The Cyprus Parliament is considering initiatives that could significantly tighten the rules on property purchases by third-country nationals and foreign-controlled companies, amid discussions about housing affordability and the risks of uncontrolled land sales.
In particular, the AKEL party has submitted two bills to the House of Representatives that would introduce measurable restrictions for buyers from countries outside the EU. It is proposed to allow third-country nationals to purchase only one residential property with a size restriction (up to 200 square meters), as well as one office (up to 300 square meters) and one store (up to 200 square meters). At the same time, companies with foreign interests, according to the initiative, should be completely deprived of the right to purchase housing.
Another set of proposals concerns strengthening control over ownership structures: it is envisaged that the ultimate beneficial owner of a transaction will be required to disclose their identity in order to prevent purchases through Cypriot or European companies that are effectively controlled by non-residents from third countries.
AKEL also proposes to ban real estate purchases in areas near critical infrastructure, including ports and airports, as well as in coastal and buffer zones, and to completely ban the sale of forest and agricultural land to foreign buyers from countries outside the EU.
The party says the initiatives aim to protect the right to housing for local households, reduce pressure on prices, and take security factors into account. Discussion of the bills is expected to begin in the relevant committee after the Epiphany holidays.
Who mainly buys real estate in Cyprus
According to the audit service, in 2024, 4,321 transactions out of 15,797 (27.4%) were made by buyers from countries outside the EU, with the report noting that the actual share may be higher due to purchases through companies registered in the EU or Cyprus.
Statistics presented in parliament by Interior Minister Constantinos Ioannou for the period from September 2024 to September 2025 show that the most active foreign buyers are British, Israeli, and Russian, with notable transactions by citizens of Greece, Lebanon, and Romania. In terms of regions, for example, the British led in Paphos (890 purchases), followed by Israelis (683) and Russians (327), while in Limassol, Russians (846) and Israelis (571) were the largest buyers.
Ukrainian citizens have also appeared in the rankings of the top 10 most active real estate buyers in Cyprus in different years.
The Cypriot ambassador to Ukraine, Michalis Firillas, said that after February 24, 2022, the structure of tourism in Cyprus underwent significant changes, and many traditional sources of tourists weakened. However, the total number of tourists is growing: according to statistics, Cyprus welcomed more than 4.04 million visitors in 2024, which is 5.1% more than in 2023.
“Although the war has made some adjustments, Cyprus remains popular among Ukrainians. Tourism from Ukraine exists, and I predict that it will soon return to pre-war levels,” said Michalis Firillas, Ambassador of the Republic of Cyprus to Ukraine, during a meeting with a representative of Interfax-Ukraine.
According to the ambassador, at least 25,000 Ukrainian citizens visited Cyprus in 2024. The main convenient routes for Ukrainians are currently flights from neighboring countries, primarily Romania. “Cyprus is promoting the development of air links for Ukrainians, and in December, Wizz Air will launch a new flight from Suceava (Romania) to Larnaca (Cyprus),” he added.
Firilas expressed confidence that after the end of the war, the volume of Ukrainian tourism to Cyprus will return to pre-war levels.
Most tourists to Cyprus currently come from the UK, followed by Israel, Poland, and Germany. These countries form the core of the island’s visitor market.
Cyprus will make every effort to open negotiation clusters with Ukraine during its presidency of the European Union in the first half of 2026. This was stated by the Ambassador Extraordinary and Plenipotentiary of the Republic of Cyprus to Ukraine, Michalis Firillas, during a meeting with a representative of Interfax-Ukraine.
“Accession to the European Union provides indirect security: economic, social, in terms of democratic norms and values, as well as freedoms for citizens. We will do everything possible during our presidency to open negotiations with Ukraine on clusters of European legislation,” the diplomat said.
Firillas stressed that Cyprus is working closely on this issue with Denmark and Poland, as well as with European institutions in Brussels. “We want to see progress – this is the common conclusion that unites our Polish and Danish colleagues and all relevant EU structures,” he said.
The ambassador also stressed that Cyprus clearly supports the independence, territorial integrity, sovereignty of Ukraine and its European perspective.
Commenting on the decision-making process in the EU, Firilas stressed the importance of preserving the principle of unanimity. “This is the position of many small countries. It is one of the key elements of the political process in Europe – not to hold anyone hostage, but as a mechanism for expressing national interests,” he added.
From July 1, 2025, Denmark will take over the presidency of the EU Council from Poland; it will last until the end of the year. The presidency will then pass to Cyprus.
Cyprus intends to develop cooperation with Mariupol University, which was evacuated from Mariupol after the start of the full-scale war and continues to operate in territory controlled by Ukraine. This was stated by the Ambassador Extraordinary and Plenipotentiary of the Republic of Cyprus to Ukraine, Michalis Firillas, during a meeting with a representative of Interfax-Ukraine.
“Cyprus is a European hub for educational programs, and we see great potential in cooperation with Ukrainian universities. In particular, we are interested in developing a partnership with Mariupol University, as Mariupol has historically been the center of the Greek community in Ukraine. This creates a natural bridge for educational and cultural projects,” the diplomat said.
Firilas stressed that educational cooperation should become an important component of bilateral relations. “We want students and teachers from Ukraine to have more opportunities to participate in academic programs in Cyprus, and Cypriot universities to participate in joint research and exchanges,” he said.
According to the ambassador, Cyprus is also ready to expand scholarship programs in cooperation with Mariupol University so that Ukrainian students can receive a quality European education and participate in international academic initiatives. He added that this would contribute to the integration of Ukrainian educational institutions into the European academic space.
The President of Ukraine, Volodymyr Zelenskyy, accepted credentials from the newly appointed ambassadors of Cyprus, Michalis Firillas, Latvia, Andrejs Pildegovičs, and Pakistan, Kanwar Adnan Ahmed Khan, according to the press service.
“Volodymyr Zelenskyy and Michalis Firillas discussed increasing sanctions pressure on Russia, food security, joint projects within the European Union, the security situation in the region, and cooperation with partners, particularly in multilateral formats,” the statement said.
In addition, Zelensky and the Cypriot ambassador discussed Ukraine’s future membership in the European Union and priorities during Cyprus’ presidency of the Council of the European Union in the first half of 2026.
The president also discussed with Pildegovičs the development of the PURL initiative, increasing pressure on Russia, and humanitarian aid. The ambassador assured that Latvia would actively promote Ukraine’s interests at the UN next year when the country becomes a non-permanent member of the organization.
Zelensky discussed with the Pakistani ambassador the development of bilateral cooperation, particularly in the defense and military-technical spheres, as well as partnership in trade and food.
There are currently around 28,000 Ukrainian refugees in Cyprus, which is one of the highest figures in the world in relation to the island’s population. This was stated by the newly appointed Ambassador Extraordinary and Plenipotentiary of the Republic of Cyprus to Ukraine, Michalis Firillas, during a meeting with a representative of Interfax-Ukraine.
“We understand that the war has forced many Ukrainians to leave their homes. Cyprus has become a safe haven for them, and we are proud to be able to provide them with support,” the diplomat said.
According to him, Ukrainian refugees in Cyprus have access to free medical care, can use the state education system, and also receive support in employment and social benefits. “Our government is doing everything possible to ensure that Ukrainians integrate into Cypriot life as quickly and comfortably as possible,” Firillas emphasized.
He stressed that Cyprus will continue to support Ukraine and the Ukrainian people by providing both humanitarian aid and political support on the international stage.
