A Cyprus Chamber of Commerce official has said that the investment by Chinese nationals in properties has helped the construction sector of Cyprus spring back.
Marios Tsiakkis, secretary general of the Cyprus Chamber of Commerce and Industry, told the state radio that about 1,000 properties were purchased by non-EU nationals in2015, many of them were Chinese, in exchange for a permanent residence permit.
Under the scheme, authorities examine favourably the application for Permanent Residence when a non-EU national buys property or a residence worth over €300,000.
He added that some developers have sold ready-built houses and are currently in the process of constructing new ones, helping the construction business to recover from its long slump.
Source: Famagusta Gazette