Us real estate firm plans cyprus expansion

Realty Group International, Inc. (RGI) has announced plans to expand into Cyprus.

The US company, which has offices in London, Paris and Rome among other world cities, is now setting its sights on the European island. The move will make it the first American realty to visibly do "substantial business" in the region, notes Cyprus Property News.

RGI has formed a partnership with Antonis Loizou & Associates (ALA), Cyprus' "most recognised and respected" property company, a deal that follows the discovery of large deposits of natural gas in the area, which have the potential to fuel economic - as well as residential - growth.

RGI owner and CEO Michael Fiscina comments: "Real Estate investors are looking internationally for new buying opportunities with a better return on their investments. Most of the investment opportunities from the US crash in 2008 have been exhausted, not as many deals emerged in 2014 due to the decreasing availability of short sales, foreclosures and higher market rate sales."