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Russians Are Actively Buying Property In Cyprus

Jun 13, 2019

The recent changes into the Cyprus Investment Program (CIP) rushed Russian citizens to buy immovables on the island. Demand analysis in the first quarter of the year shown 40.43% upsurge. Amendments to the CIP were announced in February and entered into force on 15 May 2019.

At the current time, in addition to a standard investment in the amount of € 2 million, the Cyprus authorities do require another donation in the amount of € 75 000 to the Research and Innovation Foundation. It is also worth to note that potential investors should maintain the investment for a period of 5 years.

Independent experts said that the recent changes to the CIP program caused exorbitantly high real estate demand. Foreign investors were afraid that Cyprus would completely close the program, so they hurried to participate in it. Ultimately, the changes turned up superficial.

It should be pointed out, that a high real estate demand leads to an increase in immovables value. For example, in Limassol cost of 1 square meter in first-line houses under construction can exceed € 10,000, which, according to an expert, is comparable to the best areas of the leading cities in the world.

In Knight Frank noted the 20% growth of transactions related to Cyprus objects. According to their statement, demand peaked in April 2019: 1060 contracts were registered, it is a historical monthly value maximum since 2008.

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