Property sales boosted by Russians

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Annual property sales in Cyprus were boosted, with Russian buyers still at the top of the list, despite sanctions on Moscow following the war in Ukraine.

Talking at the 5th Property Show, the Land Registry director, Elikkos Elia, said that despite problems created by the war, Russian buyers have a strong interest in Cyprus property.

He said Russian buyers are by far the first on the foreign buyer’s list, followed by the British.

In third place are buyers from Israel, who prefer properties on the coast, with Larnaca as their first choice.

In fourth place are Greeks, in fifth are Lebanese, followed by buyers from Germany, and Romania, while buyers from China are eighth in line.

In ninth are buyers from Ukraine, while making up the top ten are buyers from the Netherlands.

“Cyprus remains a safe investment destination and attractive for foreign buyers and investors, as it is one of the few developed countries that does not impose real estate tax, while property prices are very attractive for what the country offers,” said Elia.

Meanwhile, Cypriots still prefer buying a home over renting.

Incentive schemes for revitalising specific areas, such as Nicosia’s old town and rural areas, have boosted sales to Cypriots.

According to the latest Land Registry data, sales documents filed in January-February were 2,222 units from 1,907 in 2022, recording an annual increase of 17%.

Compared to pre-COVID 2019, real estate sales are still rising at 39%.

Elia said the contribution of the real estate market to the economy is crucial, noting that almost every year, 20,000 transactions worth over €4 bln take place.

He emphasised that housing loans were on the rise last year, as 14,489 mortgages with a loan value of €3.29 bln were granted.