Ever more Israelis moving to and investing in Cyprus
Over the past three years, more and more Israelis have been purchasing property and investing in Cyprus, with many moving to the island permanently. How has this changed the Cypriot economy and how are locals responding?
As tensions escalate in Israel following the October 7, 2023 attacks, a growing number of Israelis are turning to Cyprus as a destination for both temporary and permanent settlement. The nearby island's proximity, familiar landscape, and climate have made it an attractive option for many Israelis seeking a Plan B in case the situation in Israel deteriorates.
According to Israeli media, at least 3,000 Israeli families now live permanently in Cyprus, with the number increasing annually. Tens of thousands of Israelis have also purchased property on the island, with figures from the Cyprus Land Registry showing 3,851 property transfers and sale contracts involving Israeli buyers between 2021 and 2024 alone.
The Israeli hotel group Fattal is among the prominent investors in Cyprus, with estimated investments totaling hundreds of millions of euros. Other notable projects include the redevelopment of the historic Palm Beach hotel and the construction of two 15-story towers along the seafront in Larnaca. Israeli investors are also involved in the revival of the abandoned village of Trozena in Limassol district, planning to restore around 60 homes and develop tourism facilities.
The increasing presence of the Israeli community in Cyprus is evident in the opening of places of worship, businesses, and kosher dining establishments, as well as the appearance of Hebrew-language advertisements. The political debate surrounding foreign investment and property ownership in Cyprus has intensified, with critics expressing concerns over Cyprus's unconditional diplomatic support for Israel and its previous experience with Russian capital.
The Cypriot government has made attracting foreign investment a key economic priority, and lawmakers are considering legislative proposals to restrict property purchases by third-country nationals.
Written by urgent.news from DW English (Top Stories)'s reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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