By Staff Reporter
US real estate company Realty Group International, Inc. (RGI) announced it plans to expand the company’s reach “into the upcoming boom in the European country of Cyprus”, recognising that Cyprus has “a massive potential for economic and residential growth due to a recent discovery of large deposits of natural gas, a recovering market and an underrated tourism destination”.
California-based RGI, with offices in Beverly Hills, London, Paris, Rome, Barcelona and Rio De Janeiro announced it has developed an alliance with the Cypriot real estate company Antonis Loizou & Associates (ALA).
Talking about the growth prospects and investment opportunities in Cyprus, RGI’s owner and CEO Michael Fiscina said that “unaware to most Americans, market research indicates that investors from other European nations, China and the Middle East are the primary participants showing interest in Cyprus, in part because its real estate investment laws allow for obtaining residency and citizenship in the European Union”.
“Investors who purchase property totalling €300,000 are eligible for permanent residency with visa-free travel throughout the EU; and now, through RGI, this includes Americans as well,” Fiscina explains. “These factors, and a real estate market that’s still reeling from the recent financial downturn, are the reasons why properties in Cyprus are about to be red hot.”
RGI’s consultant Hratch (James) Chaderjian said that “in addition with the discovery of natural gas and the American alliance forged for this endeavour, it is only a matter of time until the Cyprus economic market and real estate industry skyrockets. Along with the hydrocarbon industry and the tourism sector being greatly highlighted due to the state of the art developments such as the marinas, golf courses, commercial buildings, multi-family and single family residences—the super casino will be a significant deal in this region as there is nowhere else like this except for Monte Carlo and a project as such will dwarf it in comparison. The casino resort will be something the EU and the Middle East cannot experience anywhere else except for in Las Vegas, Nevada”.