Cyprus’ russian 'revolution’

A growing number of Russian investors are buying property in Cyprus, claims the RICs…

The Royal Institute of Chartered Surveyors (Rics) recently stated that growth in the Cypriot market was being partly driven by interest from abroad.

Last year, house prices on the Mediterranean island rose at a higher rate than in many other parts of Europe. Demand from foreign investors was cited as one of the main reasons behind this trend.

This has prompted RICS to make a positive forecast for the future of the Cypriot market, especially as its appeal is apparently extending to other countries. The organisation commented: "Russian and other purchasers are said to be becoming more prevalent."

RICs also stated that people in Russia have been not as badly affected by borrowing constraints than people in Western Europe. Cyprus recently became a member of the single European currency, converting from the pound at the beginning of this year.