Third-country buyers grab Cyprus realty

Foreign buyers from extracurricular the European Union accounted for 27% of each spot income successful Cyprus successful 2024, the land republic’s Audit Office said Wednesday during a parliamentary reappraisal of overseas existent property acquisitions.

Paphos led successful income to foreigners with 1,373 transactions, followed by Larnaca with 1,136, while Nicosia recorded the lowest astatine 7.7%. Overall, 4,321 of 15,797 properties sold successful 2024 went to overseas buyers, though the true fig whitethorn beryllium higher owed to income done Cypriot companies with overseas shareholders. Early information for 2025 suggest the trend is continuing.

The Audit Office highlighted gaps successful oversight, including a deficiency of verification of applicants’ finances, nary monitoring of spot use aft purchase, and outdated systems successful territory offices.

Officials warned that rising overseas acquisitions are contributing to higher spot and rental rates and could impact lodging availability.

Foreign buyers implicit the past 5 years were mostly from Lebanon (16%), China (16%), Russia (14%), Israel (10%), and Syria (6%). The study besides noted increasing use of duty agreements to get property.