Chinese investors have secured land amounting to 32,271 sqm. in the Tsiflikoudia area of Limassol to the north of the marina in a €30 million deal with the Bank of Cyprus' Real Estate Management Unit (REMU).
Although initially attracted to Cyprus by the 'citizenship by investment' scheme, a banking source has said that we are seeing a decline in one-off buys with east Asian investors now focussing on investments requiring financing.
The South China Morning post reports that Chinese investors are seeking Cyprus passports despite the stricter criteria introduced last month for those seeking Cypriot citizenship.
The restrictions introduced by the Chinese government to reduce outbound investment in real estate have yet to impact property sales according to the Cyprus Chambers of Commerce and Industry (Keve).
Purchases by Chinese investors in Cyprus property have contributed to the recovery of the island's construction sector according to the president of Cyprus Association of Valuers and Property Consultants.
It appears that Chinese property buyers are now being targeted by nefarious elements involved in the Cyprus property industry now that British buyers have finally wised-up to the scams.
Chinese investors are attracted to Cyprus due to the offer of passports and a recovering economy and are catching up with Russian investors when it comes to Cypriot passports.
Scammers in Paphos claiming to be middlemen of major developers have taken money from a Chinese woman who subsequently discovered that the land she had paid for did not belong to the seller.
Several dozen Chinese families buying property Cyprus have reported being scammed by unlicensed real estate agents who take advantage of foreign buyers according to Marinos Kynegirou.
Chinese investor interest in Cyprus has grown dramatically over the past year with the juwai.com Purchasing Intent Index reporting the highest increase of all the Mediterranean countries.
A conference in Nicosia has heard that Chinese property buyers are slowly returning to Cyprus, but that the country needs to earn their trust if it wants them to make further investments.
Many Chinese people who have bought properties in Cyprus have felt cheated and complained according to Huali Che, president of the Chinese friendship association in Cyprus.
A delegation from the Hong Kong-based conglomerate 'China Glory National Investment' was received by Cyprus President Nicos Anastasiades at the Presidential Palace on Monday.
As Cyprus steps up its charm offensive in China, media reports claim that Chinese investors (and those from other non-EU countries) will be granted visa-free throughout the EU once they have acquired a Cyprus residency permit.
Exhibitors from Cyprus were the most prominent amongst around 140 developers from more than 20 countries showcasing their products to potential Chinese buyers in a recent property exhibition held in Beijing.
It is unlikely that the 600 million Euro investment by Far Eastern Phoenix to convert Larnaca's old airport into a large commercial showroom for Chinese products and a logistics centre will go ahead.
Although Chinese interest in the Cyprus property market is undoubtedly increasing, mainland investment in the island is still a trickle, according to the South China Morning Post.
