Asian and Russian buyers boosting Cypriot property market

The Cypriot property market is beginning the long road to recovery, aided by interest from Russian and Asian buyers.

Overseas Property Professional reports that many local real estate agents have seen year-on-year increases in sales to foreign buyers in the past few months.

Yiannis Misirlis, of Imperio Properties, told the news provider that the island has seen a number of different nationalities take an interest.

He noted: "There has been a noticeable percentage increase in business from Russia and China 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."

According to the expert, Chinese buyers prefer apartments near the coastline and tend to put down a 50 per cent deposit with the rest paid via a traditional mortgage.

Source: Ibtimes.com