russian and chinese buyers revitalise demand for cyprus property
News Posted On: 17 May 2011
Large numbers of Russian and Chinese buyers are providing a valuable boost to the Cyprus property market, with the volume of sales recorded in April increasing by 19% when compared to April 2010. The property laws here were recently amended to give additional protection to buyers, and this could be partly responsible for the higher demand.
So far this year sales to overseas buyers have increased considerably compared to last year. Larnaca has seen the biggest increase at 43%, followed by Nicosia at 21%, Paphos at 12%, Farnagusta at 10% and finally Limassol at 4%..
Another reason for this increased demand from Russian and Chinese buyers is thought to be the eligibility for a residential visa. The Russians have been well aware of this fact for several years, but now it seems as if the Chinese are catching on too. The Chinese generally choose to buy apartments which are not on the coastline while the Russians tend to go for villas and apartments.
The Russians are generally cash buyers, as their interest rates are currently over 10% and they have a natural distrust of banks. They also want to invest their money somewhere they see as being a safe European market. In contrast the Chinese put down a large deposit of 50% or more and choose to pay the rest through a normal mortgage. As the cost of property is now around 30% less than in 2008 it seems likely that Russians will continue to buy property here. Another huge attraction is the good weather, which is a lot hotter than Russia.
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