Foreign buyers from outside the European Union accounted for 27% of all property sales in Cyprus in 2024, the island republic’s Audit Office said Wednesday during a parliamentary review of foreign real estate acquisitions.
Paphos led in sales to foreigners with 1,373 transactions, followed by Larnaca with 1,136, while Nicosia recorded the lowest at 7.7%. Overall, 4,321 of 15,797 properties sold in 2024 went to foreign buyers, though the true figure may be higher due to sales through Cypriot companies with foreign shareholders. Early data for 2025 suggest the trend is continuing.
The Audit Office highlighted gaps in oversight, including a lack of verification of applicants’ finances, no monitoring of property use after purchase, and outdated systems in district offices.
Officials warned that rising foreign acquisitions are contributing to higher property and rental rates and could affect housing availability.
Foreign buyers over the past five years were mostly from Lebanon (16%), China (16%), Russia (14%), Israel (10%), and Syria (6%). The report also noted growing use of assignment agreements to acquire property.