Cypriot developers and homeowners could see new interest from Russian buyers keen to sell shares and re-locate their cash to overseas property.
One of the island’s leading builders, Cybarco, said the local property market could get an increase in investment as some Russians look not just to make a profit but find a second home.
The company is already looking to new markets having launched a number of projects, with Cyprus having seen a fall in investment from British buyers.
Its current Cypriot property developments include Hillcrest Villas,Peyia village, Paphos, featuring luxury villa homes at 420,000 Euros ($555,201), and Amathusa Coastal Heights, a village-style property scheme in Limassol.
Jonathan Salsbury, Cybarco UK manager, said parts of Cyprus had been seeing Russian investment “for some time” but buyers were now looking for second homes as well as business opportunities.
He added: “Limassol has recently undergone a significant re-birth – upgrading facilities – which has in turn attracted a wealthier buyer and maintained steady price rises.”
According to Cybarco, the Russian community has grown Limassol, where buyers have seen the potential for capital growth in property due to the forthcoming Limassol Marina.
Property at the firm’s Amathusa Coastal Heights scheme ranges from one-bedroom to three bedroom apartments from 246,000 Euros ($325,195) to 465,000 Euros ($614,699), and villas also feature, listed from around 867,000 Euros ($1.14 million).
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