Russian investors flock to irresistible Cyprus
Overseas investors find an ideal marketplace in Cyprus and have attracted increasing number of Russian investors and holidaymakers.
Antonis Michaelides, minister of commerce, industry and tourism, said Cyprus offers several benefits to overseas investors such as being well located and economically prosperous. He pointed out other striking qualities of the country, such as the streamlining of the tax regime and strategies to cut bureaucracy.
John Bevan of Lastminute.com said that Russians are becoming the most prominent force in the European tourist trade as they are not badly affected by the global credit crunch as people in the west of Europe. The affluent Russian property buyers are increasingly choosing to snap up properties in Cyprus because it offers numerous lifestyle attractions, such as good beaches, sunny weather and various leisure facilities, including golf courses.
Property experts believe that Russian investors are not looking for quick to returns and are willing to invest in the long-term. According to a recent research, nearly half of would-be Russian buyers are very keen to invest in Cyprus in the future. This puts it ahead of rival markets including Morocco, Spain and France in terms of its overall popularity among the Russians.
This comes after the news that The Royal Institute of Chartered Surveyors (Rics) stated that interest among second home buyers from abroad particularly from Russian property investors is encouraging growth in the country’s housing market.
Popularity: 41% [?]
