Russians are interested in Cypriot real estate

Holiday property buying in Cyprus is pretty big business, and that was usually the case with Western individuals, especially Brits, however it appears that the island is gaining popularity amongst many Russian buyers who are looking for some holiday destinations to call their own.

The results of an online survey carried out in March on a Russian website, in which both representatives of foreign property agencies as well as private realtors took part in, has come up with some very interesting data related to the property buying behavior of Russians.

They’ve found out that the most typical individual who will buy overseas property is a business owner or entrepreneur, somewhere between the ages of thirty and forty-five, who is married and has children.

The buying priority in Cyprus goes to holiday accommodations, when it comes to Russian-speaking buyers, and to a lesser extent purchasing property in larger Cypriot cities. However these buyers are much more likely to buy apartments in complexes as opposed to villas or single-family residences, with the most popular price category being up to 120,000 Euros.

Some of the most popular reasons behind purchasing property overseas tend to be linked to matters of business, education or medical treatment. Also a large number of buyers plan to move abroad at a certain point and seek out permanent residence, while many also buy these properties to settle their children or parents abroad.

We mentioned Russian-speaking earlier, and we did that to accentuate the fact that usually Russian buyers will not speak any foreign languages, however the majority of those who do speak at least one, will speak English.

Beyond the reasons we mentioned earlier, the drive behind choosing Cyprus or any other place to purchase property overseas is usually because of a lasting impression received during a holiday in said country, but also to a large extent, buyers tend to be guided by friends and relatives in this matter as well.

Of course they also look at the climate and weather of a potential country of residence, as well as the attitude of local residents towards Russians, but other factors are also taken into account such as social factors, low crime rates and the like.