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Cypriots are being priced out of the property market in Limassol by wealthy foreigners, Agence-France Presse notes in a reportage.Property prices in the coastal city have skyrocketed, driven by Israeli investment, and Russian and Ukrainian firms that are moving to Cyprus to flee the war.Nothing is a
In Limassol, Russian and Ukrainian firms fleeing wartime conditions, and Israeli investors, have driven prices up and local residents out.
In Cyprus's southern coastal city of Limassol, Russian and Ukrainian firms fleeing wartime conditions, and Israeli investors betting on real estate, have driven prices up and local residents out.
The only solution, according to Limassol mayor Nico Nicolaides, is to build social housing, "We don't want Limassol to become a city where only white-collar workers can live," he told AFP.
Cypriots priced out as Russians, Israelis eye coastal city