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Russian investors favour Cyprus

Article Date : Wednesday, March 05, 2008       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

A growing number of property investors from Russia are choosing to buy homes in Cyprus, experts have revealed.

The Royal Institute of Chartered Surveyors (Rics) stated that interest among second home buyers from abroad was encouraging growth in the country's housing market.

According to the organisation, much of this interest has come from Russian property investors.

Rics said that consumers in the Eurasian country had not been as badly affected by the global credit crunch as people in the west of Europe.

As a result, they are becoming increasingly commonplace in the overseas property sector.

The organisation commented: "Russian and other purchasers are said to be becoming more prevalent."

Rics added that the level of interest outside the "traditional" sources of demand was acting as a "key driver" of growth in the Cyprus property market.

The Mediterranean island recently became a full member of the single European currency.
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