only.
Today’s buyers are far more discerning. They consider not only the location and views, but also the internal infrastructure of the development or community. Factors such as the social status of neighbors, the quality of materials and finishes, ergonomic layouts, and eco-friendly solutions like smart home systems, solar panels, underfloor heating, and energy-efficiency technologies are increasingly important.
What are some of the key benefits of investing in Cyprus real estate for both local and foreign buyers? On the flip side, are there any challenges or risks investors should be aware of?
The benefits of investing in Cyprus include a stable legal jurisdiction, low taxes, high rental demand, and the possibility of obtaining residency.
The main challenge lies in ensuring thorough legal checks, especially when dealing with properties on the secondary market. However, with the right legal support, these challenges are easily mitigated.
What is the average price of real estate in the current MySpace Real Estate catalog?
Our catalog features over 9,000 objects across both residential and commercial real estate segments throughout Cyprus. The average price varies depending on the type, class, and location of the object. In the residential segment, we cater to all categories, from economy to elite, in both primary and secondary markets.
For example, the most affordable residential properties start at €80,000 for a studio in cities like Larnaca, Paphos, and Nicosia. In Limassol, prices are higher, starting from €160,000 for a studio. On the higher end in Limassol, for instance, the luxury real estate market starts at €6500 per square meter, with ultra-luxury properties starting at €12,000 per square meter. It all depends on the client’s request. There are buyers with modest budgets, to those seeking iconic, elite properties valued between €2 million and €20 million. We also offer land plots for investment opportunities for various projects, including medical centers, resort real estate, residential buildings, and country residences.
In terms of average square meter prices by city, Limassol leads with the highest prices. For comparative analysis, here’s a breakdown of average market prices as of Q1 2025 (weighted average by number of transactions and sales budgets of residential real estate, including apartments, townhouses, villas):
- Limassol: Primary market – €4000/m², Secondary – €3500/m²
- Paphos: Primary market – €2800/m², Secondary – €2400/m²
- Larnaca: Primary – €2600/m², Secondary – €2200/m²
- Nicosia: Primary – €2500/m², Secondary – €2200/m²
- Ayia Napa, Protaras, Paralimni: Primary – €2800/m², Secondary – €2300/m²
For commercial real estate:
- Limassol: Offices — €3900/m², Retail — €4500/m²
- Paphos: Offices — €2300/m², Retail — €2700/m²
- Larnaca: Offices – €2500/m², Retail — €2800/m²
What is the expected return on investment (ROI) for investors in projects such as Melrose Villas, and how does it compare to the average ROI in the Cyprus real estate market?
The expected return on investment (ROI) for projects like Melrose Villas is significantly higher than the average ROI for the Cyprus real estate market, reaching 10-15% per annum (in euros), assuming a competent entry and management model.
This profitability consists of two key components:
- Capital appreciation: During the construction phase until the moment of commissioning, premium properties in Limassol demonstrate an average increase of 15-20%.
- Rental income: Villas with high-end finishes, located in prime locations, offer a consistent rental yield of 5-6% per annum for long-term leases and 7-8% for short-term rentals (depending on the season and operational management).
For comparison, the average ROI in the Cyprus real estate market by the end of 2024 was:
- 4-5% per annum for premium residential properties
- 5-6% for commercial real estate in top locations
- 3-4% for the secondary market
Projects like Melrose Villas stand out not only by their prime location in the center of Limassol but also by the quality of their architecture, social environment, and the predictability of expenses. These factors help reduce risks and increase investment attractiveness.
How has the rise of digital platforms and virtual tools influenced the real estate market in Cyprus? Has MySpace Real Estate embraced any technological innovations that are changing the way properties are marketed or sold?
At MySpace Real Estate, we actively use 3D room tours, virtual viewings, and CRM automation to save time and increase efficiency. We are also developing own digital tools for managing investment and rental portfolios.
Currently, we are implementing AI-based assistance for each property under our management, which is integrated into a Telegram channel to offer 24/7 support to clients.
As a leader in the real estate industry, what advice would you offer to new investors or those considering Cyprus as an investment destination? What key factors should they consider before deciding?
My advice is simple: Start with your goals. Understand why you want to invest in property—whether it’s for personal living, business purposes, supporting elderly parents, securing your children’s education, generating income, or obtaining residency. Once your objectives are clear, choose a reliable partner who can guide you through the process.
Focus on the location’s future prospects, liquidity, and tax implications. And never underestimate the importance of professional legal support to ensure a smooth investment process.
As a CEO, managing a team and overseeing operations is critical. How do you approach leadership, and what kind of company culture have you fostered at MySpace Real Estate?
I follow a “leadership through values” philosophy. At MySpace Real Estate, we’ve built a culture of responsibility, transparency, and continuous development. My mission is to create an environment where each team member feels part of a greater vision and has the opportunity to grow both professionally and personally.
Looking ahead, what do you predict for the Cypriot real estate market in the next few years?
We expect steady growth in the Cypriot real estate market, especially in the premium and rental segments. Factors such as ongoing infrastructure development, Cyprus’ potential EU Schengen integration, and increasing demand from emerging markets make Cyprus one of the most promising real estate destinations in Europe.
In terms of business growth and future expansion, what are your plans for MySpace Real Estate in the next five years? Are there any new markets, services, or innovations you are looking to explore?
We’re preparing to launch new development projects and expand our geographic partnerships. We’re also developing an investment platform with real-time analytics to create a full-cycle ecosystem for investors.
Special attention should be given to our most well-known project, Melrose Villas, located in the most prestigious Agios Tychonas area of central Limassol. This development was awarded what many refer to as the “Oscar” of Cypriot real estate, the award for Best Premium Residential Community in Central Limassol, presented by a renowned Russian magazine, Stil Gizni. Melrose Villas was entirely conceptualized and developed by our team, and we are completing it in a record time for Cyprus—just two years! Expected investment returns exceed 10% annually. It is a flagship example of how we combine strategic thinking, professionalism, and a deep understanding of investor needs.
