Cyprus sees a boom in Chinese property investors

The idea of getting permanent residency in an EU country is an important factor for property buyers especially those of Chinese origin. Paphos, a city in Cyprus has about 90% of the total number properties which are sold between the months of August and October going to buyers of Chinese origin. Soon after leaving Larnaca Airport, the first thing you will notice are the adverts for property development companies all written in Chinese.

The theme of the carnival in Paphos this year will be on China. Savvas Vergas, Paphos’ mayor says that everything including the food and folklore would be based the Chinese culture. The carnival is a way of appreciating an unusual boom at time when other countries like it in southern Europe are grappling with the effects of the eurozone crisis. A recent survey has shown that well over 600 properties were sold between the months of August and October last year to Chinese buyers, with most of the properties being in Pafos.

Leptos Property group’s director, Giorgios Leptos says that the real growth was evident after August since that was the time the government clarified the conditions to be followed by nationals from third world countries to gain permanent residence.

The prospect of securing permanent residency in a country that is a member of the EU is one relinquished by many Chinese property firms since allows them to travel visa-free all over the union. Lisha Tang, a client at a Beijing based property firm said that having a home in Cypress could mean that she could travel easily throughout Europe.

For one to be a permanent resident of Cypress, international investors would have to buy a property worth £260,000. They should not have any criminal records and are also required to be financially stable by agreeing to make a deposit of £30,000 for at least three years at local bank.