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Half of foreign property buyers in Cyprus are Russians

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Half of foreign property buyers in Cyprus are Russians

A director general of the Russian subsidiary of Cybarco Development Ltd, Savvas Pastelis, told reporters on Thursday that half of the foreign buyers of real estate in Cyprus are the Russian citizens.


“50% of foreign buyers in Cyprus are Russians”, - he said.

According to him, the interest of Russian business in growing due to the attractive immigration legislation.

Pastelis noted that at present, about 40,000 people of the Commonwealth of Independent States (CIS) countries descent, what equals to approximately 4% of the island’s residents, are the permanent residents of Cyprus.

He also said that in the overall structure of foreign buyers the share of the Chinese is also increasing and has amounted to 20-25%.

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