Russians have been snapping up the luxury homes Cypriots have had to hand over to the Bank of Cyprus to reduce or cover their debts.
Cypriot buyers, meanwhile, are focusing on purchasing commercial properties, sometimes with the intent of changing their purpose, according to media reports on Sunday.
The press reported that one mansion in the Ayios Raphael area of Limassol, considered one of the best areas in Cyprus, was sold to a Russian national for €5.7 million. Another luxury home, situated between Protaras and Ayia Napa, has been sold to another Russian for €5.6 million. Another Ayia Napa residence went to a Russian buyer for €3.37 million.
A Cypriot national, meanwhile, recently purchased a commercial property in Engomi, Nicosia for €4.5 million.
Source: InCyprus
