Asian and Russian buyers boosting Cypriot property market
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