Many companies based in Ukraine and Russia are transferring their staff to Cyprus, resulting in an increasing demand for residential units, especially in Limassol, a phenomenon that is expected to continue in the coming months, the President of the Real Estate Registration Council, Marinos Keynegirou, told CNA, speaking about the consequences of the crisis in the real estate sector.
He noted, however, that "the sanctions imposed on Russia, an important market for the sector in Cyprus, leave no one unaffected. Even if the war stops, it will take a long time before the situation returns to normal, as the exchange rate to the ruble, inflation and sanctions will have a significant impact in the long term."
(CNA)
CNA- Maria Christofi
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