The acquisition of real estate in Cyprus by foreigners is increasing rapidly, especially in coastal areas, according to data submitted to the Parliament’s Interior Committee.
In the Paphos district, over the last ten years, 56% of real estate purchases were made by third-country nationals and 16% by European citizens.
In the districts of Limassol, Larnaca and Famagusta, the total percentages are approaching 50%, and in Nicosia at 15%.
Regarding the area of land owned by foreigners, in Paphos it amounts to 9.6%, in the free province of Famagusta to 7%, in Limassol to almost 6%, in Larnaca to 5% and in Nicosia to 1.5%.