Property buyers from Russia, UK and Israel top Cyprus list

Russian nationals were by far the largest group of foreign real estate buyers in Cyprus during the first two months of 2023, followed by investors from the UK, Israel, Greece, Lebanon, and Germany.

This is according to data from the Department of Lands and Surveys, whose Director Elikkos Elia addressed the opening of the 5th Property Show – Cyprus 2023 in Nicosia. The expo was inaugurated on Friday afternoon by the Minister of Energy, Commerce and Industry, George Papanastasiou. Prior to the inauguration, representatives of organisations associated with the industry, addressed the event.

Elia said that the property market in Cyprus remains robust, despite being hit by the pandemic and the war in Ukraine. He said the Department of Lands and Surveys recorded on average 20,000 sales worth over €4m each year, while 12,000-13,000 sale agreements are submitted annually. In 2022, it recorded 14,489 mortgages totalling €3.29m.

In January and February 2023, Russians topped the list of foreign real estate buyers in Cyprus. Buyers from the UK and Israel followed, with a preference for coastal areas and not limiting themselves to Larnaca like they used to, Elia said. He added that Greeks were in the fourth place of 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 organisers 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.

(Source: CNA)