Russians Losing Interest in Real Estate in Cyprus

Россияне теряют интерес к недвижимости Кипра
21 September 2021 DOM LiVE

Russian investors began to actively buy real estate in Europe - the growth in demand for foreign square meters was facilitated primarily by the revision of the criteria for passport programs in a number of countries.

It is noteworthy that Cyprus is not the most popular destination for buying housing from Russians.

On the contrary, the demand for real estate in the country over the past year has dropped significantly among Russian investors. According to experts, the island was prevented by its ambiguous legal status.

By the way, the country, being a member of the European Union, is not included in the Schengen area. During the pandemic, it turned out that the residence permit of Cyprus did not allow free movement within the EU for a long time, there were serious restrictions. Therefore, even those Russians who already have real estate on the island and a residence permit in Cyprus began to consider options for moving to other countries.

Россияне теряют интерес к недвижимости Кипра

The largest number of requests for the purchase of real estate in Europe from Russians in September 2021 fell on Spain.

According to the information of the consulting company Knight Frank, in Spain, Russian investors with a fortune of more than $ 30 million are massively buying up commercial and residential real estate to obtain a residence permit.

An increase in demand for real estate is observed in Portugal, Montenegro and Greece, Great Britain, Germany, Malta, Monaco, France, Italy.

Analysts note that those who planned deals in late 2019 - early 2020 rushed to buy foreign assets, but were forced to postpone them. Experts state that the activity of Russian buyers of real estate abroad is now much higher than the pre-pandemic level. The increased interest is associated with a reduction in the volume of supply.

At the same time, it should be noted that there is a factor that reduces the activity of buyers - the rise in prices for real estate in many regions.

In addition, Russians have to compete for properties with other foreigners, many of whom are more mobile. Also, Russian investors are scared off by strict requirements for buyers - in a number of countries, banks are now requesting information on the origin of funds.

Россияне теряют интерес к недвижимости Кипра

If you are looking for a property in Cyprus, then contact DOM Real Estate portal. The website has a large selection of real estate objects - residential and commercial. Experienced agency specialists will be happy to help you make the right choice.
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