For 11 months of 2021, the demand for real estate in Cyprus among Russians increased by 30% and reached the record levels in 2019.
This was announced on Wednesday, December 2, by Barnes International Moscow.
According to the forecasts of the company's analysts, by the end of the year, the number of transactions for the purchase and sale of Cypriot real estate will exceed last year's figures by 35%, which will be facilitated by deferred demand, not realized due to last year's coronavirus restrictions. Moreover, in 2022, a drop in demand from Russian citizens for real estate in Cyprus is also not expected.
Among Russian buyers, cities with a coastal line turned out to be especially in demand in 2021: Limassol, Paphos and Larnaca. Protaras is also popular, where rich locals usually prefer to rest. Hubert Gallart, Managing Partner of Barnes International Moscow, noted that Cyprus recognizes the Sputnik V vaccine, which makes this country convenient for Russian customers.
We see that the buying activity in the Cyprus real estate market has already approached that which was in record 2019. The country recognizes the Sputnik V vaccine, which makes the island very attractive to many Russians. In addition, local authorities are doing everything possible to attract foreign investors and highly qualified specialists to the island. For example, from January 1, 2022, a new program will be launched in Cyprus, allowing you to obtain citizenship after five years of residence, and with knowledge of the Greek language - in four years instead of the current seven years, Gallart said.
It is worth noting that after the closure of the Citizenship by Investment program, the properties that give permanent residence in Cyprus are in the greatest demand: villas for 800+ thousand euros, apartments for 500+ thousand euros.
In addition, the demand for commercial real estate has sharply increased, including large multifunctional projects. At the same time, among buyers who want to get a "second home" on the island, there is still a demand for lots from 2-3 million euros. Despite the coronavirus pandemic, the construction sector is actively developing in Cyprus, there are more and more club projects with a closed territory, a swimming pool and compact apartments.
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