Foreigners lead the way in buying homes in Cyprus: Russians, Brits and Israelis.

According to the Land and Survey Department, Russian citizens are the largest group of foreign property buyers in Cyprus during the first two months of 2023. This was announced by the director of the Department, Elikos Elia, during the opening of the 5th Real Estate Exhibition in Nicosia on Friday.

Russian buyers are followed by buyers from the UK, Israel, Greece, Lebanon and Germany. Elia said the real estate market in Cyprus remains stable despite the pandemic and the war in Ukraine.

The data Elia presented for January and February 2023 shows that Russians top the list of foreign property buyers in Cyprus.

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Buyers from the UK occupy the second''s place, and from Israel in third place, with a preference for the coast and not limited to Larnaca alone, as was previously the case, Elia said. He added that Greeks ranked fourth on the list, followed by Lebanese, Germans, Romanians, Chinese, Ukrainians, Dutch citizens, Bulgarians, Poles, Belarusians and Americans.

He noted that the Land and Survey Department registers 20,000 sales worth more than 4 million euros annually, while 12,000-13,000 sales contracts are submitted annually. He added that his department has registered 14,489 mortgages worth €3.29 million in 2022.