12.03.2023
According to the Department of Lands and Surveys, Russian citizens were the largest group of foreign property buyers in Cyprus during the first two months of 2023, said Department Director Elikkos Elia at the opening of the 5th Nicosia Property Show. Buyers from the UK, Israel, Greece, Lebanon, Germany are following suit, Elia said.
The 5th Property Show, which will be open to the public over the weekend at the Royal Hall in Nicosia, was inaugurated on Friday afternoon by Energy, Trade and Industry Minister George Papanastasiou . Representatives of organizations related to the industry spoke before the opening.
Elia said the property market in Cyprus remains strong despite being hit during the pandemic and suffering from the aftermath of the war in Ukraine. He noted that the Department of Land and Land Survey records 20,000 sales worth over 4 million. euros per year, with 12,000-13,000 sales contracts submitted annually. He added that his agency registered 14,489 mortgage loans in 2022 in the amount of 3.29 million еuro.
According to data provided by Elia for January and February 2023, Russians top the list of foreign property buyers in Cyprus. Buyers from the UK are in second place, while those from Israel are in third, favoring coastal areas, not limited to Larnaca as in the past, Elia said . He added that Greeks are in fourth place on the list, followed by Lebanese, Germans, Romanians, Chinese, Ukrainians, citizens of the Netherlands, Bulgarians, Poles, Belarusians and Americans.
Also speaking at the event were Themis Poliviou on behalf of the organizers and Christos Petsides on behalf of the CCCI, Mersina Isidorou, Director of the Association of Land and Building Developers, Elena Kusiou of the Cyprus Land Development Corporation, Giorgos Strovolides from Cyprus property owners. Association and Eleftherios Potamianos on behalf of the association of real estate agents in Greece.
