Chinese investors are losing interest in the property market of Cyprus

According to experts of the local real estate market say demand from investors from China decreased significantly, according to online resource OPP-connect.com . According to a report in the Guardian British newspaper, in the third quarter of 2012, Chinese citizens have purchased more than 600 properties in Cyprus in order to obtain a residence permit in the country. More than 90% of the total number of transactions during this period was concluded in Paphos. Thanks to the activity of Chinese investors in 2012, housing prices in Paphos rose 15%. In order to get a residence permit in the country, the citizens of countries outside the EU, you need to buy property in Cyprus worth at least 300 000 euros, and have a stable financial position and open a Cypriot bank, which will be based on a three-year deposit EUR 30 000. But Cyprus - the only country where you can get a residence permit through real estate investments. Portugal and Spain compete Cyprus. Also in the US to receive a residence permit is to purchase a house worth $ 500 000. HomesOverseas.ru