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The Russians have proved to be shrewd property investors over the years, with others following ‘hot on the heels’ of their decisions.

With the Russian stock market becoming increasingly erratic, wealthy Russians are selling their shares and tending to re-locate their resources into overseas property markets and one of the main beneficiaries of this vast wealth is the Republic of Cyprus (Source: Oban Multilingual).

Jonathan Salsbury, Cybarco UK Manager says, ‘Cyprus has been attracting Russian investment for some time – favourable tax conditions, stable economy, regular flights and comparatively low prices at the top end of the property market, but the economic downturn has made this Mediterranean island with it’s 340 days of sunshine per year, stunning beaches and safe environment, an ideal residential choice as well as a financial one. The difference today is that the Russians are buying homes, not just investments.’

Initial Russian interest in the island was as a tax haven, with an estimated $1billion a month flowing out of the ‘motherland’ and into Cypriot banks back in the mid-90’s and the Russian shipping industry found a second, tax efficient home in Cyprus.

The migration accelerated after the Russian financial crisis of 1998, as entrepreneurs sought stable overseas havens for their assets and today there are a reputed 2,000 Russian businesses on the island, with trade between the two countries reaching several hundred million dollars a year. Flights from Moscow take a mere 4 hours and up to 200,000 Russians visit Cyprus each year (Russian Association of Tourist Agencies).

Whilst financial considerations have played their part in continued Russian investment, today’s appeal also lies in exceptionally low crime rates and the Mediterranean environment. Properties such as Cybarco’s ‘Hillcrest Villas’, in beautiful Peyia village provide luxury 3-bed accommodation and are ideal for those looking for a discrete existence, a gentle pace of life, but with the convenience of nearby amenities.

Salsbury added, ‘Limassol has recently undergone a significant re-birth – upgrading facilities – which has in turn attracted a wealthier buyer and maintained steady price rises. The multi-award winning ‘Amathusa Coastal Heights’ is an exclusive ‘village’ development in one of the best residential areas of the city and has seen particular interest from both Russian and British buyers.”

Opposite a blue flag beach, the project epitomises the high standard of build and finish that is synonymous with Cybarco and which is becoming more prevalent in the Republic. Capital growth has risen by 60% over the last 5 years and is predicted to continue at 8-10% p.a into the foreseeable future.

The Russian community has grown particularly in Limassol, where astute business people have seen the potential for capital growth in property due to the forthcoming Limassol Marina. Developer Cybarco is the Project Manager and Selling Agent.

‘Just a stroll away from the heart of Limassol, this Marina is set to become the most exclusive resort in the Eastern Mediterranean. It will offer high quality homes, some on man made islands and will appeal to all those who enjoy luxury, elegance, privacy, yachts and living on the sea,’ said Salsbury.

Other facilities attracting the Russians are the high educational standards and good private schools for their children. Certainly the country has an excellent infrastructure from roads and airports to high quality medical services and, of course, a shared religious heritage.

Even the famous Russian Poet, Alexander Pushkin appears to approve, as his bronze bust looks out from a park at the ‘goings on’ in Limassol.