INVESTORS from Russia and the Arab countries are emerging as land developers in the Cypriot real estate sector, Chairman of the Cyprus Real Estate Agents Association Marinos Kynegirou has told the Cyprus News Agency (CNA).
“For the first time in years we have several buyers whose purpose is the construction of apartments, offices and more. They buy, build and sell” Kynegirou explained.
As the Government grants the Cypriot citizenship to non–Cypriot entrepreneurs and investors upon specific criteria and terms, many start doing business in Cyprus, either by building hotels which they operate themselves or by buying plots to build apartments and sell them.
“In most cases, they buy a commercial plot to build a hotel. There is also another market that is not necessarily associated with commercial plots, but rather plots in good locations, which are bought by foreigners to build apartments to sell them” said Kynegirou.
“There are investors from Arab countries and Russia buying plots, building blocks of flats to sell to local buyers and customers coming from their own country. This did not happen in the past” he noted.
According to Kynegirou the foreign investors look for commercial plots in all the big cities of Cyprus, with Limassol being their first option.
– Cyprus News Agency