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October 20, 2023

Foreign Investors Continue to Fuel the Real Estate Market in

Cyprus’s real estate sector continues to be powered by foreign buyers, according to a recent survey from EY Cyprus.

The same shows that coastal cities are also experiencing an influx of demand generated from the increasing trend of high-profile companies relocating to the island, SchengenVisaInfo.com reports.

The total sale values surpassed €2.2 billion last year, while the volume of transactions surpassed €20,000, based on the report.

Nearly half the sales document was submitted by foreigners, according to the figures from the Land Registry.

In the past few years, international buyers have driven the market, based on the report, after they submitted more than 40 per cent of sales contracts.

Based on the survey, 48.5 per cent of contracts were submitted by non-EU citizens in 2018, while in 2019, the percentage was 44.5 per cent, followed by 2020, in which year the percentage stood at 41.3 per cent.

In addition, in 2021, the percentage of international buyers slipped to 39.9 per cent and increased significantly last year, reaching 44.9 per cent. At the same time, in the first quarter of this year, the figures stood at 44.5 per cent.

The country has intensified its efforts to attract a larger number of foreigners, thus helping the country’s economy.

Lessons were also learned from the abolition of the Cyprus Investment Program (CIP), leading to the adjustment of the schemes and enhancing diligence.

EY Cyprus

The data from the Central Bank of Cyprus for the first quarter of this year was previously published. According to their House Price Index, a total of 7.7 per cent increase has been noted compared to the same quarter last year. More specifically, house prices have increased by 6.6 per cent annually, while apartments have experienced an 8.4 per cent increase.

Cyprus residency by investment and citizenship by investment programs have significantly contributed to the country’s economy. In particular, the Golden Visa Program of Cyprus, known as the Investors Immigration Permit, has been attracting a larger number of wealthy foreign investors following the abolishment of the Golden Passport scheme in 2020.

Nationals from third countries purchasing a property worth €300,000 or more are eligible to acquire residency in this country.

Several European countries are famous for their citizenship and residence programs, in spite of the fact that they are often involved in many illegal affairs.

An investigative report from Al Jazeera, called “The Cyprus Papers”, brought into light facts that the Golden Passport scheme was an open door for many illicit acts, thus leading the authorities in this country to terminate it in 2020.