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Chinese interest increasing

Chinese investor interest in Cyprus has grown dramatically over the past year with the juwai.com Purchasing Intent Index reporting the highest increase of all the Mediterranean countries.

Chinese-dragon-470THE CHINESE Residential Purchasing Intent Index for Mediterranean countries for the second quarter of 2015 by juwai.com reports that Chinese interest in Cyprus has increased significantly over the previous quarter and over the year.

According to the report Chinese interest in Cyprus starts from a particularly low base, given the island’s small size and the difficulties that investors face there – due to the banking crisis, the title deeds scandal and allegations of overpricing.

With that caveat, the Purchasing Intent Index for Cyprus has increased furthest in relative terms of all the countries discussed in the report. It is up 102 percent over the prior quarter and 351 per cent over one year earlier.

The average price of Chinese property hunters in Cyprus was $815,166 (€718,178) in the second quarter of 2015, down three percent from the prior quarter’s average price of $837,687. That’s down one percent from the value of $826,998 (€728,475) a year earlier.

The two top destinations for Chinese buyers in Cyprus are Paphos and Limassol. Paphos in 2011 was the first Cypriot location to see large-scale Chinese purchasing.

About the Index

The Juwai.com Purchasing Intent Index seeks to measure the change in Chinese buyer interest for a given location. It does this by tracking their online property hunting activity on Juwai.com, such as property searches, property detail page viewings, email inquiries, clicks to view agent phone numbers and more. Destinations with more activity rank higher, while those with less rank lower. The data is not based specifically on transaction activity, but on the property hunt activity that precedes and leads to transactions.

Further reading

Juwai.com Purchasing Intent Index: Mediterranean Countries – Q2 2015

Readers' comments

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  • Martyn says:

    Yu – Well said ,also the bible says the yellow race will rule the world won’t see it in my life time but it’s on the march.

    All the best in Cyprus you’ll need it, I know I have a property there and I have been scammed at every turn.

    I am looking to sell but fear the cost already lost 50% of the reports value since 2005.

  • Steve R says:

    Can anybody remember the figures that were put in place, that enabled the Chinese to obtain a Cyprus residency. I think the purchase price for a property was around €350,000.00 and they had to have a bank account in Cyprus with a deposit of €300,000.00. If they met this criteria then Cyprus would grant them residency and in turn a European passport.

    No wonder the market was flooded with enquiries. Where does the figure of €718,000.00 come from. Can you imagine what that kind of money would buy in Paphos in today’s market.

  • Hoo says:

    Old Chinese proverb say: “Until river clean – all who wash clothes will still be stinky”.

    Beautifully summed up in this post from two years ago:

    “The major difference appears to be that, whereas the message going back to the UK from British Ex-Pats is “come, but be very careful” the message going back to China appears to be “Try somewhere else”

    Yet again, the Cyps seem to have had the acumen to correctly identify the golden goose, but somehow just couldn’t quite control the urge to kill it for lunch, I hope the developers who have “bet their business” on the Chinese market enjoyed their chicken dinner, I suspect it may be their last one for a while.

  • Yu says:

    The Chinese are not as stupid as the Europeans who got ripped off and defrauded with Swiss Franc mortgages ;-)

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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