The impact of Covid-19 to the Cypriot real estate market
Supply side in recent years saw an increasing pipeline of high-priced residences come to the market with values derived primarily from the Passport Scheme benefits rather than any Real Economy market drivers. The main bulk of buyers for these passport properties have been Russian and Chinese citizens but demand has waned increasingly over the last 12 months. Chinese activity has been almost absent from the market since the onset of COVID19 in Dec 2019 introduced severe restrictions for potential buyers to travel to the island and made it impossible for many to send funds to complete purchases. […]
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