There has been a huge rush of foreign property buyers in Cyprus, as the new rules for Cyprus investment scheme came into effect from May 15, 2019
New data from cyprus land registry office reveal, registered sales contracts for foreign property buyers soared in May 2019.
- Property sales to foreign citizens (non-eu) are more than the properties purchased by EU citizens.
- Significantly large number of real estate properties sold to foreigners in Cyprus.
- Paphos is the most popular cities for foreign property buyers
- Limassol, Larnaca have 4x times foreign property buyers
The Chairman of the Cyprus Property Owners Association (KSIA), George Mouskides in an interview to Financial Mirror said the increase is directly related to the new criteria which foresee the number of citizenships granted limited to 700, while the minimum investment has been increased from EUR 2 mn to EUR 2.5 mn and an extra EUR 150,000 in fees for procedures has been added to the bill of a candidate investor.
Buyers of Sales Contracts for May 2019
| Buyers | Inside EU | Outside EU |
| Nicosia | 12 | 17 |
| Famagusta | 10 | 19 |
| Larnaca | 22 | 86 |
| Limassol | 37 | 160 |
| Paphos | 102 | 166 |
| Pancyprian (Total) | 183 | 458 |
Buyers of Registered Sales Contracts
The list below includes properties sold to both EU and Non-EU nationals
| Jan ’19 | Feb ’19 | Mar’ 19 | Apr ’19 | May ’19 | |
| Nicosia | 33 | 24 | 18 | 32 | 29 |
| Famagusta | 27 | 21 | 21 | 38 | 29 |
| Larnaca | 70 | 53 | 74 | 84 | 108 |
| Limassol | 92 | 124 | 87 | 135 | 197 |
| Paphos | 166 | 213 | 155 | 179 | 268 |
| Pancyprian (Total) | 388 | 435 | 355 | 468 | 641 |
In an effort to prevent the last minute rush, the Cabinet of Ministers, exempted the payment of €150,000 to those investors, who have concluded agreement/agreements for the purchase of immovable property before May 15th and such applicants can be submitted until Jul 15, 2019
