The volatile situation in Israel and the prolonged sense of insecurity following the October 7, 2023 attacks and the wars that followed have prompted a growing number of Israelis to turn to the Republic of Cyprus. For many, the nearby island is evolving from a holiday and investment destination into a place to settle permanently — and, in some cases, a "Plan B" in the event of a deterioration of the situation in Israel. That is precisely how several Israelis who spoke to DW on condition of anonymity described their decision.
"I want to have a Plan B in case the situation in Israel gets more difficult," said one Israeli who recently bought a home in a large residential development in Cyprus' Limassol district. Another pointed to Cyprus's proximity and familiarity: "It's a 40-minute flight, the same landscape, the same climate. It's like being in Israel without actually being there." A third linked his move to business, saying that many Israeli companies have transferred some of their operations to Cyprus, making it easier for them to do business with EU countries.
The population of the Republic of Cyprus is less than a million. According to estimates cited by Israeli media, at least 3,000 Israeli families now live permanently in Cyprus, with their number increasing by several hundred each year. Israeli media reports also speak of tens of thousands of Israelis who have purchased property on the island.
The newspaper Israel Hayom has reported that around 20,000 Israelis own property in Cyprus without living there year-round. Figures from the Cyprus Land Registry presented to parliament show that between 2021 and 2024, a total of 3,851 property transfers and sale contracts involving Israeli buyers were recorded in the coastal districts of Larnaca, Paphos and Limassol alone. But Israeli interest in Cyprus extends beyond apartments and holiday homes to land, tourism developments and major investment projects.
One of the most prominent examples is the Israeli hotel group Fattal, whose investments in Cyprus are estimated to run into hundreds of millions of euros and include hotels in Limassol, Paphos and Larnaca. In Larnaca, investors with Israeli interests are also behind the redevelopment of the historic Palm Beach hotel, an investment of more than €110 million, as well as the roughly €40 million Aqua Residences project, which foresees the construction of two 15-story towers along the seafront. In the Limassol district, an Israeli investor is planning to revive Trozena, a village that has been abandoned for decades, by restoring around 60 homes and developing tourism facilities, a campsite and a winery.
The project, located within a Natura 2000 protected area, has sparked opposition and an investigation by the relevant authorities after some work began without the required planning and building permits. At the same time, infrastructure catering to the Israeli community is becoming increasingly visible. Places of worship, businesses and services for Israelis — such as restaurants offering kosher dining — have opened in Larnaca, Limassol and Paphos.
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