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Fallout from crisis felt on Cypriot property market

Posted on 26 March 2013

As Cyprus is struggling through its financial crisis, the turmoil might affect the island’s real estate market, known as a major investment destination for well-to-do Russians. Konstantin Popov, chairman of property developer Inkom’s board of directors, said Russian investors might lose more than $3 billion on the island’s property market if the crisis deteriorated.
“Over the last years, Russians became the most active buyers of Cypriot real estate,” Popov said in comments published on the RRE.ru property research site. Popov said that, according to expert estimates, Russian investments in Cypriot real estate amounted to $10 billion over the past 10 years. ……………………………………….Full Article: Source


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