Source: Cyprus Mail (29 September 2025)

According to a recent Cyprus Mail report, Cyprus received around 15,000 property acquisition applications from third-country nationals over the past five years. As RealtyHub, we believe these numbers are not just a reflection of Cyprus’ international appeal but also a reminder of the structural challenges that the property sector continues to face. Demand is high, but processes and systems must evolve if Cyprus is to remain competitive as an international property destination.

A Snapshot of Demand

Between 2020 and 2024, 15,000 foreign property applications were filed with the authorities. These figures cover requests by non-EU nationals who are legally required to obtain approval before purchasing property in Cyprus.

Breaking it down by district:

• Paphos: 5,477 applications
• Limassol: 4,316 applications
• Larnaca: 3,479 applications
• Nicosia: 886 applications
• Famagusta: 816 applications

We think this regional breakdown tells a powerful story: international buyers remain overwhelmingly attracted to the coastal lifestyle markets of Paphos, Limassol, and Larnaca. The inland districts, while important to the local market, play a much smaller role in foreign demand.

Why Paphos Leads the Way

Paphos topping the list with nearly 5,500 applications is hardly a surprise. The district has long been a favorite among retirees, lifestyle buyers, and investors seeking a slower pace of life, natural beauty, and cultural depth. Add to that its international airport and well-developed expat community, and you get a near-perfect recipe for attracting foreign property seekers.

In our opinion, this trend demonstrates how “place branding” plays a crucial role in real estate. Paphos is not only selling houses; it is selling a Mediterranean lifestyle package—sun, sea, history, and community.

The Peak of 2023

The data also shows that the year 2023 was a record year, with 3,524 applications submitted. We believe this surge reflects multiple overlapping factors:

1. Post-pandemic recovery – Buyers who had delayed plans in 2020–2022 returned to the market.
2. Safe haven appeal – In a world marked by uncertainty, Cyprus is increasingly seen as a stable, EU-based location for real estate investment.
3. Lifestyle migration – Remote work and flexible residency choices have boosted demand for destinations like Cyprus.

This peak year is both a signal of strong demand and a test of how well Cyprus can manage inflows without overburdening its administrative structures.

Bureaucracy and Bottlenecks

While demand is strong, supply-side frictions remain. Interior Minister Constantinos Ioannou recently admitted that provincial offices often have just one or two staff members to process applications. On paper, approvals should take one to two months. In reality, delays are widespread.

From our perspective, these bureaucratic hurdles risk damaging Cyprus’ hard-earned reputation. Investors value speed and clarity—two things that the current system often struggles to deliver. For high-demand districts like Paphos and Limassol, a sluggish process can slow transaction flows and frustrate both buyers and sellers.

The Legal Framework

The process is regulated under the Acquisition of Property (Foreigners) Law (Cap. 109), which sets the rules for how third-country nationals can own property. In parliament, Disy MP Nikos Georgiou has raised concerns that the existing framework and staffing shortages are creating unnecessary pressure on provincial administrations.

We think this raises an important point: demand without efficiency can be counterproductive. If Cyprus wants to remain an attractive market, then it must ensure that its legal and administrative structures are not only clear but also nimble. Digitalization, better staffing, and transparency will be crucial here.

Why This Matters for Cyprus Real Estate

The lesson is simple: foreign demand is not a given—it must be earned and sustained. Cyprus has clear strengths: a favorable climate, EU membership, cultural richness, and a safe living environment. But the long-term competitiveness of its property market will depend on how efficiently it can handle rising demand.

For agents, developers, and investors, this means paying close attention to evolving buyer expectations. Today’s international buyer is not only purchasing a villa or an apartment; they are purchasing confidence in the process. They want to know that approvals will be timely, contracts transparent, and communication clear.

In our view, the future of Cyprus real estate lies in marrying strong demand with professionalized systems. Efficiency, data-driven processes, and collaboration between government and industry stakeholders will be key.

Looking Ahead

The next five years could see even higher application numbers, especially as geopolitical instability elsewhere drives more buyers toward Cyprus as a safe haven. But the real test will be whether the country can scale its systems to match demand.

We believe Cyprus is at a crossroads. On one side is the potential to consolidate its reputation as a premier Mediterranean property destination. On the other is the risk of frustrating buyers with slow approvals and outdated systems. The choice—and the opportunity—belongs to all of us in the industry.

The 15,000 property applications from foreign nationals in just five years tell us that Cyprus is firmly on the global real estate map. But numbers alone do not guarantee future success. Efficiency, professionalism, and a modernized approach to approvals and transactions will determine whether this momentum becomes sustainable growth.

As we see it, Cyprus has the ingredients of a world-class property market. The task now is to ensure that its systems rise to meet the demand.