THE 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.