Passionate about promoting Cyprus on the global stage, Jenny speaks to CIVITAS POST about the Cyprus Investment Programme. She delves into evolving priorities of private clients globally who are considering investing in Cyprus, especially during these times of global upheaval.
We undertake interviews with Leading Women in the industry which are published and distributed to industry players from Bogota to Bangkok. On Leading Women in Investment Migration today we are featuring Jenny Doolan, the Business Development Manager for Medousa Developers based in Cyprus.
Originally from the United Kingdom, Jenny is a Law Graduate from Liverpool John Moores University, but has lived and worked abroad since 2007, predominantly in Cyprus. Airspace permitting, Jenny spends the majority of her time travelling throughout MENA and Asia attending various industry expos globally and promoting the Cyprus Investment Programme to key stakeholders and investors. Passionate about real estate, Jenny has developed a reputation for her thorough insight on the Cypriot real estate market and fosters positive relationships with her clients globally.
The Cyprus Investment Program
Working for such a forward thinking and constantly evolving company like Medousa Developers really helps to drive me forward, as I have total confidence in our delivered product and this makes it easy to promote Cyprus worldwide.
Ms. Doolan is the Business Development Manager of Medousa Developers, based in Cyprus. She is a renown global speaker on the Cyprus Investment Programme and advocates the benefits of investing in Cypriot real estate to an expansive network of international clients and associates.
Welcome, Jenny. We are pleased to have you on our Special Feature for Leading Women in Investment Migration. You have been promoting Medousa Developers in Cyprus throughout real estate and investment migration expos globally, could you provide us with a brief introduction into the company?
Thank you, it’s a real privilege to have been asked to feature. Medousa Developers is a well-renowned property developers and construction company based in Paphos, Cyprus. We have been established since 2002, and began our journey constructing many large-scale commercial projects.
Due to the volume and quality of projects, we proudly hold an exclusive Grade A construction license, the highest available in Cyprus. We have built up a wide and diverse residential portfolio of various projects ranging from luxury villas and apartments to tailor made, custom design projects.
Our niche is providing modern and contemporary properties with unique designs, built to the highest of standards. We offer a boutique service and believe the smaller, finer details are what really count.
We deliver eye catching properties that really stand out.
Cyprus has had a commendable approach to managing the Covid-19 crisis thus far. As airports begin to lift restrictions, do you anticipate that foreign investors considering real estate in Cyprus will begin visiting the island for property inspections in Q3 2020?
We would certainly hope that this will be the case. Both international airports in Cyprus will open again this week, and Cyprus will be permitting entry to visitors from various countries in stages, depending on their status regarding Covid-19 at that time.
Of course, time will tell and at this stage nobody can say for definite what lies ahead, but the fact that Cyprus has been officially voted the 5th safest country in the world to travel to in 2020 and the government have handled the situation so effectively means there is certainly a feeling of confidence instilled in those looking to visit us here. Now it’s mostly just down to logistics.
Judging from conversations with our existing and potential clients and associates around the globe, several have stated their intention to visit as soon as travel permits, and we certainly look forward to welcoming them here.
What lies ahead for the Cyprus citizenship by investment programme?
After the government ‘haircut’ that was imposed in 2013, Cyprus suffered economically but has recovered resiliently ever since. It could be argued that the Cyprus Investment Programme also contributed to this successful economic turnaround by attracting substantial foreign direct investment into the Cypriot economy.
Do you anticipate that the Cyprus Investment Programme’s (CIP) framework will be revised, updated, or changed to draw in more foreign investors funds now?
In your opinion, what lies ahead for the Cyprus programme?
Cyprus is a resilient and determined country with a strong and growing economy. Global media has recently highlighted the many advantages of the CIP to foreign investors, proving Cyprus has something to offer every investor’s need and requirement. Business opportunities, tax advantages, excellent healthcare and education, EU membership and an asset-based investment, to name a few.
Last May 2019, the CIP underwent a major review and a number of positive changes were implemented, adding heightened due diligence and a government donation in order to create a more robust programme for investors. So, I do not feel the programme needs to undergo any more monumental changes at present.
However, the government have recently vowed to speed up application review times, which is a welcome move. In my opinion, the CIP will continue to go from strength to strength in the future.
Read more: Sold Out: Is Cyprus Really at its tail end?
Tourism in Cyprus
As a beautiful island that attracts millions of tourists to its shores, Covid-19 will certainly impact the number of tourists that can visit Cyprus and as a result, the number of properties that can be rented out on vacation/short term rentals.
What weight will this have in foreign investors’ minds, when considering investing in a beachfront property in Cyprus for the next 5 to 10 years?
As with everywhere worldwide, tourism has been affected in 2020, but we don’t predict a long-term impact, certainly not one affecting real estate investments.
Cyprus tourism bookings for 2021 are already at a record high and there is a current drive to increase domestic tourism. Due to the geographic layout of the island, investors don’t need a beachfront property to generate a return.
For example, Paphos is a coastal city, so wherever you are the sea is nearby. There are many fantastic projects available in the surrounding areas, at a significantly lower cost than would be charged for a property on the front sea line.
With a government-restricted storey-limit on buildings and strategic positioning, apartments and villas with balconies and beneficial features like a roof garden will normally benefit from a panoramic sea view anyway. These kinds of projects continue to be in demand for rentals and sales.
Real estate in Cyprus
Historically, which markets have you identified as the ‘hottest’ markets for the Cyprus Investment Programme (CIP)?
Due to its strategic position and multiple advantages, Cyprus has been a favoured investment choice by many different nationalities, but I guess you could say clients from Russian and Chinese markets have been notably key investors historically, and still continue to show interest now.
In more recent years we have noticed an increase in clients from South East Asia, Africa, the Middle East but to be honest, as Cyprus is such a diverse place to invest with so much to offer, we have pretty much had clients from every corner of the world!
How else has Medousa Developers adapted and adjusted during this global lock-down period?
The lock down in Cyprus was implemented quickly, so fast action was required to find solutions to continue carrying out business as usual.
Thankfully, we had already built excellent relationships with many associates around the world, so have maintained them with the help of modern technology.
We adapted by offering virtual inspection tours, delivering webinars, and holding regular video calls with both associates and clients using the various tech facilities we have at our fingertips these days.
Medousa have been able to successfully offer clients the opportunity to invest remotely, which has been supported by the government making certain allowances to paperwork being submitted at a later stage, such as the Schengen visa requirement.
It has been a great opportunity to review our current working methods and explore new, more efficient processes.
Global Investment Migration trends
Moving forward, do you expect that the pandemic will create a greater demand for ‘Plan B’ investment migration solutions globally?
What markets do you expect will show the greatest interest in the Cypriot real estate market and citizenship investment programme in the future?
I believe that now more than ever people are considering their Plan B for the future. However, people’s needs and primary motives have changed.
Their primary focus no longer seems to be the freedom to travel visa-free, even though Cypriot Citizenship can provide access to over 170 countries, but rather the focus and interest is on future opportunities, protection, and stability.
Cyprus has a stable and growing economy, political stability with a democratic government, EU access and future education and business prospects, and for those looking to relocate it’s a beautiful place to live. There is something to appeal to every market.
It would appear that the world has gone indoors and yet become ever more virtually connected. As a successful business development professional, how have you felt about the transition to ‘virtual’ expos, webinars, and online seminars?
In your opinion, how important are face-to-face meetings, when onboarding a new client?
At Medousa Developers we put a lot of emphasis on delivering high levels of customer service, so for me it is much more personal to meet a client in person, to discuss confidential details and I find it easier to build a relationship in a face to face meeting.
A friend of mine often teases me that I am the female version of George Clooney from the movie ‘Up in the Air’ due to my well- known preference of simply jumping on a plane and travelling to meet with clients face to face as opposed to virtually, and I probably still do hold this preference to some extent.
However, this situation has proved that thanks to modern technology and applications such as ‘Zoom’, nothing is impossible!
It pushed us all out of our comfort zones, encouraged us to maximise use of the tools we have available and showed us that the old ways of working are not necessarily the only ways to do business.
Women in Investment Migration
You have been on the global stage at expos and on panels, highlighting the Cyprus real estate projects available and the benefits of the Cyprus Investment Programme. What drives you most about the work you do?
Prior to my current role, I graduated in Law in the United Kingdom, after graduation I moved overseas and spent many years predominantly in Cyprus managing, recruiting, training and coaching employees for a large organisation, particularly focused on delivering high levels of customer service.
I just love interacting with people, learning about new cultures, promoting Cyprus and when I joined Medousa Developers I was pleased to develop a new-found passion for real estate.
I can now combine my legal studies, interpersonal skills and management background to promote my interests.
Working for such a forward thinking and constantly evolving company like Medousa Developers really helps to drive me forward, as I have total confidence in our delivered product and this makes it easy to promote Cyprus worldwide.
You liaise with clients from every corner of the world. In your experience, what is the main reason that most often motivates them to ‘close’ on their investment in Cyprus?
The motive to invest in Cyprus varies, depending on individual needs, but I would say clients can see the potential in both Cyprus and their investment for the future.
Being a Cypriot Citizen opens up so many opportunities not just within Cyprus but within Europe, and the application process is just ~6 months.
Regarding their investment, we can say with confidence that when clients see the quality, finishes and prime location of our projects, they can immediately see the potential for capital appreciation, and that they are making a valuable, and secure investment for the future.
It is a sizable investment, but it is a tangible asset and provided clients choose wisely, they can see the potential to make a great return.
Travel and business go hand in hand in this industry. How have you adapted to being ‘grounded’ so far, are you looking forward to being in the skies again?
Well after spending most of last year overseas, it has been a novelty to be based in Cyprus for so long.
I have established a routine, had the opportunity to reintroduce myself to family, friends and colleagues (as they were all starting to forget what I looked like) and a big advantage of the restriction being lifted is that I’ve been getting out exploring the island, so I have fallen in love with Cyprus all over again!
This country is full of surprises, so just when you think you have seen it all, you stumble across a new dreamy spot.
From a business perspective, I have been able to review our projects progression, undertake some online learning, re-evaluate my working methods and thoroughly plan my next step.
But yes, I am ready to go again now! I am eager to get back in the air, immerse myself in other cultures and catch up with our global partners again.
Beyond the joys of business travel, what are some challenges/issues you’ve experienced in working on-the-go as you’ve traveled from one location to the next?
Ah, well the joys of business travel can certainly come with its challenges!
The logistical issues have ranged from cancelled or delayed flights and trains, crazy traffic jams, extreme weather conditions, missing luggage, lack of internet connection, blocked bank cards, I could go on.
From a business perspective there are challenges such as rescheduled meetings, adjusting to time zones, finding time to catch up on admin and follow ups, and too many “lost in translation” moments to count. But I have to say, as challenging as these moments can be, they are also part of the fun.
You just have to prepare as best you can, graciously accept and appreciate the support of the people around you and those assisting remotely, and when the going gets tough try to channel your sense of humour and laugh it off!
Finally Jenny, in a few words, as we’re sure peers, associates and potential clients will often ask you the same question. Why Cyprus? Why live in Cyprus? Why invest in Cyprus?
Three short questions with the potential for a super long and answer…so I will try to combine and keep it brief!
Cyprus the safest small country in the world, it is located in a very strategic position between continents acting as an accessible gateway to travel all over the world, it’s a member of the European Union and it’s in an excellent position geographically, economically and politically.
As a place to live it provides beautiful surroundings, the possibility to enjoy an outdoors, safe and healthy lifestyle, and endless future opportunities.
As a place to invest, it provides high quality real estate investments that will consistently increase in value, with the added bonus of the investor being able to become an EU citizen and enjoy the many benefits that goes with this.
I could go on, but happy to give more insight to anyone who would like to hear more!
Thank you, Jenny, concise but insightful feedback on the myriad of benefits of investing in Cyprus.
For questions about the Cyprus Investment Programme, please contact Jenny Doolan on jenny@medousadevelopers.com or contact her on LinkedIN. For more information, please see Medousa Developers.
“Your value will be not what you know; it will be what you share.”― Ginni Rometty – CEO of IBM.
