Cyprus is a popular offshore company and one of the favorite resorts of the Russians — gradually recovering from the housing crisis caused by the pandemic COVID-19. This writes the Cyprus Property News.

By the end of July 2020, the real estate sales on the island fell by 8 percent compared to a year ago. Thus, the pace of implementation objects are gradually being restored in April fell by 80 per cent in may and 71% in June and 10 percent.

Just last month in Cyprus was concluded 825 transactions of sale of immovable property, the newspaper notes. In July of 2019 were registered in 896 deals. Statistics suggests that the pace of implementation of real estate vary depending on the location: in the capital of Nicosia, they increased by 44%, in Famagusta — by 22 percent. In Paphos, Larnaca and Limassol, meanwhile, is declining sales by 44, 17 and 11 percent, respectively.

In the first seven months 2020 sales of property in Cyprus fell by 37 percent, analysts estimated.

Earlier, in July, it became known that wealthy Russians in recent months have become increasingly interested in the “Golden passports” programs, allowing to obtain a residence permit abroad in exchange for investments, including real estate.