Culture


Chinese Community in Cyprus

Chinese Community in Cyprus

Chinese investors have contributed to the revival of the construction sector in Cyprus which increased by 40% in 2016. The Chinese community is relatively new in Cyprus with interest in visa acquisition and proximity to European markets being the main incentive for new arrivals. It seems that Paphos is the town of choice for many Chinese who have decided to buy property either as an investment or as their new residence. Part of the attraction for these new arrivals is security, no racism, the hospitality of the locals and all the attractions that the island has to offer. Property in Paphos has been purchased by the Chinese as early as 2013 and there are currently over 7000 property transactions submitted to the land registry department awaiting approval. It is estimated that more than 1.5 billion has been invested in Cyprus by the Chinese in recent years. Large Chinese companies have shown an interest and invested in huge property developments currently being undertaken in Cyprus. Two luxury hotels in Larnaca and a new 5 star hotel in Sotira are currently being built by a joint venture with Chinese investors.