New figures have shown the Cypriot property market has been boosted by a large number of Russian and Chinese buyers, with sales increasing by almost 20% in April 2011 when compared like for like for the previous year. One of the possible reasons for the increase in sales is due to the relaxed property laws which provide buyers with additional protection.

Overseas property sales have increased substantially compared to last year. Larnaca experienced the highest increase at 43%, then Nicosia at 21%, Paphos at 12%, Farnagusta at 10% and lastly Limassol at 4%.

The other major reason for the increase in property demand is the new eligibility for Russians and Chinese to acquire residential visa?s. Previously Russians have been aware of this but now it seems the Chinese are following suit and are beginning to look at undervalued property in Cyprus as good long term investment. However Russians seem to be more interested in purchasing villas where as the Chinese tend to go for apartments.

Russians tend to be cash buyers ands see the European market as a safe investment, with Russian interest rates currently over 10% and their dislike for banks encouraging them to invest their money overseas. Currently property prices in Cyprus cost 30% less than at the height of the market in 2008.