Foreign Demand Remains Resilient in Cypriot Real Estate: Strategic Insights and Regional Trends

by THEFUTURE.TEAM

October 24, 2025

International investment continues to assert its robust presence in Cyprus’ real estate market, with 1,669 properties sold to overseas buyers over the past year, as confirmed by Interior Minister Constantinos Ioannou. This sustained global interest underscores the island’s multifaceted appeal to investors from diverse regions, enhancing the attractiveness of Cypriot real estate.

Rising International Acquisitions

Between September 2024 and September 2025, 962 homes were purchased by foreign buyers, segmented into 385 transactions by European nationals and 577 by non-European investors. Paphos emerged as a hotspot, where heightened international demand has contributed to significant price appreciations. In addition, the market saw 350 plot sales — with 218 to EU citizens and 132 to non-Europeans — complemented by 357 field transactions predominantly to European buyers.

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Distinct Regional Preferences

Buyer preferences reveal a clear geographic split. Europeans have shown a marked preference for Limassol, whereas non-EU buyers are increasingly attracted to Larnaca’s growing momentum. In Nicosia, the foremost buyers were Greeks with 403 properties, followed by Romanians, Russians, and Lebanese. Famagusta recorded a dominant presence of British buyers, while in Larnaca, regional investors such as Israelis, Lebanese, and Britons have been particularly active. Limassol continued to attract substantial investments from Russians, Israelis, and Greeks, while Paphos remained a favourite among British, Israeli, and Russian buyers.

Transactional Dynamics Across Districts

The Department of Lands and Surveys (DLS) provided an expansive view of the market, noting 19,155 transfer cases in 2024 covering 21,469 properties. These transactions represent a declared value of €3.94 billion, with an accepted transfer duty value of €4.30 billion. Limassol led in both transaction volume and value, registering 5,054 cases amounting to over €1.43 billion declared. Nicosia, Paphos, and Larnaca followed, while Famagusta remained the smallest segment, reflecting differentiated regional market dynamics.

Robust Overseas Activity

Further evidence of the market’s vitality comes from the DLS’s dataset on foreign buyers, which recorded 6,754 international transactions in 2024. Among these, 2,785 were by EU nationals, with 3,969 transactions from non-EU buyers, and July emerged as the peak month with 703 non-EU contracts filed.

Challenges In Data Collection

Minister Ioannou clarified that while no hotel units were sold during this period, the data for apartment buildings remains incomplete due to challenges in tracking developments without updated or horizontally divided title deeds. Once a building is registered, each individual unit—be it an apartment, shop, or office—is recorded separately, ensuring detailed market transparency.

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Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

by THEFUTURE.TEAM

June 26, 2026

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

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Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

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