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Cyprus Real Estate Market Surpasses €2 Billion in Transactions Amid Global Challenges

by THEFUTURE.TEAM

November 26, 2024

The Cyprus real estate market has demonstrated remarkable resilience, recording €2 billion in transactions by mid-2024, according to a recent report by Delfi Partners & Company. Despite global economic uncertainty, the sector remains a pillar of stability, bolstered by robust local activity and a steadying inflation rate.

“Strong domestic engagement and stabilizing economic factors have enabled the market to adapt and thrive, even in the face of broader challenges,” the report highlighted.

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A notable indicator of the sector’s strength is the 32.5% year-on-year surge in building permits during the first half of 2024, reflecting a vibrant development landscape. However, delays stemming from recent municipal reforms are expected to temper growth in the latter half of the year, potentially slowing the approval of new permits.

Real estate sales to local buyers saw a 13% increase from January to September 2024 compared to the same period in 2023. This uptick in domestic activity helped offset a 13.4% decline in sales to international buyers, attributed to ongoing geopolitical tensions and global economic uncertainties.

Despite the drop, international investors still made up 44% of total real estate sales, underscoring Cyprus’ enduring appeal as a prime investment hub.

“The market is shifting, with local buyers playing a more prominent role while international interest, though diminished, remains significant,” said Michalis Loizou of Delfi Partners & Company. “This evolution highlights the adaptability of Cyprus’ real estate sector, which continues to present opportunities despite global headwinds.”

The report also noted that by mid-2024, transaction values had exceeded pre-pandemic levels, with the average property deal reaching €340,790—higher than in 2019.

Geographically, Limassol maintained its lead as the busiest district for real estate activity, contributing 32% of total sales. It was followed by Nicosia with 22% and Larnaca with 21%.

Looking ahead, Delfi Partners projected continued growth for the Cypriot economy, aided by stable inflation and potential interest rate cuts. “With these factors in play, along with the dynamic real estate sector, Cyprus remains an attractive destination for investors seeking stability and growth in a competitive market,” the report concluded.

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Foreign Firms Contribute €3.5 Billion To Cyprus Economy In 2023

by THEFUTURE.TEAM

November 12, 2025

Recent Eurostat data reveals that Cyprus remains an outlier within the European Union, where foreign-controlled companies contribute minimally to the nation’s employment figures and economic output. While these enterprises have a substantial impact in other member states, in Cyprus they account for only 10 percent of all jobs, a figure comparable only to Italy and marginally higher than Greece’s 8 percent.

Employment Impact

The report highlights that foreign-controlled companies in Cyprus employ 32,119 individuals out of a total workforce that, across the EU, reaches 24,145,727. In contrast, countries such as Luxembourg boast a 45 percent job share in foreign-controlled firms, with Slovakia and the Czech Republic following closely at 28 percent.

Economic Output Analysis

In terms of economic contribution, these enterprises generated a total value added of €3.5 billion in Cyprus, a small fraction compared to the overall EU total of €2.39 trillion. Notably, Ireland leads with 71 percent of its value added stemming from foreign-controlled firms, followed by Luxembourg at 61 percent and Slovakia at 50 percent. On the lower end, France, Italy, Greece, and Germany exhibit values below 20 percent.

Domestic Versus Foreign Ownership

The data underscores Cyprus’s heavy reliance on domestically controlled enterprises for both employment and economic output. However, it is important to note that certain businesses might be owned by foreign nationals who have established companies under Cypriot jurisdiction. As a result, these firms are classified as domestically controlled despite having foreign ownership or management components.

Conclusion

This analysis emphasizes the unique role that foreign-controlled enterprises play within the Cypriot economy. While their overall impact is limited compared to some EU counterparts, the presence of these companies continues to contribute significantly to the island’s economic landscape.