Russians top list of property buyers in the first months of 2023

Russian nationals were by far the largest group of foreign real estate buyers in Cyprus during the first two months of 2023, according to data by the Department of Lands and Surveys, the Department’s Director, Elikkos Elia said during the opening of the 5th Property Show, on Friday in Nicosia. Buyers from the UK, Israel, Greece, Lebanon, and Germany follow suit, Elia said.

The 5th Property Show, which will remain open for the public during the weekend at the Royal Hall in Nicosia, was inaugurated on Friday afternoon by the Minister of Energy, Commerce and Industry, George Papanastasiou. Prior to the inauguration, representatives of organizations associated with the industry addressed the event.

Elia said that the property market in Cyprus remains a strong one, despite being hit during the pandemic and suffering from the consequences of the war in Ukraine. He noted that the Department of Lands and Surveys records 20,000 sales of more than 4 mln. euros each year, while 12,000-13,000 sale agreements are submitted annually. He added that his Department recorded 14,489 mortgages in 2022, amounting to 3,29 mln. euros.

According to the data presented by Elia from January and February 2023, Russians top the list of foreign buyers of real estate in Cyprus. Buyers from the UK are in the second place and from Israel in the third place, with a preference for coastal areas, not limiting themselves to Larnaca as in the past, Elia said. He added that Greeks are in the fourth place on the list, followed by Lebanese, Germans, Romanians, Chinese, Ukrainians, Dutch nationals, Bulgarians, Polish, Belarussians and Americans.

The event was also addressed by Themis Polyviou on behalf of the organizers and Christos Petsides on behalf of the CCCI, Mersina Isidorou, Director of the Land & Building Developers Association, Elena Kousiou of the Cyprus Land Development Corporation, Giorgos Strovolides from the Cyprus Property Owners' Association and Eleftherios Potamianos on behalf of the association of real estate agents in Greece.