Surge in foreigners buying property in Cyprus

  • 13 years ago
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Sales of property to foreign buyers in Cyprus rose by 19 per cent in April thanks to new property laws and improving consumer confidence in the country.  Sales to overseas buyers have risen across the first quarter of 2011 and the country’s property market finally looks set to emerge from a difficult period.

Sales to overseas buyers up 19 per cent in April 2011

Figures from the Cypriot Department of Land and Surveys show that a total of 151 contracts were officially deposited by overseas buyers in April 2011 compared to 127 in April 2010.

The data showed that the resort of Famagusta fared particularly well with sales to foreign buyers during the month increasing by 175 per cent.

Total sales to overseas buyers in Cyprus have increased by over 16 per cent year on year in the first quarter of 2011.  Sales in Larnaca are up 43 per cent whilst Nicosia has seen a 21 per cent rise.  Paphos sales are up by 12 per cent.

Russian and Chinese buyers snapping up property in Cyprus

Imperio Properties boss Yiannis Misirlis said that the island “is definitely experiencing a surge of Chinese and Russian buyers.”

Mr Misirlis Said: “There has been a noticeable percentage increase in business from Russian and China,” encouraged “by our system that makes overseas property buyers eligible for a residential visa. The Russians have been aware of the rule for several years now and like to take advantage of it. The Chinese are coming in ever-greater numbers now.”

Chris Hadjikyriakos from a leading Cyprus real estate agent agrees that buyers from Asia are helping drive the property recovery.  Mr Hadjikyriakos reports that Russian buyers now account for 60 per cent of the company’s total sales compared with less than 10 per cent just three years ago.

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