Israelis increasingly buying property in Cyprus — Deutsche Welle
The number of Israelis buying housing, investing in businesses and moving to Cyprus for permanent residence is growing. After the attacks of October 7, 2023, and the wars that began afterward, Cyprus has become for some Israeli citizens not only a place for holidays or investment, but also a backup place of residence. This was reported by Deutsche Welle.
According to estimates cited by Israeli media, at least 3,000 Israeli families live permanently in Cyprus, and their number increases by several hundred each year. The newspaper Israel Hayom reported that around 20,000 Israelis own property on the island without living there throughout the entire year.
According to data from the Cyprus Land Registry presented to parliament, 3,851 property transfers and purchase-and-sale agreements involving Israeli buyers were recorded in the coastal districts of Larnaca, Paphos and Limassol in 2021–2024.
Investments in hotels and residential complexes
Israeli interest in Cyprus is not limited to apartments and houses. Investments by the Israeli hotel group Fattal in hotels in Limassol, Paphos and Larnaca are estimated at hundreds of millions of euros. In Larnaca, investors with Israeli interests are involved in the reconstruction of the historic Palm Beach hotel, worth more than €110 million, as well as in the Aqua Residences project, with an estimated value of €40 million. It provides for the construction of two 15-storey towers on the coast.
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In the Limassol area, an Israeli investor plans to revive the village of Trozena, abandoned for decades: to restore around 60 houses and create tourist facilities, a campsite and a winery. The project within the Natura 2000 conservation area prompted objections and a review by the competent authorities, as some work was started without the required planning and building permits.
Debate over restrictions for foreigners
Places of worship, businesses and services geared toward the Israeli community, including kosher food establishments, are opening in Larnaca, Limassol and Paphos. A private Jewish school for up to 1,500 pupils is also planned in Polemidia near Limassol.
Cyprus's parliament is considering legislative initiatives by the left-wing AKEL party and the centre-right Democratic Rally (DISY), which provide for restrictions on land purchases by citizens of non-EU countries. AKEL General Secretary Stefanos Stefanou warned against the uncontrolled sale of Cypriot land to foreigners, including Israelis, and the creation of closed residential communities with their own infrastructure.
Member of the European Parliament and leader of the Direct Democracy party Fidias Panayiotou said that Cyprus's economy risks becoming overly dependent on Israeli capital. Israel's ambassador to Cyprus, Oren Anolik, rejected claims of excessive Israeli influence and warned that singling out a particular nationality and stereotypes about a “foreign economic power” could contribute to antisemitism.
