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Russian Buyers of Real Estate in Cyprus. Case Study
May 02, 2023

Hi Everyone,

Russian Buyers of Real Estate in Cyprus. Case Study

Cyprus, an island country located in the eastern Mediterranean Sea, a member of the European Union, has always been the most loved by Russian buyers of international real estate for its warm sea, subtropical climate, business and tax laws.

Russian is widely spoken among the country's residents and citizens of post-Soviet countries, and Pontic Greeks. Russian, after English and Greek (official), is the third language used on many signs of shops and restaurants. Russian schools and doctors available in larger cities on the island.

There was a very popular citizenship-for-investment government's program, but sanctions have ended it and replaced by permanent residency-for-investment. Nevertheless, Cyprus is still in the top 10 in demand countries for Russian investors.

Financial Mirror (the leading English-language business news site in Cyprus, reports in March 2023): Property sales boosted by Russians

"Annual property sales in Cyprus were boosted, with Russian buyers still at the top of the list, despite sanctions on Moscow following the war in Ukraine.

"The Land Registry director said that despite problems created by the war, Russian buyers have a strong interest in Cyprus property.

"He said Russian buyers are by far the first on the foreign buyer’s list. In ninth are buyers from Ukraine (they are all Russian-speaking - a note for marketers), making up to the top ten.

"Cyprus remains a safe investment destination and attractive for foreign buyers and investors, as it is one of the few developed countries that does not impose real estate tax, while property prices are very attractive for what the country offers.

"According to the latest Land Registry data, sales documents filed in January-February2023 record an annual increase of 17%. Compared to pre-COVID 2019, real estate sales are still rising at 39%."

Want to know about potential Russian investors for your country and area? I'm only an email away.

To your best business success,


Olga Kellen,
"Anything Russian",
English - Russian Translator,
Associate member of ATA,
Author of the e-books for realtors and property sellers
Selling to Russians

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