CEI is a wholly owned subsidiary of Resolute Asset Management. Resolute is an independent specialist asset manager focused on advising owners and managers of distress commercial real estate exposures. Its mission it to ensure that clients maximise recoveries consistent with their timing parameters and risk appetite. This is achieved by combining rigorous asset management discipline and restructuring expertise with the deep experience of the team combining first class real estate principal investment, workout, legal and banking skills.
Founded in 2010, Resolute is active across Europe and the CIS with 6 Partners and 42 professionals of 12 different nationalities. The team has extensive experience in the NPL and REO workout and managing distressed assets and portfolios, with teams in Russia, Turkey, Cyprus, Greece, Romania, Bulgaria and the UK.
For more information, please refer to www.resoluteassetmanagement.com.
“We want to bring more transparency to the marketplace so that people make better decisions based on facts. Our aim at CEI is to provide a product for analysing and understanding the Cypriot market in order to assist clients to achieve their goals by reducing their risk.”
1. How liquid is the property market?
In trying to answer this question, Pavlos Loizou, Managing Director of CEI, found that there was a complete lack of information and robust data across all publicly available databases in Cyprus. Feedback from financial institutions and property investors was that they rely on the information provided by property agents, which in turn is typically a ‘gut feel’ of the state of the market or the probability of sale of a given property.
After two years of collecting information from the Land Registry, manually filtering thousands of transactions, and carrying out statistical analysis, the first version of CEI was built. This gave users the capability to analyse the Cyprus property market like never before, segmenting sectors, looking into specific geographical areas, and measuring liquidity for different price bands.
2. How to visualise these statistics so that users are empowered to make quick decisions?
Another year of development brought the digitalisation of Cyprus’ administrative areas – another first for CEI – and the programming of the CEI database and toolkit. The toolkit is basically a simple way to carry out searches into the CEI dataset, allowing results to be displayed either on a thermal map or in graphs. This information can then be used to make decisions or form part of presentations or analysis of specific projects or markets.
3. Would others benefit from a tool like CEI?
Companies collect and store thousands of datasets across various databases. This data usually remains there, without the company being able to utilise it in order to leverage the insight it provides, either as to how its clients make purchasing decisions, where their product is being sold, if their marketing strategy and sale strategy is succeeding, and so on.
Therefore, CEI has been developed as a logical system of processing the Land Registry’s dataset in order to extrapolate from it more accurate information as to the dynamics of Cyprus’ property market.