Almost 15,000 applications for property acquisition permits have been filed in Cyprus by third-country nationals over the past five years, according to data submitted to parliament by Interior Minister Constantinos Ioannou.

The majority of applications came from Paphos (5,477), followed by Limassol (4,316) and Larnaca (3,479). Smaller figures were recorded in Nicosia (886), Famagusta (816).

The busiest year so far was 2023, with 3,524 applications, compared to 3,212 in 2024 and 1,664 already in 2025. Paphos has consistently topped the list, underlining its strong appeal to foreign buyers.

The release of these figures follows a critical Audit Office report highlighting the growing role of foreign nationals in Cyprus’s real estate market. The report revealed that over 27% of property sales in 2024 involved foreigners, warning that the actual percentage is likely higher since companies controlled by non-Cypriots were excluded.

The Audit Office further stressed that legal restrictions on foreign-owned companies remain largely ineffective. It cited weak monitoring of transactions, insufficient checks on the source of funds, and a malfunctioning digital registry system as major flaws.

Political fallout was swift. Opposition party AKEL said the findings confirm its longstanding warnings about “unchecked” foreign property acquisitions, linking the trend to rising affordability pressures on Cypriot households.

The party accused successive governments of inaction and pledged to push for legislative changes, including restrictions on the golden visa scheme, which it argues worsens the housing crisis.

Responding to the figures, Ioannou said property acquisition applications are usually processed within one to two months, though delays occur due to heavy workloads. In some provincial offices, just one staff member is responsible for handling applications, occasionally assisted by a second officer.

The problem reflects a wider administrative bottleneck. As of August 2025, more than 37,900 planning and building permit applications were still pending across the newly formed District Self-Government Organizations (EOAs).

While the Interior Ministry has introduced simplified procedures and digitalization to accelerate approvals, Ioannou admitted that staffing shortages continue to hamper progress, with some districts performing better than others.