NICOSIA, Cyprus — Nearly 15,000 applications have been submitted by third-country nationals seeking permission to purchase property in the Republic of Cyprus over the past five years, according to Interior Minister Constantinos Ioannou.
Responding to a parliamentary question from DISY MP Nikos Georgiou, Ioannou revealed that the majority of applications were for properties in Paphos, which accounted for 5,477 requests. Limassol followed with 4,316, Larnaca with 3,479, Nicosia with 886, and Famagusta with 816.
The peak year was 2023, with 3,524 applications. Annual figures included 1,166 in 2020, 2,152 in 2021, 3,260 in 2022, 3,212 in 2024, and 1,664 so far in 2025.
A recent report by the Audit Office noted that in 2024, 40% of all property sales involved non-Cypriot buyers. In Nicosia, the largest groups of foreign buyers were Chinese and Lebanese nationals (16% each), followed by Russians (14%), Israelis (10%), Syrians (6%), Egyptians (5%), Ukrainians (4%), and British nationals (4%). Another 23% of purchases were made by citizens of various other countries.
The report also stated that 27% of 2024 property sales went to third-country nationals, while 12% were to EU citizens. However, the Audit Office warned that the 27% figure may underestimate the true scale of foreign ownership.
Paphos stood out as the top destination, with 45% of 2024 sales and 43% of 2025 sales to date involving non-EU buyers.