Russians Remain the Leading Buyers of Property in Cyprus

Cyprus continues to rank among the most attractive property markets for foreign investors. Despite European sanctions, stricter banking compliance procedures and tighter financial restrictions, Russians have retained their position as the leading foreign buyers of residential property. According to a study by the business publication Business Petersburg, Russian citizens accounted for 51% of all residential property transactions involving foreign buyers in 2025.

Why Russians continue to buy property in Cyprus

Property market experts say Cyprus remains one of the most appealing destinations for Russian investors thanks to several key advantages:

1. EU membership;
2. a large Russian-speaking community;
3. a favourable tax regime;
4. a high level of safety;
5. the opportunity to obtain Cyprus permanent residency by purchasing a newly built property worth at least €300,000.

Most buyers choose newly built homes priced between €500,000 and €1.5 million. Limassol, Larnaca and Paphos remain the most sought-after destinations. According to market participants, many transactions are driven not only by families relocating but also by the relocation of international companies, particularly in the rapidly expanding IT sector.

Sanctions have made transactions more complicated, but demand remains strong

Following the introduction of sanctions against Russia, Cypriot banks significantly tightened their checks on the origin of funds. Today, completing a property purchase can take between three and six months, as financial institutions carry out enhanced due diligence. Nevertheless, demand from Russian buyers remains high.

The study also highlights the property market in northern Cyprus, where homes are cheaper and payment terms are often more flexible. However, experts warn that purchasing property in the occupied territories carries significant legal risks.

Many developments have been built on land owned by Greek Cypriots before 1974. Because the Turkish Republic of Northern Cyprus lacks international recognition, investors may face legal disputes and ownership issues. For this reason, the Republic of Cyprus continues to be regarded as the safest option for property investment.

Foreign demand continues to support the market

Demand from international buyers for Cypriot property remains consistently strong. According to figures presented by Interior Minister Constantinos Ioannou, foreigners purchased 1,669 properties over the past year. Between September 2024 and September 2025, a total of 962 residential properties were sold, including:

1. 385 purchased by EU citizens;
2. 577 purchased by buyers from non-EU countries.

The strongest demand for residential property was recorded in Paphos, where foreign buyers continue to drive prices higher. In addition:

1. 350 land plots were sold, including 218 purchased by EU citizens and 132 by buyers from third countries;
2. another 357 transactions involved agricultural land, mainly purchased by Europeans.

Buyer preferences vary across the island. Europeans are more likely to choose Limassol, while buyers from outside the EU are increasingly investing in Larnaca. By nationality, the leading buyers in each district were:

1. Nicosia — Greeks (403 properties), Romanians (112), Russians (80), Lebanese (79);
2. Famagusta free areas — Britons (220 properties);
3. Larnaca — Israelis (850 properties), Lebanese (723), Britons (302);
4. Limassol — Russians (846 properties), Israelis (571), Greeks (261);
5. Paphos — Britons (890 properties), Israelis (683), Russians (327).

Cyprus property market continues its steady growth

According to the Department of Lands and Surveys, 19,155 property transactions covering 21,469 properties were registered in Cyprus in 2024. The total declared value of these transactions reached €3.94 billion, while the value used for property transfer tax calculations amounted to €4.3 billion. Limassol remained the island's largest property market with:

1. 5,054 transactions;
2. 5,624 properties;
3. a declared transaction value of €1.43 billion;
4. a taxable value of €1.51 billion.

It was followed by:

1. Nicosia — 5,395 transactions, 6,092 properties, €852 million in declared value;
2. Paphos — 3,727 transactions, 4,288 properties, €897 million;
3. Larnaca — 3,775 transactions, 4,154 properties, €573 million;
4. the free areas of Famagusta — 1,204 transactions, 1,311 properties, €183 million.

The statistics also demonstrate strong foreign demand. In 2024, overseas buyers completed 6,754 transactions, including 2,785 by EU citizens and 3,969 by buyers from third countries. July was the busiest month, with non-EU citizens registering 703 purchase agreements — the highest monthly figure of the year. Experts believe that thanks to Cyprus's stable economy, strong housing demand, ongoing infrastructure development and its status as a financial hub in the Eastern Mediterranean, the island's property market will remain highly attractive to international investors in the years ahead.