InsiderBusinessRussians, British and Israelis top list of foreign property buyers in Cyprus

Russians, British and Israelis top list of foreign property buyers in Cyprus

Russian nationals were the largest group of foreign real estate buyers in Cyprus during the first two months of 2023, according to data from the Department of Lands and Surveys.

The data were presented by 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, Germany followed, Elia said.

Elia said that the property market in Cyprus remains strong, despite the pandemic and the war in Ukraine.

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 of the list, followed by Lebanese, Germans, Romanians, Chinese, Ukrainians, Dutch nationals, Bulgarians, Polish, Belarussians and Americans.

He noted that the Department of Lands and Surveys records 20,000 sales of more than 4 million 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 million euros.

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