There has been much debate around the role of foreign buyers in Cyprus’ real estate market—specifically claims that non-EU nationals are rapidly acquiring land, thereby dominating property sales. However, recent research by Fiona Mullen, director of Sapienta Economics, suggests these concerns may be somewhat exaggerated.
According to Mullen’s detailed analysis, non-EU nationals accounted for only 26.5% of property sales contracts in 2025, marking a decrease from 31.7% in 2023. Meanwhile, Cypriot buyers made up nearly 60% of all transactions last year, demonstrating a steady and significant rise in local demand.
“Much of the heated discussion about foreign purchases stems from focusing solely on their growing numbers without comparing them directly with Cypriot sales,” Mullen explains. Her painstaking review of data from various official sources reveals that property acquisitions by Cypriots themselves have nearly doubled from 4,875 in 2018 to 10,859 in 2025, surpassing the non-EU increase from 2,939 to 4,809 within the same timeframe.
Mullen also challenges speculative claims made in a September report by Cyprus’ audit office. The report suggested a higher proportion of foreign ownership due to purchases carried out through Cyprus-registered companies. She emphasizes that without solid evidence, such assumptions are premature and potentially misleading.
To gain a fuller understanding of ownership patterns, Mullen recommends that Cyprus’ parliament leverage existing ultimate beneficial ownership records. Sharing anonymized nationality data with the land registry could provide clearer insights into the actual distribution of property ownership across Cyprus.
That said, recent Cystat data highlight that in many urban areas—excluding Nicosia—sales to foreign buyers surpass those to locals, with non-Cypriots generally paying higher prices per square meter. This trend inevitably influences overall market prices, affecting affordability for everyone.
Housing affordability remains a pressing concern, intertwined with demographic and economic divides. Mullen quotes economist David McWilliams, who warns of a “ticking time-bomb” driven by an ageing, asset-rich population reluctant to accept increased taxation, contrasted with a younger generation increasingly priced out of home ownership. This socio-economic tension poses real risks to social cohesion and political stability.
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