After a visit in late 2010 between President Dimitry Medvedev and Dimitris Christofias the left leaning president of Cyprus the interest from Russian property investors has shown continued interest.
The meeting was a first for a Russian head of state and was supposed to help efforts in opening up discussion on the “Cyprus Issue” the long running issue that has lead to Nicosia being the only divided capital city in the world.
Russians Continue To See Cyprus Property As Good Investment
Interest is still high for Russians who like to escape to Cypriot sun, exactly how this meeting has affected the feelings of Russians looking to invest in Cyprus is unclear but some statistics have show that where many investors from other parts of Europe are a little more cautious since the economic downturn, Russian money is still being spent on Cyprus property.
Russians Buying 40% of Property in 2010 Interest is still high from Russia with around 40% of property purchased in 2010 coming from Russia buyers, compared to 40% Cypriot property buyers and 20% from the UK who used to dominate the purchase of property in Cyprus not many years ago.
Cyprus Russia’s Offshore Financial Centre
Russians have for many years seen Cyprus as a great place to visit and as a consequence invest there newly found wealth. Cyprus is sometimes seen as effectively Russia’s offshore financial centre.
Since the mid 2000’s Russia has had some 52 billion dollars of investment through Cyprus, compared with around 16 billion dollars coming Cyprus way via Moscow. Russian have now started to seriously invest in Cyprus for many reasons. And it is easy to see why; with fantastic weather almost all year and only a short trip from Moscow or other cities in Western Russia, Cyprus does seem almost perfect. So it is no surprise that Russian tourism has become the second most important aspect of the Cyprus tourism industry only dwarfed by UK visitors with its historic ac colonial links, meaning UK visitors are still the largest single tourism group.