Recent data released by the Cypriot government reinforces the view that foreign real estate purchases are increasing steadily. Some experts even suggest this trend is contributing to rising property prices — particularly in sought-after locations such as Limassol. Among the leading buyers are Greeks, Russians, Britons, Israelis, and Chinese.
This information was provided to Parliament member Alexandra Attalides of the Volt party, following a formal request she submitted to the Minister of the Interior in November. On January 9, 2025, the minister responded with a table outlining the number of properties sold, broken down by district, buyer nationality, sales contracts, and actual ownership (title deeds) by citizenship.
The data, maintained by the Department of Land and Survey, covers the period from 2021 to January 2025. It highlights the top 10 nationalities, including Cypriots — who, as expected, lead in the number of property owners across all districts.
District Breakdown:
Nicosia: Greeks, Britons, Australians, Romanians, Americans, Bulgarians, Lebanese, Russians, and Chinese.
Limassol: Russians, Britons, Israelis, Greeks, Romanians, Chinese, Ukrainians, Germans, and Americans.
Paphos: Russians, Britons, Israelis, Greeks, Romanians, Chinese, Ukrainians, Germans, and Americans.
Larnaca: A similar picture — Israelis rank fourth.
Famagusta: The same general group of nationalities appears.
This table is significant — and, according to one expert, possibly the first time such detailed data has been made public. However, there are limitations. Pavlos Loizou, CEO of data analytics firm Ask Wire, notes that the table does not include the value of the properties — a critical missing piece.
Still, the minister responded as requested, based on the specific question submitted. We asked Loizou to analyze the data in light of his market expertise.
According to him, Cypriots appear “overrepresented” in the data because many of their purchases involve agricultural plots or second-hand homes. For example, even purchasing one-eighth of a plot counts as a transaction — even if no home exists. In contrast, Russians (especially in Limassol) tend to purchase finished apartments and houses.
Loizou also noted a major gap in Limassol between the number of sales contracts and actual issued title deeds. For example, 2,561 properties were sold to Russians in Limassol, but only 1,292 had title deeds — suggesting that about half are still under construction.
Additional Observations:
Many foreigners buy properties through local companies or intermediaries. If the company is Cypriot, the transaction is recorded as “Cypriot,” even if the ultimate buyer is a foreign national.
When a company that owns real estate sells its shares, the transaction does not register as a property sale — and thus doesn’t appear in the data.
Still, Loizou emphasizes that the figures align with market expectations. He says foreign buyers tend to favor newly built properties — typically high-quality (though not necessarily luxury) apartments or homes within gated communities — due to the convenience and amenities.
Israeli Buyers in Larnaca
Israeli nationals have become standout buyers in Larnaca, ranking fourth with 1,406 purchases, of which 481 have title deeds.
They typically purchase large plots where holiday resorts or spa complexes are built — essentially forming private communities.
“Until 5–6 years ago, we barely saw these kinds of figures from Israelis,” Loizou noted. “Today, it’s clearly a growing trend — likely driven by regional instability.”
Popular areas among Israelis include Pyla, known as the “Israeli hub,” as well as Oroklini and, to a lesser extent, Perivolia.
“Larnaca is a logical destination,” he explained. “It has a synagogue, proximity to the airport, and prices are still relatively affordable.”
Additionally, Israeli-owned companies registered in Cyprus are purchasing real estate as investments — transactions not reflected in official government data.
“This is a loophole in the system,” Loizou stated. “Officially, non-EU citizens are allowed to purchase only one residential property and one plot of land — subject to government approval. But a company can bypass this restriction.”
Another blind spot: The table does not include the vast majority of high-value properties (over €2 million) sold since 2016 by institutions such as the Bank of Cyprus or firms like Altamira and GoGordian — which are not required to report sales to the Land Registry.
The Golden Visa Program
Non-European investors are also drawn to Cyprus thanks to the Golden Visa Program, which replaced the now-defunct Cyprus Investment Program (CIP) after it was exposed by Al Jazeera in 2020.
The Golden Visa offers fast-track residency in Cyprus in exchange for an investment of at least €300,000 in real estate or a company. As of 2023, 5,800 golden visas have been issued.
However, the State Audit Office has identified issues with the program. A review of 28 investors found that 24 do not actually reside in Cyprus.
Some applicants reportedly submit fake property purchases on paper, use them to obtain the visa, and then cancel the transactions.
The Auditor General submitted a report to the Ministry of Interior with recommendations to fix the program — even suggesting it be abolished. The ministry responded that it would implement stricter vetting procedures but made no commitment to scrapping the initiative.
