Cyprus Property to be Boosted by Russians

One of Cyprus' leading builders is expecting the property market to be boosted by an influx of Russian buyers keen to off load shares in favour of overseas property.

"Limassol has recently undergone a significant re-birth - upgrading facilities - which has in turn attracted a wealthier buyer and maintained steady price rises."

Said Jonathan Salsbury UK manager of Cybarco. The company also said that Limmassol has seen growth in the number of Russian buyers, because of projected capital growth from the Limmassol Marina.

The Cyprus property market has been battered by the disappearance of British buyer's beginning in the final quarter of last year.

The sales drought has not been helped by serious problems with fraud in the country, and long waits for buyers to obtain their title deeds -- some never getting them at all --, whether or not this will stop Russian buyers, or even British when the international recovery gets under way remains to be seen.