The Cyprus Property Developers Association (CPDA) has spoken out against proposed restrictions on real estate purchases by citizens of countries outside the European Union, stating that foreign buyers are not the main cause of rising housing prices on the island.
Developers consider the main problems in the market to be an insufficient supply of affordable housing, a shortage of construction workers, and high construction costs, according to a report by the Cypriot publication Philenews on October 27, 2026.
According to the association’s estimates, foreign buyers account for about 20% of housing sales in Cyprus, so it is unreasonable to place the primary blame for rising prices on them.
Representatives of the construction industry also pointed out the lack of reliable, unified statistics on housing that is actually available for sale. According to them, government agencies rely on data regarding issued building permits, which do not reflect the actual number of properties remaining on the market.
In particular, a significant portion of apartments may be sold while still in the design phase or while permit documentation is being obtained.
The association provides a hypothetical example: if permits have been issued for the construction of 10,000 properties, but 5,000 of them have already been sold, the actual supply available to new buyers is only half of the stated number.
As a result, using building permit statistics without accounting for pre-sales can create an inflated perception of the supply volume and lead to misguided decisions in housing policy.
An additional problem remains the shortage of construction workers. According to developers’ estimates, the labor shortage limits the industry’s potential and extends project completion times, even when all necessary permits have already been obtained.
The association has called on the authorities to conduct a comprehensive analysis of the existing housing stock, the actual supply, and the structure of demand before imposing additional restrictions on buyers from third countries.
At the same time, data from Cyprus’s Department of Lands and Surveys (DLS) indicate the significant role of foreign demand in the real estate market.
From January through September 2026, 14,969 real estate purchase agreements were registered in Cyprus, which is 13.6% more than during the same period in 2025.
Of this total, 6,267 agreements, or approximately 41.9%, were concluded by foreign buyers. Citizens of non-EU countries made 4,173 purchases, while buyers from EU countries concluded 2,094 contracts.
Thus, third-country nationals accounted for about 27.9% of all registered real estate purchase and sale contracts and approximately two-thirds of foreign purchases.
The discrepancy between developers’ estimates of 20% and the statistics on registered contracts is explained, in part, by the use of different metrics. A real estate purchase and sale contract may be registered before construction is completed, while the actual transfer of ownership occurs later.
According to DLS data for January–July 2026, 2,683 properties were transferred to foreign buyers, or about 20.9% of all properties for which the registration of the transfer of ownership was completed.
Therefore, the figures for contracts signed and transactions completed cannot be directly compared as identical statistical categories.
The highest concentration of foreign demand is observed in coastal areas. From January through September 2026, foreign buyers signed 2,117 contracts in Paphos, 1,814 in Limassol, and 1,543 in Larnaca.
At the same time, the share of foreign buyers in the total number of purchase and sale contracts in Paphos reached approximately 71%, in Larnaca—47%, while in Nicosia it stood at about 16%.
This indicates significant regional differences in the structure of demand and explains why a potential tightening of rules governing real estate purchases by foreigners could have a stronger impact on coastal markets.
The debate surrounding foreign demand has intensified following the introduction of legislative initiatives in the Cypriot Parliament aimed at restricting real estate purchases by citizens of non-EU countries and foreign-controlled companies.
In particular, representatives of the AKEL party proposed limiting such citizens to the purchase of no more than one residential property with an area of up to 200 square meters, as well as restricting the purchase of certain categories of commercial real estate.
Additional proposals call for stricter oversight of the ultimate beneficiaries of companies purchasing real estate and restrictions on the acquisition of properties near strategic infrastructure.
Supporters of the changes attribute the need for additional regulation to rising housing costs and declining affordability for the local population.
However, the developers’ association believes that the legislative proposals are not sufficiently supported by statistical research.
According to developers, there is no data confirming the mass purchase of more than two residential properties by a single foreign buyer. Therefore, limiting the number of purchases may have a limited impact on real estate prices.
At the same time, growing foreign demand is one of the factors influencing the market. The Central Bank of Cyprus has previously noted that the rise in housing prices is driven by a combination of stable demand—particularly from foreign buyers—and rising construction costs.
According to the regulator, in the first quarter of 2026, residential real estate prices rose by 7.5% year-over-year; specifically, apartment prices increased by 10.8%, while single-family home prices rose by 3%.
Foreign demand for real estate in Cyprus is traditionally driven by several large groups of buyers, including citizens of the United Kingdom, Russia, Greece, Israel, and Lebanon.
According to data from the Cypriot Ministry of the Interior presented to Parliament in January 2025, foreign buyers purchased more than 37,000 properties between 2021 and 2024. During the same period, Cypriot citizens purchased more than 200,000 properties.
British citizens accounted for the largest number of purchases by foreigners during this period. They were followed by large groups of buyers from Russia, Israel, Greece, and Lebanon.
According to previously published estimates by Open4Business based on data from the Cypriot Ministry of the Interior, British buyers were associated with approximately 11,800 properties, Russians with 4,900, Greek citizens with 4,700, Israeli citizens with 3,900, and Lebanese citizens with 2,100 properties.
At the same time, the structure of foreign demand varies significantly by region.
In Limassol, Russians led the way from 2021 to 2024, purchasing 2,561 properties, followed by British buyers with 1,840 properties and Israelis with 1,154.
In Paphos, the main foreign buyers were citizens of the United Kingdom with 4,483 properties, Russia with 1,563, and Israel with 1,291.
In Larnaca, the largest groups were British buyers with 2,743 properties, citizens of Lebanon with 1,744, and Israel with 1,406.
In Nicosia, Greek citizens ranked first among foreign buyers, purchasing 1,626 properties, followed by British citizens with 1,584 and Australians with 545.
The latest data from the Cypriot Ministry of the Interior for the period from September 2024 to September 2025 indicates growing interest among Israeli buyers in Larnaca and Paphos.
Specifically, during this period, Israelis purchased 850 properties in Larnaca and 683 in Paphos. In Limassol, Russians remained the largest group with 846 purchases, while in Paphos, British buyers led the way with 890 properties.
Ukrainian citizens are also among the notable participants in the Cypriot real estate market. In previously published rankings for 2021–2024, Ukraine appeared in the top ten countries of origin for foreign buyers, ranking ninth.
According to market participants, Ukrainian buyers are most interested in real estate in Limassol and Paphos, particularly apartments for permanent residence and investment properties.
At the same time, the latest DLS statistics for 2026 categorize foreign buyers primarily as EU citizens and third-country nationals, without providing a complete, publicly available breakdown by specific nationalities. Therefore, it is impossible to reliably determine the current number of purchases made by Russians, Ukrainians, or Israelis from January through September 2026 based on this data.
The Republic of Cyprus has been a member of the European Union since 2004. The main centers of the country’s residential real estate market remain Limassol, Paphos, Larnaca, and Nicosia. Foreign demand is particularly noticeable in coastal areas, where a significant portion of new construction is geared toward international buyers and investors.
CONSTRUCTION, CYPRUS, foreign buyer, INVESTMENTS, REAL ESTATE
According to The Serbian Economist, the Croatian municipality of Legrad, located near the border with Hungary, has extended its program to sell municipal real estate for the symbolic price of 1 euro through 2026. The initiative aims to attract young families, restore neglected homes, and stem population decline.
The program includes several support mechanisms, including the sale of individual plots of land and houses for 1 euro, partial financing for construction and renovation, reimbursement of a portion of the cost of purchasing a first home, and the rental of municipal apartments with the option to purchase them later.
Under the program’s terms, young families and individual applicants who plan to establish their permanent residence within the municipality may purchase properties designated by the municipality for a symbolic price.
For most applicants, the age limit is set at 45 years. For certain categories of families with minor children, the age limit is raised to 55 years.
Participants must not own any other habitable housing, are required to register their residence in the community within the timeframes specified by the program, and must live there for at least 15 years.
The municipality has also provided financial support for construction and renovation. Compensation for project documentation costs can amount to up to 1,000 euros, and for building materials and labor—up to 5,000 euros, depending on the terms of the relevant competition.
Separately, partial reimbursement of costs for the purchase of a first home is provided. For residential buildings, support can reach 5,000 euros, and for land plots—2,000 euros.
According to local media reports, 10 houses and land plots have been sold since the program’s launch, and 65 families have received various forms of housing support.
The program has also attracted the attention of Croatian expatriates living abroad.
For foreigners, eligibility depends not only on the terms of the municipal program but also on Croatian real estate laws and the existence of legal grounds for long-term residence.
Legrad is located in Koprivnica-Križevci County in northern Croatia. The community’s economy is primarily based on agriculture, and its population has been declining for a long time.
The sale of real estate at a nominal price is part of a local demographic policy aimed at attracting young residents, revitalizing the housing stock, and supporting local businesses.
In September 2026, Ukrainian citizens purchased 158 residential properties in Turkey, a 7.5% increase from August; however, they dropped from second to fifth place among foreign buyers. Russians retained their lead, increasing the number of purchases over the year by 45.3% to 388 properties, according to data from the Turkish Statistical Institute (TÜİK) published on October 16.
In September, Russian citizens purchased 388 apartments and houses, compared to 343 in August and 267 in September of last year. Thus, the number of transactions rose by 13.1% over the month and by 45.3% year-over-year. Russian buyers accounted for approximately 17.9% of all residential property sales to foreigners.
Iraqi citizens ranked second among foreign buyers with 166 properties purchased, followed by Germany in third place with 162. Next came Iran with 159 properties and Ukraine with 158. China ranked sixth, with its citizens purchasing 124 properties.
Despite dropping in the rankings, Ukrainian buyers have increased the number of transactions for the third consecutive month. In July, they purchased 145 properties; in August, 147; and in September, 158. The share of Ukrainians among all foreign homebuyers in Turkey in September was 7.3%, down from 7.6% in August.
A total of 2,167 residential properties were sold to foreign citizens in September, which is 9.9% more than during the same period last year. Compared to August, when foreigners purchased 1,938 properties, this represents an 11.8% increase.
However, over the first nine months of 2026, the number of apartments and houses purchased by foreigners decreased by 4.3% compared to the same period in 2025, totaling 15,308 properties. Foreign buyers accounted for 1.5% of the total number of transactions in September.
The domestic Turkish real estate market continues to decline. In September, 142,390 residential properties were sold in the country, which is 9.3% less than a year earlier. Sales of new homes rose by 3.9% to 51,519 units, while the number of transactions in the resale market fell by 15.3% to 90,871.
From January through September, total housing sales in Turkey amounted to 1.093 million units, a 7.2% decrease compared to last year.
Ukrainians remain one of the largest groups of foreign buyers of Turkish real estate. By the end of 2025, Ukrainian citizens had purchased 1,541 residential properties, ranking third behind Russians, who bought 3,649 properties, and Iranians, with 1,878 purchases. In 2024, Ukrainians purchased 1,631 properties.
As previously reported by Open4Business, in August 2026, approximately 78% of all residential property purchases by Ukrainian citizens in Turkey took place in the province of Antalya. There, Ukrainians purchased 114 out of 147 properties, while Russians purchased 226. Overall, Istanbul, Antalya, and Mersin remained the largest hubs for foreign purchases in August.
According to the international real estate agency Homium, the average budget for a Ukrainian buyer of real estate in Turkey in 2025–2026 is $100,000–$200,000. The main interest is focused on Antalya, Alanya, Istanbul, and other cities along the Mediterranean coast.
Thus, the September statistics indicate a revival in foreign demand for Turkish real estate against the backdrop of an overall contraction in the domestic market.
The Hungarian government has drafted a bill to introduce an annual tax on large fortunes at rates of 1–1.5%, which could affect not only Hungarian citizens but also foreign owners of real estate and businesses. The new tax is scheduled to take effect on December 15, 2026, and the first payments are due to the budget by August 31, 2027, according to a draft from the Hungarian Ministry of Finance.
According to the document, the net value of assets exceeding 1 billion forints (approximately $3.08 million) will be subject to taxation. A rate of 1% applies to the portion of taxable assets up to 100 billion forints, and 1.5% applies to the amount exceeding that threshold.
A tax-free allowance of 1 billion forints is granted to each individual separately, including spouses. When calculating the tax base, the value of assets is taken into account net of documented liabilities.
The list of taxable assets includes real estate, shares in companies, cash, securities, cryptoassets, investment-grade precious metals, and other valuable assets. The tax may also apply to works of art and jewelry valued at more than 3 million forints per item, as well as vehicles valued at more than 10 million forints.
Tax residents of Hungary are subject to taxation on their worldwide assets. However, a special rule applies to Hungarian citizens: after moving abroad, they will lose their resident status for purposes of the new tax only after ten years of living outside the country.
Foreign non-residents will pay tax exclusively on certain Hungarian assets, including real estate, property rights, and shares in companies registered in Hungary. Shares in foreign companies may also fall under the scope of the law if more than 75% of their balance sheet assets consist of Hungarian real estate.
However, simply owning an apartment or house in Hungary does not in itself create a new tax liability. A tax-exempt threshold of 1 billion forints is also provided for non-residents with respect to the relevant Hungarian assets.
According to estimates by the Ministry of Finance, the tax could affect approximately 15,000 high-net-worth individuals and 2,000 asset management entities. The expected additional revenue over four years is estimated at 800 billion forints.
The bill has passed the public consultation phase, which concluded on October 14; however, as of October 19, a final parliamentary decision has not yet been made.
The new tax regime is of interest to foreign investors, among whom citizens of Germany, Romania, Slovakia, China, the Netherlands, and Austria remain the largest groups of buyers of Hungarian real estate.
According to data from the National Bank of Hungary, compiled based on information from the National Tax and Customs Administration (NAV) and published in August 2026, foreign citizens accounted for 4% of all homebuyers in the country in 2025.
Citizens of Germany accounted for the largest share—1.1% of all homebuyers. Citizens of Romania accounted for 0.6%, Slovakia for 0.5%, the Netherlands and China for 0.3% each, and Austria for 0.2%.
More detailed statistics from the Hungarian Central Statistical Office (KSH) for 2024 allow for an assessment of the number of purchases by nationality. At that time, foreigners purchased approximately 6,600 residential properties with a total value of 309 billion forints, accounting for 6.4% of the value of all transactions in the housing market.
German citizens purchased the most properties—1,369. They were followed by buyers from China—708 properties; Romania and Slovakia—671 each; the Netherlands—438; Vietnam—329; and Austria—268.
Russian citizens purchased 185 residential properties in 2024, while Ukrainians purchased 144. The average value of housing purchased by Russians was 83.5 million forints, and by Ukrainians—35.6 million forints.
Thus, the average transaction value for these two groups was significantly below the projected threshold for the new tax, although some wealthy investors may own significantly more expensive properties or multiple types of assets.
The geographic distribution of foreign demand varies noticeably depending on the buyers’ nationality.
Germans primarily purchase homes in the western and southwestern regions of Hungary, particularly in the Somogy and Zala counties, located near Lake Balaton and the borders with Austria and Croatia.
According to data from 2025, foreigners accounted for 11.3% of residential property purchases in both counties. More than two-thirds of these transactions were made by German citizens. Buyers from the Netherlands, Austria, and Switzerland are also active in the local markets.
Citizens of Romania and Slovakia tend to buy real estate in border regions. Chinese, Vietnamese, Israeli, and Russian buyers primarily focus on Budapest.
In the Hungarian capital in 2025, foreign nationals accounted for 5.5% of all homebuyers. In the central districts of Pest—including Districts V, VI, VII, VIII, and IX—their share reached 13.2%.
Chinese citizens were particularly active in central Budapest, accounting for 3.5% of all residential property purchases in these districts. The share of Vietnamese and Israeli citizens was 0.8% each, Turkish citizens 0.7%, Russian citizens 0.6%, and French citizens 0.5%.
These statistics reflect the distribution of new purchases by nationality, not the overall structure of real estate already owned by foreigners.
The proposed wealth tax could have the greatest impact on owners of expensive apartments, commercial real estate, large investment portfolios, and stakes in Hungarian companies.
For most foreign buyers of standard apartments, the new tax—based on the proposed threshold of 1 billion forints—should not create additional obligations, provided that the total value of their taxable Hungarian assets does not exceed the established limit.
The final terms of taxation will depend on the version of the law adopted by the Hungarian Parliament.
Net inflows from non-residents for real estate purchases in Egypt for the 2025/2026 fiscal year, which ended on June 30, increased by 47.4% compared to the previous fiscal year—rising from $1.9 billion to $2.8 billion. This is according to data from the Central Bank of Egypt (CBE) published on October 12, 2026.
Thus, revenues increased by approximately $900 million over the course of the year. This positive trend is driven by growing international demand for Egyptian real estate, the development of major construction projects, and government initiatives aimed at attracting foreign capital.
However, the Central Bank’s statistics include real estate purchases by all non-residents, including foreign nationals and Egyptians permanently residing abroad. Therefore, the $2.8 billion figure cannot be attributed entirely to foreign nationals.
The growth in real estate investment has become part of an overall increase in the inflow of foreign capital into Egypt’s economy. According to Central Bank data, the net inflow of foreign direct investment in the 2025/2026 fiscal year reached approximately $18 billion, compared to $12.2 billion a year earlier.
In particular, investments in the establishment of new enterprises and capital increases for existing companies rose to $8.8 billion from $5.5 billion. Reinvested earnings increased from $4.2 billion to $6.2 billion, while net proceeds from the sale of companies and production assets to non-residents totaled $433.2 million, compared to $399.8 million a year earlier.
Large-scale real estate development projects along the Mediterranean coast, in New Cairo, and in Egypt’s new administrative capital play a significant role in attracting investment.
In May 2026, Egypt’s Ministry of Justice finalized a draft law regulating the purchase of completed real estate and undeveloped land plots by foreign nationals. Its goal is to simplify property registration procedures and make the market more accessible to foreign investors.
The government is also developing digital mechanisms for real estate purchases by foreigners, which involve processing transactions and transferring funds through Egypt’s banking system.
Against the backdrop of growing foreign demand, the authorities are paying increasing attention to the transparency of development projects, property registration, and the protection of buyers’ interests.
Unlike Turkey, where the statistics agency publishes monthly data on the number of transactions with foreigners broken down by citizenship, Egypt does not provide a comparable nationwide ranking of real estate buyers that is publicly available.
Therefore, the structure of foreign demand must be assessed based on studies by consulting firms, reports from Egyptian developers, and regional real estate agencies.
One of the largest groups of buyers consists of citizens of Gulf states, primarily Saudi Arabia, Qatar, the UAE, and Kuwait.
According to an assessment by Basem Kalila, CEO of Kalila—the company that organizes the international Nile Property Expo—published by the Egyptian publication Osoul Misr on October 1, 2026, the most active foreign buyers of Egyptian real estate are citizens of Saudi Arabia and Qatar.
Saudi buyers are showing particular interest in real estate in Egypt’s new administrative capital. Qatari citizens are primarily considering projects on the northern coast of the Mediterranean Sea, while investors from other Gulf states are actively interested in the western districts of Cairo.
It should be noted that this is a market participant’s assessment, not an official statistical ranking based on the number of registered transactions.
The second largest category of buyers consists of Europeans and citizens of former Soviet Union countries, who traditionally purchase real estate in Red Sea resorts.
According to a September 19, 2025, article in the Egyptian newspaper Al-Masry Al-Youm, representatives of the local real estate development industry cited citizens of Russia, Germany, the United Kingdom, and Italy as among the most active foreign buyers in Hurghada.
Buyers from Poland, the Netherlands, the Czech Republic, and other European countries are also showing significant interest in resort housing.
Unlike investors from the Persian Gulf, who tend to focus on large residential complexes and high-end real estate in the capital region and along the Mediterranean coast, European buyers primarily consider apartments for vacation use, long-term residence, and subsequent rental.
The main centers of this demand remain Hurghada, El Gouna, Sahl Hasheesh, and other Red Sea resort areas. Sharm el-Sheikh holds a special place, as it has specific rules governing the registration of property rights for foreigners.
Ukrainian citizens are also among the foreign buyers of Egyptian real estate, primarily in the Red Sea resorts. According to a study by Experts Club and the Relocation.com.ua project, published on September 14, 2025, Ukrainians are among the most prominent groups of buyers of resort properties in Egypt, especially in Hurghada.
According to market participants, Ukrainian citizens began actively purchasing real estate in Egyptian resorts as early as the 2010s, and after the outbreak of full-scale war in 2022, some buyers began to view Egypt not only as a tourist destination but also as a place for long-term residence.
Ukrainians are most interested in relatively affordable apartments ranging from 40 to 70 square meters, which are purchased for personal use, seasonal vacations, or rental purposes.
A study by Experts Club noted that Ukrainian buyers are primarily concentrated in the affordable price segment, while wealthier investors are looking at properties priced at $300,000 and above, particularly due to the opportunity to participate in Egypt’s investment migration programs.
However, the country’s Central Bank has not published official data on the number of properties purchased by Ukrainian citizens in Egypt during the 2025/2026 fiscal year. Consequently, it is not yet possible to determine the exact share of Ukrainians in the total volume of non-resident investments or their current standing among foreign buyers.
The program for obtaining Egyptian citizenship through investment provides, in particular, for the purchase of real estate valued at no less than $300,000, subject to compliance with the conditions set by the state. This program is designed for a specific category of investors and does not reflect the typical budget of buyers of resort apartments.
Egyptian authorities view international real estate sales as one of the tools for attracting foreign currency, increasing investment, and developing the construction sector. One of the largest markets remains the northern coast of the Mediterranean Sea, where large-scale projects involving Arab capital are being implemented.
For the third time this month, PrivatBank has put the “Dnipro-Arena” stadium and training facility in Dnipro up for public auction on the “Prozorro.Sales” platform, lowering the starting price to 111.27 million UAH excluding VAT, the bank’s press service reported.
The auction is scheduled for October 27 in the format of a three-round English auction; the security deposit is 5.56 million UAH, or 5% of the starting price, and the minimum bid increment is 1.11 million UAH, or 1%.
The two previous auctions—on October 6 and 15—did not take place due to a lack of bids. In less than a month, the starting price of the complex has dropped by 29.44 million UAH, or 20.9%.
The lot includes a stadium with a total area of 15,950 square meters, a training facility complex with an area of 13,060 square meters, and a separate indoor soccer field with an area of 7,470 square meters.
“Dnipro Arena” has a capacity of 31,000 spectators, a VIP box with 296 seats, and a restaurant with 550 seats. The 105×68-meter soccer field is equipped with heating and automatic irrigation systems, as well as artificial lighting.
The training complex includes four natural-turf fields, three outdoor fields with artificial turf, an indoor field with stands seating 506 people, a cottage village, a dormitory, a medical and rehabilitation center, a swimming pool, and a gym.
The land plots on which the facilities are located are municipally owned. PrivatBank uses some of them under lease agreements; for one plot, the right of use is currently being formalized.
The transfer of the property to the buyer is scheduled to take place after receiving approval from the Antimonopoly Committee of Ukraine for the concentration or a conclusion that such approval is not required, and after full payment for the property has been made.
Persons subject to sanctions, associated with jurisdictions posing an unacceptably high risk, or involved in corruption offenses, terrorist financing, or money laundering are not permitted to participate in the auction.
Restrictions also apply to companies with opaque ownership structures in offshore jurisdictions, as well as to individuals affiliated with oligarchs, former executives, or owners of PrivatBank.
PrivatBank is Ukraine’s largest bank. According to the National Bank, the financial institution’s total assets as of September 1, 2026, amounted to 983.82 billion UAH (22.8% of the total).
AUCTION, PRIVATBANK, PROZORRO.SALES, REAL ESTATE, Дніпро-Арена
