Are Foreign Buyers Really Taking Over Cyprus’ Property Market? A Data-Driven Insight

There has been plenty of discussion recently suggesting that properties in Cyprus are being snapped up predominantly by non-EU nationals. However, a closer look at the latest market data reveals a more nuanced reality.

According to Fiona Mullen, director at Sapienta Economics, non-EU buyers made up just 26.5% of property sales in 2025—a drop from 31.7% in 2023. Meanwhile, Cypriot nationals accounted for the majority share, purchasing 59.5% of properties last year. This data counters the common narrative about foreign dominance in the market.

Mullen points out that the growing number of buyers from abroad has often been highlighted without equally considering the sharp rise in local purchases. From 2018 to 2025, sales to Cypriots increased from 4,875 to 10,859, nearly doubling and outpacing the rise in non-EU acquisitions, which grew from 2,939 to 4,809 in that period.

The debate has also been clouded by speculation from a September audit office report suggesting that foreign ownership could be underreported due to purchases via Cyprus-registered companies. Mullen urges caution, emphasizing the lack of hard evidence behind these claims and encouraging the use of anonymized ultimate beneficial ownership data to obtain a clearer picture.

Interestingly, Nicosia stands out as the only major city where Cypriot buyers surpass foreigners in residential property transactions. In other cities, foreign purchasers tend to spend more per square metre, contributing to rising property prices across the board.

This dynamic directly impacts the whole market, leading to affordability concerns. With an ageing population asset-rich and hesitant to accept higher taxes, and a younger generation struggling to enter the market, the gap widens, potentially fueling socio-political tensions as noted by economist David McWilliams.

In light of these trends, understanding detailed and reliable data is more important than ever for buyers and policymakers alike. Whether you’re seeking cheap houses and villas for sale in Cyprus or interested in exploring other property types, a balanced perspective can help navigate the evolving market landscape.