Between 2021 and 2024, foreign investors bought more than 37 thousand properties across Cyprus. At the same time, Cypriots were responsible for more than 200 thousand housing transactions.
This was announced by the Interior Ministry on Friday 24 January.
The ministry analysed all contracts concluded with EU citizens, third country nationals and locals over the past four years. It turned out that Cypriots accounted for the majority of them. Among foreigners, Britons were the most likely to invest in property in Cyprus, followed by Russians, Israelis, Greeks and Lebanese.
Looking more closely at the cities:
- Nicosia had the highest number of properties purchased by Greeks (1,626), Britons (1,584) and Australians (545) among foreigners in 2021-2024. However, the overwhelming number of transactions in the capital's market over the four years were concluded with Cypriots (98,205), while the total number of contracts with foreigners was 5,236.
- In Limassol, the top 3 foreign buyers were citizens of Russia (2,561), the United Kingdom (1,840) and Israel (1,154). Cypriots bought 62,460 properties in this Cypriot city during the period and the total number of property sales to foreigners exceeded 8,500.
- In Paphos, the British (4,483), Russians (1,563) and Israelis (1,291) were the leading foreigners in terms of sales transactions. Cypriots will buy 28,484 units in Paphos between 2021 and 2024, while foreigners will buy just over 2,000 residential properties.
- In Larnaca, citizens of the United Kingdom (2,743), Lebanon (1,744) and Israel (1,406) were more likely to buy property than other foreigners. Cypriots bought 33,819 properties in the coastal town during the period under review, while foreign investors bought a total of 8,535 units.
- Finally, properties in the vacant areas of Famagusta were in high demand by British (1,182), Greek (165) and Lebanese (131) nationals. Cypriots bought 16,966 properties in the region during the period. Foreign investors accounted for a total of 2,000 transactions.