Selling on the housing market in Cyprus increased by 67% due to foreigners

Selling on the housing market in Cyprus increased by 67% due to foreigners

Government policy for attracting foreign investors to the property market in Cyprus has paid off. The volume of house sales increased by 67% to the end of this year.

According to the portal Cyprus Property News, sales among foreigners in the housing market in Paphos increased by 67% for the year, in Larnaca – by 50%, in Nicosia – by 133%, in Famagusta - by 48%. The lowest rates were fixed in Limassol - they amounted 4% for the year 2012.

Over the past year, 50 foreigners were received residence permits, about 600 applications are currently under review by the local authorities. This is a result of the scheme introduced in obtaining residence permits. Recall that the acquisition of local real estate for more than 300 thousand euro, give to buyer the opportunities to qualify for a residence permit in Cyprus.

 A significant role in the growth of sales played the Russians. Investments to the economy of Cyprus by our citizens are continuously growing - indexes in 2011 were 1,5 billion euro. Experts believe that the year 2012 will show the similar figures.