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11.02.2018

Interest of buyers from Russia to the real estate of Cyprus has grown sharply

Cyprus and Switzerland in the 2017 year leading in the growth of popularity among property buyers from Russia, the consulting company Knight Frank said.

"Following the results of 2017 year the number of requests for the purchase of real estate in Cyprus has increased four-fold, in Switzerland - three-fold," it says.

As explained in the message, the increase in the interest of Russians to Cyprus was affected by the abolition of the property tax in 2017, and in 2016 - the lower threshold of investment (from 2,5 to 2 million euros) to obtain EU citizenship. Also over the past two years, the Government of Cyprus has introduced a number of measures designed to stimulate the flow of investment in the country.

Russians in Cyprus last year, according to the company, basically bought a new home in Limassol near the sea. The purchase budget averaged 1-5 million euros on average. Also experts of the company fixed active demand for office real estate of Limassol.

According to their estimates, the increase in the number of requests from Russia to purchase real estate in Switzerland is due to the desire to invest in stable European locations, as well as the release of several projects in this market where non-residents are allowed to purchase.

Russians buy in Switzerland both residential real estate for relocation and commercial - most often office buildings with tenants, the report says.

In addition, buyers from Russia are twice as likely to purchase property in Germany, France, Italy and Malta compared to the 2016 year. Interest in real estate in the US rose by 15%, according to Knight Frank.

As noted in it, due to political instability, the number of requests from Russia to buy real estate in the UK remained at the level of 2016 year, in Spain fell by 20%.

A source: RIA Real Estate

Tags: Cyprus, Economy, Real Estate, Citizenship, Russia, Switzerland