Cyprus real estate sees 35,000 foreign property sales since 2021

Data submitted to the Republic of Cyprus parliament in January 2025 reveals that foreign nationals purchased 35,468 properties between 2021 and 2024. The sales were distributed across several regions, with Paphos recording 10,647 sales, followed by Limassol with 8,829, Larnaca with 8,545, Nicosia with 5,431, and Famagusta with 2,016.

In Paphos, 68% of sales were to foreigners, while Larnaca saw 46%, Famagusta 45%, and Limassol 39%. Notable buyer nationalities include British, Russian, Greek, Israeli, Lebanese, and Chinese citizens.

A distinction is noted regarding the nature of ownership between the southern and northern parts of the island. In the south, the properties sold to foreigners do not include disputed assets belonging to Turkish Cypriots. In contrast, a significant portion of properties sold to foreigners in the north involves assets previously owned by Greek Cypriots. Concerns have been raised regarding the risks of an economy reliant on real estate development, including limited land and infrastructure, environmental degradation, and the potential for local populations to be priced out of their own markets.