Lebanese people are buying more residential apartments in Cyprus, during the past two years. According to statistics, more than 2000 Lebanese bought apartments in Cyprus for prices ranging between €100,000 - €300,000 [$110,000-$335,000]. Even Syrians are encouraged more than ever before to buy residential apartments in Cyprus, after the government set conditions allowing them to get a residency permit upon their purchases for specified amounts.
In relation to the Lebanese, interest in properties in Cyprus has increased among them the recent years, prompted by the deteriorating political and security situation in the country. Lebanese tend to invest in Cyprus real estate and hotels.
As an outcome of the increase in Lebanese investments in Cyprus, the Lebanese Cypriot Business Council was created. The council aims to develop business between both countries in addition to boosting economic relations by helping investors and business entrepreneurs cooperate and explore new opportunities, said its chairman. He added that the council will also be responsible for developing reinforce trade between the two countries, which stands at only $30 million today.