Banks have now emerged as the most powerful players in shaping Cyprus’ property landscape, overtaking the government, according to the latest annual real estate survey by EY Cyprus.
As reported by Philenews, the property market is still largely fueled by foreign interest—particularly from Israel, the United Kingdom, and various regions across Europe and the Middle East. Much of this demand continues to be tied to residence permit incentives, personal safety, and lifestyle quality, all of which Cyprus is known to offer.
EY’s findings also reflect increasing industry unease. Geopolitical instability, elevated interest rates, and bureaucratic hurdles are top concerns currently affecting developers, investors, and stakeholders.
For real estate professionals and property owners, this shift in influence signals a need to closely monitor banking policies, as they now play a central role in shaping everything from financing options to large-scale development approvals.
Source: Cyprus Mail