Between January and November of 2022, Russian interest in Cypriot real estate showed measurable growth, rising by about 14.67 percent compared with the same period in 2021, based on statistical analysis from Skolkovo Realty as cited by Lenta.ru. This uptick occurred even as late-year signals hinted at a softer pace, with November signaling a clear slowdown versus October. The year began with momentum, carried by steady inquiries, but the pace tapered as the year progressed.
In the first eleven months of 2022, Russian buyers increased their inquiries into Cypriot housing by a notable margin, up 14.67 percent from the previous year. Yet the monthly pattern shifted in November, when interest dropped by roughly 31.3 percent from October levels. Before this dip, two consecutive months of rising activity indicated an uneven but real appetite for Cypriot properties among Russian investors.
November data revealed a pronounced contraction: demand led by Russian buyers for Cypriot homes fell about 36.39 percent year over year. Despite this decline, the November figure remained higher than the same month in 2020 by roughly 1.5 times, signaling continuing interest despite recent pullbacks. A major factor driving purchase decisions was price sensitivity, with approximately 68.9 percent of buyers prioritizing budget considerations when evaluating Cypriot properties. This focus on affordability demonstrates how price dynamics have shaped ongoing interest from Russian buyers in Cyprus.
Separately, a December briefing from TASS summarized Tranio’s international real estate market research, noting that Cyprus ranks among the ten most attractive overseas destinations for Russian investors. While Turkey, the United Arab Emirates, and Georgia led the list, other sought-after markets include Spain, Greece, Thailand, Montenegro, France, and Indonesia, illustrating Cyprus’s place within a broader pattern of cross-border property interest among Russians. (citation: Lenta.ru; Tranio via TASS)