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Cyprus property market buoyed by Chinese buyers

Date : (News Section: Cyprus)

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Cyprus property market buoyed by Chinese buyers
Buyers from China are helping boost the real estate market in Cyprus, with professionals in the property industry reporting an upturn in purchasers from the nation.

The Cyprus Mail revealed Paphos is one destination that has been actively targeting the Chinese market and those efforts appear to be paying off.

Speaking to the news provider, George Leptos, from developer Leptos Group and the head of the Paphos Chamber of Commerce, said: "There has been a 25 per cent increase in Paphos sales according to recent official statistics and part of this increase is due to the Chinese purchasers."

Sophia Charalambous, of Korantina Homes, explained her firm has attended property exhibitions in China and the majority of its sales in the past few months have been to Chinese investors.

Many of the prospective buyers from the Asian nation have a budget of around €1 million (£782,829) when searching for a home in Cyprus, she added.

Earlier this month, Cyprus Property News published figures from the country's Department of Land and Surveys, which showed sales to overseas buyers dropped by 36 per cent year-on-year in June.

Larnaca saw the biggest decrease in foreign purchasers, with 68 per cent fewer sales made to this demographic during the same period.
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Article by +Peter Mindenhall on behalf of Propertyshowrooms.com

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