Cypriot market appeal extends to Russian investors
The Royal Institute of Chartered Surveyors (Rics) stated that Russian overseas buyers looking to buy homes in Cyprus has increased recently.
Cyprus sees the next growth market for real estate in the country coming from Russian nationals. Real estate investments in Cyprus have become popular amongst the Russian investors as year round sunshine in Cyprus encourages them.
Rics said that consumers in Russia have not run into the borrowing constraints like the people in the west of Europe. Russia ranks in the top ten lists of the world’s top spenders. With that kind of spending power, real estate investments overseas particularly in Cyprus has increased.
Recently Property prices in turkey rose at a higher rate than in many other parts of Europe. Demand from foreign investors was cited as one of the main factors behind this trend and also turkey has adopted euro in January. Rics has made a positive forecast for the future of the Cypriot market as its appeal extends to Russian investors.
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