Cyprus sales surge as Russians move in

Cyprus is enjoying a surge in overseas property sales to foreign buyers.

Volumes increased by 19% in April as a total of 151 contracts were officially deposited at the Cypriot Department of Land and Surveys by overseas buyers … compared with 127 in April 2010.

Famagusta fared particularly well with sales to foreign buyers during the month rocketing 175%!
Unlike domestic demand, foreign demand for property continues to improve, perhaps encouraged by government statements that the recently amended laws will provide additional protection for consumers.

And BuySell Cyprus’ sales manager Chris Hadjikyriakos is seeing the same thing happen. Russian buyers now account for 60% of the company’s total sales compared with no more than 10% just three years ago, he says.