In Cyprus, there is a growing interest in buying property from foreigners. In 2020 and beginning of 2021, there was a decrease in demand for real estate after the cancellation of the golden passport program and with connection of the pandemic COVID-19. According to the Central Bank of Cyprus, the growth in the real estate sector by foreign investors is due to their desire to transfer business to Cyprus or obtain a residence permit based on the purchase of real estate.
In the fourth quarter of 2021, there has been an increase of interest in Cypriot real estate from foreign businessmen from the IT, fintech and high technology sectors who would like to relocate and transfer their companies and their staff to Cyprus. Foreigners from this category are specially interested in office and residential buildings. Another category of foreigners who are interested in buying property are those who would like to move to Cyprus and obtain a long-term residence permit.