Nicosia, Cyprus. Russians accounted for 51 per cent of foreign residential property purchases in Cyprus during 2025, according to a report published by Russian business magazine Business Petersburg.
The report said Cyprus continues to attract Russian investors despite European sanctions and tighter banking controls affecting transactions.
Demand for new properties
Citing real estate market executives, Business Petersburg said Russian buyers were primarily seeking to preserve capital, relocate businesses, particularly in the technology sector, and secure permanent residence in the European Union.
Demand was concentrated on newly built properties priced between €500,000 and €1.5 million, with Limassol, Larnaca and Paphos identified as the most sought-after locations.
The report said the permanent residence scheme, available through the purchase of a newly built property worth at least €300,000, remained a significant incentive for overseas buyers.
Banking and compliance procedures
According to the publication, Cyprus remains attractive because of its European Union membership, sizeable Russian-speaking community and favourable tax framework.
However, Russian purchasers continue to face obstacles, largely because of enhanced compliance procedures introduced by Cypriot banks following sanctions imposed on Russia.
The report said property purchases can take between three and six months to complete as financial institutions conduct extensive due diligence checks.
Interest in the north
Business Petersburg also examined the property market in the north, saying lower prices and more flexible payment arrangements had attracted interest from Russian buyers.
It warned, however, that the lack of international recognition of the north and continuing property ownership disputes create significant legal and investment risks for prospective purchasers.
The publication advised investors to exercise caution over properties built on land subject to ownership claims by Greek Cypriot refugees.