Foreign buyers have played a dominant role in the Cyprus property market since 2015, with the coastal city of Paphos emerging as the most sought-after location.
According to government data released on Wednesday, 83% of property sales in Paphos were made to non-Cypriots.
Figures provided by the Interior Ministry to Parliament reveal that in 2015, 75.86% of property sales in Paphos were made to non-EU nationals, while 6.87% were purchased by EU citizens, leaving just 17% for Cypriot buyers. This trend persisted into 2016, with foreign buyers accounting for 80.94% of transactions, comprising 72.11% non-EU nationals and 8.83% EU citizens.
The data was released in response to questions from AKEL MP George Koukoumas. However, the figures exclude properties purchased by foreign companies, meaning the actual proportion of foreign ownership could be even higher.
Across Cyprus, between January 2015 and December 2024, there were 101,911 sale agreements, of which 62,935 were completed. Additionally, 3,846 out of 12,110 assignment contracts were executed during the same period. These figures highlight the scale of property transactions over the past decade.
Despite the sharp rise in foreign property purchases, Cypriots still hold the vast majority of real estate value on the island. Based on 2021 valuations, Cypriots own 96.73% of all property value. However, officials note that recent foreign investments often involve high-value properties, particularly in coastal and tourist-heavy areas.
Regional data indicates significant variations in foreign ownership across Cyprus. Paphos leads with 8.14% of its property held by foreign buyers, followed by Larnaca at 6.18%, Famagusta at 5.85%, Limassol at 3.90%, and Nicosia at just 1.5%. These figures suggest that foreign interest is concentrated mainly in coastal regions, which are more attractive to international investors.
The Interior Ministry also acknowledged the limitations of the available data, stating that the figures only account for purchases made by individual buyers. Reliable data on corporate property ownership was unavailable, meaning the actual extent of foreign investment in Cyprus’s property market could be underestimated.
The increasing role of foreign buyers in Cyprus’ real estate sector, particularly in high-value transactions, continues to shape the market, raising questions about accessibility for local buyers and the long-term impact on property prices.