Cypriot developer kicks off €100,000 world cup promotion

The promotion, which was kicked off last week, could potentially see every buyer win €100,000 back on their purchase, presuming that the Greek football team perform well on the pitch. The deal is being run by Imperio Properties, located in Limassol, and applies to anyone who purchases one of their apartments this month - both foreign and domestic buyers.

Yiannis Misirlis, the developer's founder and Director, assures OPP Connect that they have taken steps to limit any risk of loss in the event of a win: “The main reason we’re running this campaign is to boost the domestic sales, which are quite low right now, because of the lack of financing. But when property buyers see the prospects of a €100,000 payback, then they have a different appetite.”

Greece's World Cup team is in Group C and will face Colombia, Ivory Coast and Japan in the coming weeks - an obstacle that Imperio thinks the players can overcome. Indeed, the outlook is arguably more promising than Cyprus' property market.

The latest stats from the Department of Lands and Surveys showed that sales of Cypriot property climbed in March 2014 by 20 per cent year-on-year following a dismal year of plunging demand and prices. 70 per cent of transactions went to domestic buyers in March, though, suggesting potentially improving confidence in the island's economy. Limassol's domestic sales jumped 107 per cent, which could mean that Imperio has a significant bill to pay come June.
 
Any boost to sales can only be a good result, though, for the developer. Indeed, recent data from the  Cyprus Statistical Service shows that construction fell by almost 40 per cent in October 2013, while delegates from the Troika continued to hold meetings this month to tackle issues affecting the island's building industry.