Cyprus property sales rise 10% in August

Nigel Howarth
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Cyprus property sales rise 10% in August

Cyprus property sales continued to grow in August, with 1,241 contracts recorded across the island. That was 10% higher than the 1,128 sales recorded in August 2025.

The latest figures from the Department of Lands and Surveys show that most districts saw higher sales during the month. Larnaca recorded the biggest annual rise, while Limassol remained the island’s busiest property market.

Larnaca leads August growth

Larnaca delivered the strongest performance in August. Sales rose 35% to 299, up from 221 in the same month last year.

Paphos also posted strong growth. Sales reached 267, compared with 223 in August 2025. That represents an annual increase of 20%.

Nicosia recorded a more modest rise. Sales increased by 8% to 225, compared with 208 a year earlier.

Two districts, however, recorded lower sales during August.

Famagusta sales fell by 8% to 55, down from 60 in August 2025. Limassol also saw a decline, with sales falling 5% to 395 from 416.

Despite the fall, Limassol remained the strongest district in Cyprus by sales volume during August.

Total contracts of sale deposited – 2025/2026 Comparison (Aug)

Cyprus property market remains strong

The wider picture remains positive. Between January and August 2026, a total of 13,288 contracts of sale were lodged with district Land Registry offices.

That compares with 11,689 during the first eight months of 2025. The figures represent an annual increase of 14%.

The growth points to continued demand for both residential and commercial property across Cyprus.

Limassol remains the leading market

Limassol continued to dominate the Cyprus property market during the first eight months of the year.

The district recorded 4,354 contracts of sale, up from 3,720 during the same period in 2025. The result reinforces Limassol’s position as Cyprus’ leading property hotspot.

Nicosia also recorded strong growth. Sales reached 2,789 contracts, compared with 2,640 in the first eight months of last year.

Paphos recorded 2,654 sales, up from 2,218 a year earlier.

Larnaca sales rose to 2,789, compared with 2,564 in the same period of 2025.

Famagusta recorded 593 contracts of sale during the first eight months of 2026. That was up from 547 during the corresponding period last year.

Total contracts of sale deposited – 2025/2026 Year-to-Date Comparison

Demand remains firm

The latest Land Registry figures show that Cyprus continues to attract strong property demand. Sales have increased across most districts during the year, despite some monthly falls.

Limassol remains the largest market, while Larnaca and Paphos are showing particularly strong growth. If the trend continues, 2026 could prove to be another strong year for the Cyprus property market.

Easy prey: buying property in Cyprus can become a nightmare

Dina-Perla Portnaar
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Easy prey: buying property in Cyprus can become a nightmare

I’ve moved into the house that was sold to me as fully renovated, only to discover that it’s been one thing after the other. It doesn’t stop; a meticulously curated display of moral bankruptcy.

It’s hard not to wish upon the side of the sellers 50 times the suffering they’ve inflicted on me. They refuse to pay for the most important problems, and I’ll never get back the time stolen from my life. In 25 years, I’ve never felt such hatred. It’s recognition of the abyss they caused. May Karma repay.

I found myself engaged in a Sisyphean battle against a total lack of order. On day 12, I finally had a boiler installed. Because of my health, I cannot shower cold. The technical inspector, that figure of supposed objectivity, was nothing more than a misleading and useful idiot. In the Netherlands, where I am from and standards aren’t aspirations but baseline expectations, an inspector documents every flaw with the precision of a forensic officer. The people I had on the ground here didn’t notice the defects. In the Netherlands, sellers stay liable for hidden defects for five years.

So I didn’t know about an aircon unit that still needs fixing, the inner mechanics of a toilet that needed complete replacement, the two holes outside in the garden that needed urgent closing, the glass roof I still need to install over the garden because it will flood as there’s no drain, the old aircon pipes that needed removal, the shower that was leaking (luckily a small matter), the broken wood of one door on the upper floor, the leakage under the bathroom door or the leakage stain on the upper floor indicating that the roof might have been an issue at some point.

I didn’t know about the mirror that was about to fall, open electrical wires, or sockets that needed CPR. It took uninstalling parts of the kitchen to find hidden panels. I didn’t know that all the warm and cold pipes in the house were installed the wrong way round, causing a variety of plumbing issues including boiling water flushing down a toilet. Apparently, everyone knew about this structural development issue, even my boiler installer! But the sellers ‘forgot’ to tell me.

Neither did I know about the leaking bath that required a plumber’s detective work to identify a misplaced panel rather than a drain issue. The kitchen installation that leaks oil, causing brown stripes on the floor, and has a plank already succumbing to humidity. I’ve repainted terraces in the scorching heat, removed black handprints and other damages from walls and ceilings inside, and sealed cracks. I still need to do parts of the exterior.

This property was never fit for purpose. I literally rescued it. But it hasn’t rescued me yet, although I love the near future version it will be.

To those shouting “go back to where you came from”, I won’t let them rob me of my life here. I’ll rise. Yet, I will never forget, and act as a force in this society to confront its ethical decay. These types of issues always come back to bite Cyprus. Because I arrived with hope and just became easy prey. The sellers are a symbol of the embodiment of a culture that tolerates exploitation of foreigners. Within the EU… Unaccountability is a catastrophe of regulation, enforcement and collective conscience. Cyprus will reap what it has sowed. The boomerang of betrayal never misses its mark.

Cyprus Mail

Parliament reopens debate on foreign property ownership in Cyprus

Nigel Howarth
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Parliament reopens debate on foreign property ownership in Cyprus

Parliament’s Interior Committee is bringing back four proposals deferred during the previous parliamentary term, with changes aimed at tightening rules on foreign property ownership in Cyprus.

The House of Representatives’ Interior Committee will examine four bills at its first meeting of the new parliamentary session on Thursday. The proposals were previously discussed at committee meetings during the last parliamentary term.

They were due to go before the full House for a vote in April. However, they were deferred at the last minute.

The main aim of the proposals is to limit foreign ownership of property in Cyprus. A significant share of land and property sold in the Cypriot market has passed into foreign hands.

The proposed changes also seek to close gaps in existing legislation. These gaps can allow foreign interests to acquire property through companies registered in Cyprus or another European Union member state.

The legal loopholes over foreign ownership

The issue of these legislative gaps was also highlighted by the Audit Office in its special report, “Audit of the Acquisition of Immovable Property by Foreigners” (Greek), published on 23 September 2025.

According to the report, property bought by a foreign-owned company registered in Cyprus or another EU member state is recorded in official statistics as a Cypriot or European purchase.

As a result, the true scale of foreign participation in the property market may be underestimated.

Existing legislation includes safeguards governing property purchases by foreign nationals. However, these safeguards do not apply in the same way to foreign-owned companies registered in Cyprus or the EU.

Their purchases can therefore be treated as Cypriot or European transactions. This can allow property to be acquired without the same restrictions, regardless of who ultimately controls the company.

Foreigners accounted for 41.3% of sales in first seven months

Available data points to a growing presence of foreign buyers in the Cyprus property market.

According to a recent analysis by Delfi Partners, foreign buyers accounted for 41.3% of all sales contracts in the first seven months of 2026. This was up from 39.2% over the same period in 2025.

The figure represents 4,980 property sales contracts. July alone saw 829 sales contracts involving foreign buyers, described as a record number.

The analysis also found that overseas demand is growing faster than the domestic market.

Purchases by foreign buyers rose by 20.3%. The overall property market increased by 14.1%.

This means foreign buyers are not simply following the wider market recovery. Their share of the market is increasing at a faster rate.

(A closer look at the figures in my analysis shows that, of the 4,980 property sale contracts recorded in the first seven months of 2026, 1,687 involved EU citizens and 3,293 involved non-EU citizens. Of the 829 contracts deposited in July, 277 were by EU nationals and 522 by non-EU nationals.)

What the four proposals would change

The Interior Committee will examine the four bills on Thursday.

Two proposals from AKEL

The two AKEL proposals, signed by the party’s general secretary Stefanos Stefanou, would amend the Acquisition of Immovable Property (Foreigners) Law and the Transfer and Mortgage of Immovable Property Law.

Among other measures, they would:

  • Expand the definition of a “foreign-controlled company” to include any organisation where the beneficial owner is a foreign national.
  • Set out the terms, restrictions, conditions and criteria applying to property acquisitions by foreigners through regulations issued under the relevant law. These regulations would be submitted to the House of Representatives for approval.
  • Remove certain provisions that contain legal gaps or ambiguities, including those relating to the acquisition of large areas of land by foreigners.
  • Remove the need for Cabinet approval where a foreign individual is buying one apartment or one home of up to 200 sq m.
  • Apply the same exemption to one shop of up to 200 sq m or one office of up to 300 sq m.
  • Ban foreign buyers from acquiring forest or agricultural land.
  • Ban purchases of property next to the ceasefire line or areas and infrastructure considered critical.

According to AKEL, the proposals aim to remove provisions that allow foreigners to acquire property indirectly without Cabinet approval.

They would also introduce stronger mechanisms for monitoring and enforcement.

Proposal from Koulias, Mylonas, Savvides, Orphanides, Hatzigiannis and Tryfonidis

The third bill was submitted by Zacharias Koulias, Panikos Leonidou, Pavlos Mylonas, Chrysanthos Savvides and Christos Orphanides of DIKO, Kyriakos Hatzigiannis of DISY and Alekos Tryfonidis of DIPA.

The proposal would amend the Acquisition of Immovable Property (Foreigners) Law and update several of its provisions.

It would introduce clear restrictions on property purchases by individuals who are citizens of third countries.

Under the proposal, such buyers would be allowed to acquire only one home or apartment. This could be either an existing property or one to be built, and would have to be on a single plot.

The bill would also introduce restrictions on purchases by legal entities.

At least 51% of the issued share capital, voting rights or control would have to be held by citizens of Cyprus, another EU member state or a country party to the European Economic Area.

The same would apply where control is held by a legal entity established under the laws of Cyprus or another EU member state. That entity would also need its registered office, central administration or principal place of business in an EEA state.

The proposal would also prohibit foreigners from acquiring forest or agricultural land.

The sponsors say the changes are needed to prevent the creation of Cypriot companies and other organisations that mainly act as intermediaries for foreign property purchases.

They also argue that the measures would help protect agriculture and the rural economy.

Proposal by Nikos Georgiou of DISY

A fourth proposal was submitted by DISY MP Nikos Georgiou.

Its aim is to amend the Acquisition of Immovable Property (Foreigners) Law and modernise the rules governing the process for foreign buyers.

The proposal would allow an application to acquire property in Cyprus to be submitted either by the applicant or by a lawyer, accountant or licensed estate agent acting on the applicant’s behalf.

These professionals are subject to supervision under Cyprus anti-money laundering legislation.

The proposal would also specify the documents that must be submitted to the Cabinet when seeking approval for a property purchase.

According to the MP and the explanatory statement accompanying the bill, the changes are intended to protect the public interest.

They would do so by improving transparency and strengthening the effectiveness of checks.

The proposal also seeks to ensure that due diligence rules are applied promptly by professionals handling applications on behalf of foreign buyers.

Renewed focus on foreign property ownership in Cyprus

The return of the four proposals puts foreign ownership back at the centre of the Cyprus property debate.

With overseas buyers accounting for more than two-fifths of sales contracts so far this year, the issue is likely to remain closely watched by developers, estate agents and investors.

The committee’s discussions will determine whether the proposed restrictions move forward to the next stage of the legislative process.

Cyprus could gain powers to target short lets in housing hotspots

Nigel Howarth
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Cyprus could gain powers to target short lets in housing hotspots

Cyprus could soon have firmer legal backing to change its short-let rules to restrict Airbnb-style rentals in areas facing proven housing pressure. But any action would depend on the island showing where that pressure exists and whether short lets are adding to it.

The European Commission is preparing an Affordable Housing Act for later this year. It has not proposed an EU-wide cap, licensing quota or ban on short-term rentals. Instead, it wants public data to identify local “areas of housing stress”.

National and local authorities could then introduce proportionate measures to protect affordability. Any limits on short lets would need to sit alongside plans to build more homes, return empty properties to use, expand social housing and speed up planning.

Cyprus short-let rules could alleviate housing pressure

The issue is pressing in Cyprus, where platform-based stays are growing fast. Eurostat recorded 7.64 million guest nights booked through Airbnb, Booking and Expedia in 2025. That was 24.7% higher than in 2024.

Growth continued in early 2026. Cyprus recorded just over one million platform guest nights from January to March, up 22.3% year on year. This was the fourth-fastest growth rate in the EU.

These figures show demand, not the number of homes used as holiday lets. A family of four staying for three nights creates 12 guest nights. The data therefore cannot show how many properties have left the long-term rental market.

Audit report exposes gaps in Cyprus holiday-rental register

The strongest official measure of supply is a July Audit Office report. It found 8,464 licensed self-service units registered on 6 May. That equals about 1.7% of Cyprus’ 492,931 homes in the 2021 census, although the comparison is only a guide.

The Audit Office also found gaps in the register. Of 20 online listings reviewed, only six had a valid matching licence. Ten had no registration number, while four used an invalid number or one linked to another property.

A separate review in Famagusta found 23 Airbnb and Booking listings missing from both tourism registers. The samples are too limited to calculate an illegal-market rate. Still, they point to weak identification, data sharing and enforcement.

Effective since 20 May, EU regulation 2024/1028 has given states a common system for collecting platform data. Platforms may have to display registration numbers, make random checks and share monthly data on stays, nights and units. Authorities can also seek the removal of non-compliant listings.

Better local data is key to affordable housing action

The rules do not create rental limits. They give governments evidence for deciding if further action is justified.

That is important because Cyprus has rising house prices but no official finding that short lets are the main cause. Residential prices rose 7.5% in the first quarter of 2026, led by a 10.8% rise in apartment prices. The Central Bank pointed mainly to foreign demand, domestic demand and building costs.

The likely test is local and evidence-led. Cyprus will need neighbourhood data on listings, professional hosts, rents, prices and housing supply before it can make a strong case for targeted Cyprus short-let rules.

Cyprus developers urge action on unsafe & jointly-owned buildings

Nigel Howarth
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Cyprus developers urge action on unsafe & jointly-owned buildings

Cyprus must make meaningful progress on unsafe and jointly-owned buildings during the new parliamentary session, according to the Property Developers Association (CPDA). The association says there is no longer room for further delay.

It has called on the House of Representatives and its Interior Affairs Committee to move the legislation forward without delay. It argues that building safety is a matter of public interest and social responsibility.

Unsafe buildings need urgent legal reform

Draft amendments to the Streets and Buildings Regulation Law, covering unsafe buildings, are due to be discussed by the Interior Affairs Committee in early September. The association says the review should be completed and the amendments passed during the autumn session.

The call follows a series of serious incidents in recent months. In April, the collapse of part of a building in Germasogeia killed two people, bringing the issue of dangerous properties back into sharp focus.

In June, balconies collapsed at a seven-storey apartment building in Kapsalos. The incident again highlighted the need to identify structural faults before deterioration places residents and the public at risk.

Regular building safety inspections proposed

CPDA supports regular technical inspections for buildings, describing the proposal as an MOT-style system for properties. It believes planned checks would help spot faults early, before they develop into major safety hazards.

“Building and public safety cannot be left to chance,” said Mercina Isidorou, the association’s director general. “During the new parliamentary session, it is important to complete the legislation on unsafe buildings and finally move forward with reform for jointly-owned buildings.”

(In June the Cyprus Scientific and Technical Chamber (ETEK) renewed its calls for the introduction of mandatory building MOT-style inspections.)

New rules sought for jointly-owned buildings

Reform of the rules for jointly-owned buildings has been pending since 2023. The proposed framework should now be given fresh momentum so it can finally reach a vote, the association said.

It wants a modern legal framework that strengthens management committees, requires reserve funds for maintenance work and provides clear tools for early action. Prevention, regular inspection and timely maintenance, it said, must protect lives, homeowners’ assets and the country’s building stock.

The association said Cyprus must shift from dealing with problems after they arise to preventing them in the first place. It warned that decisive action is needed before the consequences of inaction are seen again.

Could a tenant reliability register fix the Cyprus rental market?

Nigel Howarth
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Could a tenant reliability register fix the Cyprus rental market?

After many years in the property sector, I have seen Cyprus’ real estate market go through many cycles. I have experienced economic downturns, managed complex investments and worked with a wide range of professionals and institutions.

Yet one problem remains stubbornly unresolved. It is an issue that undermines landlords’ confidence and, ultimately, the health of the rental market: the inconsistency and bad behaviour of some tenants.

I would also add the related issue of rent control, which remains unresolved. I have spoken about it many times and will not explore it further here.

Let us be honest. The property market is not a charity. A tenancy is a business relationship based on mutual trust. When that trust is broken, the consequences are not only financial. They can also have wider social effects.

We all know the scenario. A tenant leaves a property without warning, before the tenancy agreement has ended. Unpaid rent may be left behind, along with utility bills and service charges. That may not be the end of the problem.

The property can also be returned in a poor state. Fixtures may be broken, cupboards damaged and walls left dirty. Basic maintenance may have been ignored. Yet the same tenant may still demand the return of their deposit, while denying responsibility for the damage.

In many cases, the deposit covers only a small part of the resulting loss.

Landlords can be left with few options

The landlord can then find themselves at an impasse. Taking legal action can mean entering a lengthy and costly legal process. Lawyers’ fees, delays and the possibility that the tenant cannot afford to pay compensation can make the process ineffective.

The result is often simple: the landlord absorbs the loss.

That is not acceptable in a modern economy.

Why would a tenant behave in this way? One reason is that the market currently provides little deterrent. There is often no effective consequence for poor behaviour.

A tenant can leave one property and move into another without the next landlord knowing what happened previously.

This is where I believe a Tenant Reliability Register could play a role.

I am not proposing another slow legal process that would make the system impractical. I am proposing a digital tool that could record relevant information quickly and transparently.

How could a tenant register work?

The register would act as a deterrent. If tenants knew that their rental record could be considered when they applied for another property, the cost of irresponsible behaviour would increase.

The simple knowledge that poor conduct could affect a future tenancy may encourage greater responsibility.

But any such system would need clear rules. It must not become an unchecked blacklist. The information recorded would need to be accurate, relevant and subject to proper safeguards.

One of the most important elements could be a digital condition report.

When a property is handed over to a tenant, its condition could be recorded using photographs and a digitally signed report. The same process could be followed when the property is returned.

This would create a clear record of the property’s condition at the beginning and end of the tenancy.

The system could operate on a subscription basis for landlords and provide access to a Tenant Rating Score based on verified rental information.

A documented before-and-after record could help establish whether damage or neglect occurred during the tenancy. The aim would be to reduce disputes by making the evidence available from the outset.

GDPR must be part of the solution

Naturally, data protection and GDPR would be central to any such system.

That should not, however, prevent a serious discussion about how technology could improve trust in the rental market. Cyprus already has systems such as the Artemis Credit Bureau that provides credit information in the banking sector.

There is a case for considering whether a carefully regulated system could also support greater transparency in residential lettings.

If a tenant has a strong record of meeting their obligations, they should have nothing to fear from a fair and accurate system. At the same time, landlords should have reasonable protection against repeated and documented misconduct.

The safeguards would be crucial. Tenants should be able to challenge inaccurate information, and records should only contain information that is lawful, relevant and properly verified.

Protecting the supply of rental homes

As a property professional who has seen thousands of cases, I believe that a lack of effective safeguards can discourage owners from putting properties on the rental market.

Some landlords may become reluctant to invest in rental property or make existing homes available. If that reduces supply, it can put further pressure on rents.

This is why a tenant assessment system should not be viewed simply as a mechanism for punishment. It should be about creating a more balanced and transparent rental market.

The state should establish the legal and regulatory framework. Professional bodies representing valuers and estate agents could potentially play a role in managing the system, helping to ensure independence, consistency and reliability.

Time for a more transparent rental market

The property sector is entering an age in which data can play a much greater role. Trust should not have to depend entirely on a landlord taking a chance. Where possible, it should be supported by reliable and verifiable information.

Anyone who wants to enjoy the benefits of a tenancy should also accept the responsibilities that come with it.

Cyprus’ rental market deserves to be transparent, fair and, above all, secure. The debate should begin now, before irresponsible behaviour becomes the rule rather than the exception.

That debate is particularly important as Cyprus’ rental sector becomes increasingly multicultural and more diverse.

The objective should not be to create a blacklist. It should be to create a fairer system in which good tenants are recognised, landlords are better protected and both sides enter a tenancy with greater confidence.

(Translated from an article published in Kathimerini by Andreas A. Andreou, MRICS, CEO, APS Andreou Property Strategy – Chartered Surveyors)

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