The market for Cyprus property sold to foreigners has been under severe pressure over the last few years, but a booming Russian economy has lead to investors from Russia supporting the market.
Sales of property in Cyprus have decreased by up to 70% in some areas, with coastal tourist areas the worse affected. Traditionally the British nationals supported the Cypriot property market, but although they still make up a significant proportion of sales they are for sure not the force they where 5 or 6 years ago. While prices have softened since the credit crunch, good properties with title deeds are now being snapped up by Russian buyers with an eye for a bargain.
Cyprus resale property specialist Cyprus Resales ( www.cyprusresaleproperties.com ) cover all nationalities, but concentrate their marketing on the Russian market. With offices in the 2 main Russian cities Moscow and St.Petersburg they are well placed to take the “temperature” of the Russian market with respect to purchasing property in Cyprus. Sales executives with the firm report, “We have a constant stream of quality enquiries from Russia. Some people seem to think that Russians are only interested in properties with golden taps, but nothing could be further from the truth; Russian buyers are intelligent buyers and property must be of good location, well priced and with Title deeds“.
Although Cyprus law limits all non-EU buyers to one property, companies are not limited to such restrictions. Many Russians are able to buy property in Cyprus with a wholly owned company, thus allowing them to legally own more than one Cyprus Property.
Limassol still remains the favorite destination for the Russian property investors; while the coastal town of Paphos is also doing well. Villas in Paphos are especially in demand in the areas of Kamares and Peyia in the hills. Property in Sea Caves and Coral Bay area on the coast is also receiving a significant interest.