Russians biggest property buyers so far this year

Russians were by far the largest group of foreign real estate buyers in Cyprus during the first two months of 2023, according to data from the department of lands and surveys, data shows.

Buyers from the UK, Israel, Greece, Lebanon, Germany followed Russians, according to department head, Elikkos Elia.

He was speaking during the opening of the 5th Property Show, on Friday evening in Nicosia.

The property show was opened by the Energy Minister George Papanastasiou. Prior to the inauguration, representatives of organizations associated with the industry, addressed the event.

Elia said that the property market in Cyprus remains strong despite being hit during the pandemic and suffering from the consequences of the war in Ukraine.

He said that his department records 20,000 sales of more than €4 million each year, while 12,000-13,000 sale agreements are submitted annually.

According to the data presented by Elia from January and February 2023, Russians top the list of foreign buyers of real estate in Cyprus.

Buyers from the UK are in the second place and from Israel in the third place, with a preference for coastal areas.

Elia added that Greeks were in fourth place, followed by Lebanese, Germans, Romanians, Chinese, Ukrainians, Dutch nationals, Bulgarians, Poles, Belarussians and Americans.