A few bad stories in the press might have seen Brits cool their interest in Cypriot property, but business is still booming on the island nation due to an influx of Russian and Asian buyers, reports Overseas Property Professional.
In April and May alone, Cyprus experienced a year-on-year increase in foreign property sales of 19% and 21% respectively, a healthy achievement given the general slowdown in the European market. According to Yianni Misirlis of locally based developers and agents Imperio Properties, this is mainly due to an influx of Russian and Chinese buyers taking advantage of the lesser-known Cypriot residents' scheme for real estate owners on the island.
"There has been a notable percentage increase in business from Russia and China by our system that makes overseas buyers eligible for a residential visa", Misirlis told Overseas Property Professional. "The Russians have been aware of the rule for several years now and like to take advantage of it. The Chinese are also coming in ever-greater numbers."
Misirlis also indicated that the improvement of transparency with regard to title deeds meant Cyprus was ironing out its problems with scam developers and becoming a safer place for buyers to invest than ever before. "The Title Deeds problem fell in to different categories, all of which have been resolved by the new law", said Misirlis, referring to the recent reform that allows buyers the absolute legal right to receive their title deeds, providing their contract of sale is lodged with the Land Registry.
"Many 'rogue' development companies...went bankrupt or disappeared halfway through the building process, having taken money from the buyer. That buyer is now entitled to receive his property, provided he has a registered contract of sale." (IBTIMES)
In April and May alone, Cyprus experienced a year-on-year increase in foreign property sales of 19% and 21% respectively, a healthy achievement given the general slowdown in the European market. According to Yianni Misirlis of locally based developers and agents Imperio Properties, this is mainly due to an influx of Russian and Chinese buyers taking advantage of the lesser-known Cypriot residents' scheme for real estate owners on the island.
"There has been a notable percentage increase in business from Russia and China by our system that makes overseas buyers eligible for a residential visa", Misirlis told Overseas Property Professional. "The Russians have been aware of the rule for several years now and like to take advantage of it. The Chinese are also coming in ever-greater numbers."
Misirlis also indicated that the improvement of transparency with regard to title deeds meant Cyprus was ironing out its problems with scam developers and becoming a safer place for buyers to invest than ever before. "The Title Deeds problem fell in to different categories, all of which have been resolved by the new law", said Misirlis, referring to the recent reform that allows buyers the absolute legal right to receive their title deeds, providing their contract of sale is lodged with the Land Registry.
"Many 'rogue' development companies...went bankrupt or disappeared halfway through the building process, having taken money from the buyer. That buyer is now entitled to receive his property, provided he has a registered contract of sale." (IBTIMES)
