In the fourth quarter of 2021, the demand for the purchase of real estate from Russian citizens increased in Cyprus.
According to the Golden Brown Group, Russians bought 60% more property on the island compared to the third quarter.
By the way, experts attribute this trend to the fact that “all the deferred demand in 2019, which was frozen in 2020 due to the coronavirus pandemic, switched to 2021”.
It is noteworthy that Russian citizens are buying up everything in Cyprus - from summer cottages near the sea to real estate that meet the criteria for obtaining a residence permit.
The highest demand among Russian buyers is for apartments worth up to 300 thousand euros and houses at a price of up to 500 thousand euros, which are located in Larnaca.
Many traditionally buy apartments in Limassol. In addition, Russians began to pay attention to real estate in the resort of Ayia Napa and Protaras.
Home buyers are looking for at least three bedroom options. The presence of a pool in this category is also a prerequisite.
It is worth noting that experts are confident that in October-December 2021, the demand for Cypriot real estate will also remain high, and by the end of 12 months it may even reach the level of 2019.
In turn, this may affect further price increases. Already, they have grown by 15-20%.
First, building materials, and at the same time the cost of construction, are becoming more expensive. Secondly, in the primary market there is a shortage of liquid projects for a residence permit in the budget of 300-500 thousand euros - in the last few months alone, developers have resumed the implementation of new projects after a long stagnation caused by the cancellation of the passport program and the coronavirus pandemic.
You can find profitable options for buying and renting real estate in Cyprus on the DOM Real Estate portal. The website has a large number of objects - more than 20,000 options for residential and commercial real estate. Choose and contact professionals who will help you make the right choice!
Photos: pixabay.com, DOM