During the meeting, 15 documents on mutual cooperation between the two countries were signed. As stated by President Dmitry Medvedev during the visit, the signed documents will give a new impulse to the development of Russian-Cypriot relationships in order to strengthen Cyprus’s role as one of the most important investment partners for the Russian Federation operating on the basis of modern approach and transparency.

The share of Russian investments in the Cyprus property market in 2010 was 40%, another 40% of buyers turned out to be Cypriots, while the statistics announces only 20% of investors from the UK, until recently considered as the leading property-purchasing power on the island.

For Russian citizens, Cyprus is a perfect place for taking a holiday break, as well as an attractive opportunity for investment.

By mid-2010, total accumulated investments within the Cypriot jurisdiction amounted to more than $ 50 billion. Cyprus is also the leader in terms of investment from the Russian Federation abroad, $ 69.2 billion (41, 9% of the total).

Cypriots value Russia as an important investment partner. The fact is endorsed by the warm attitude towards Russians residing in Cyprus, and a long-expected visit of the Russian President, which Cypriots were eagerly anticipating. These major factors positively influence the investment attractiveness of the island for Russian investors in the long term.

The most expensive property in Cyprus, is now up for sale in the market at a record price. Experts project that Santa Barbara Villa will become a new icon of luxury, style and comfort. Located on the east coast, close to the city centre, this beachfront residence with magnificent views over the Mediterranean will reflect the top end of a modern lifestyle. This truly unique property consists of 5 levels, 7 bedrooms and staff quarters. The final price will not include VAT. Depending on the buyer’s status VAT can be refunded.

The project in Fasouri area near Limassol has been undertaken by Lanitis Farm Golf Ltd - part of the Lanitis Group. The company has been established in order to successfully design, develop and operate the new project, which will include: a high quality 18-hole championship golf course designed by Cabell Robinson, a residential quarter, a country club, ecological open space and parkland amenity. The construction works are expected to be finished in 2013.

Two other golf courses by Limni Resorts & Golf Courses Plc will be developed at Limni in Polis. The project will be designed by Jack Nicklaus, one of the greatest players in golf history, and also a successful golf course designer. It is also planned to include a 5 star hotel, a spa, high quality residential quarters and other facilities.

It is worth mentioning that Cyprus already has at least 5 world-class golf destinations: four courses in Paphos area (Tsada, Secret Valley, Elea Golf Club, Aphrodite Hills and one (Vikla) near the town of Limassol.

The development of new golf courses will surely improve the quality of the Cyprus tourist product, as well as alleviate the problem of the resort’s seasonality. Today, the island may rightfully claim the title of one of the leading golf resorts in Europe.

The Town Planning and Housing Department provides the Ministry of Internal Affairs with technical consulting on urban construction and development of Cypriot regions. After the reorganization, the department will be involved in planning and strategic redesigning, along with the control over future developments. The department will focus on the development, implementation and evaluation of the government’s land usage policy, complex development planning, town construction works and developments’ license issuing. At present, the Parliament has two bills to descry relating to urban planning and transfer of development rights. They aim to activate unused land, as well as to introduce mechanisms for effective town planning. In order to raise public awareness about governmental activities, the local authorities will announce the proposed bill amendments, as well as organize public discussions before processing any proposals to amendments. The modification of the town planning legislation also includes the update of ‘Plan of the Island’ , adopted in 1974, two months before the Turkish invasion, which was originally proposed back in the time of British colonial rule to address the problems associated with population growth, urbanization, and service sector.

It is worth mentioning that there are other regions in Cyprus also popular among the Russian buyers – many Russians choose to buy property in Paphos, Larnaca and Famagusta region as well, but the island's capital Nicosia is, at the moment, the least attractive in regard to the acquisition of villas and apartments, mainly due to its long distance from the coast. Nicosia is good for purchasing commercial property or apartments for investment purposes. In general, the attitude towards Russian property buyers in Cyprus is utterly respectful. It is notable to refer to the locals’ polite and hospitable approach, and the government’s extremely simplified formalities for entering the country, as well as the effortless procedure for buying property. This is explained by the fact that Russians clients often choose to purchase elite property. According to the Cypriot agents, their best clients are from Russia; however, they are regarded as very demanding, usually quite possessive, and cautious enough to be certain to get a good value for money.