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Posted by / 01-Jun-2017 06:54

“But now the average Chinese client is a lot more clued up and goes to the internet for information, approaches the embassy and so on – it’s not like in the beginning when they were just buying properties.” China’s ambassador to Cyprus Liu Xinsheng is keen to see this investment in property develop into other areas of cooperation.“The potential is huge for broader, deeper and more fruitful cooperation,” he has said, saying that China and Cyprus are looking at the feasibility of cooperation in energy, infrastructure, financial services and shipping.The balance, if any, is to be paid at least four weeks prior to the Ceremony.If there is less than four weeks to the ceremony, a non refundable deposit of €100 is payable, and the balance within seven days.The development at the Lighthouse area in Kato Paphos is aimed at the foreign market.The new development is described as “contemporary” by Pafilia and one bedroom apartments start from €275,000 VAT (five to 18 per cent depending on the buyer).Even smaller Paphos developers such as Korantina Homes say most of their current clients are from China.But a new beachfront project under development by Pafilia has added fuel to the ‘overpricing for the Chinese market’ fire.

But he cautioned that “a lot of Chinese people who have purchased properties in Cyprus have felt cheated and complained, whether it’s down to the agents in China or in Cyprus or the developers I can’t say.” Many of the Chinese buying property on the island are doing so to qualify for residency permits, for which a home of €300,000 must be purchased, leading to the valuation of almost anything for around that amount.“In the beginning they (Chinese purchasers) didn’t know anything about Cyprus; many agents were charging too much money.A property may be valued at €200,000 but they are charging more than €300,000 to the Chinese,” said Che.This is especially the case for the Late Bronze Age (henceforth LBA, between ca.1700-1100 BC), but it also holds true for the Iron Age, the Hellenistic and Roman periods, the Medieval and even the modern eras, albeit in very different ways.

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