Chinese buyers deterred by corrupt cyprus market

Agents in the past have reportedly tried to sell property prices at higher than the asking price. Combined with other practices,  it is enough to see Chinese investors exercise caution in entering the island’s market, just at a time when it is relying upon overseas demand to stimulate recovery.

Speaking at AGM of the real estate agents association (SNEK) in Nicosia last week, General Secretary of the Chamber of Commerce and Industry (KEVE) Marios Tsiakkis acknowledged that China was a key target market for Cyprus, with interest on the up, but cautioned that the demand should be treated “responsibly and prudently”.

He said that Cyprus continues to be a favourable environment for businesses at the Centre of the Eastern Mediterranean, reports Cyprus Property News, but that unprofessional behaviour was putting the island’s appeal at risk.

“As a country, and you as an industry, we cannot afford to let a small group of non-professionals destroy – at the altar of easy money – an emerging and very promising market which if handled correctly and responsibly can act as a powerful injection for the suffering Cypriot economy,” Tsiakkis said.