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Foreign buyers from outside the European Union accounted for 27% of all property sales in Cyprus in 2024, the 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oversight, including a lack of verification of applicants’ finances, no monitoring of property use after purchase, and outdated systems in district offices.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 prices and could affect housing access.
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 a growing use of assignment agreements to acquire property.
Lawmakers voiced concerns over national security, economic impacts, and insufficient monitoring of foreign-owned companies buying property. Committee Chairman Zacharias Koulias said interim measures may be needed until new legislation, currently in draft form, is enacted.
AKEL and independent MPs cited risks including political influence, rising housing costs, and potential environmental and cultural impacts. The Ministry of Interior confirmed efforts to modernize application and review systems for foreign property purchases.
