As of March 2026, Credit Acquisition Companies (CACs) own 8,014 properties in Cyprus, with a total market value of 968 million euros, according to Central Bank figures. These properties predominantly come from non-performing loans and have made these companies among the island’s largest property owners, raising concerns about their impact on the local housing market.

The rise of CAC ownership stems not only from foreclosures but also from citizens and businesses ‘voluntarily’ handing over homes to escape inflated loans. Currently, 55,000 households and over 9,000 businesses still carry red loans, signaling potential for further transfers to these firms. This development has exacerbated property market pressures, including housing shortages for students and high-rent challenges.

Despite earlier warnings, lawmakers largely overlooked this growing issue during legislation drafting. Public frustration remains focused on foreign buyers snapping up properties, yet the significant ownership by foreign CACs remains largely unchallenged. Meanwhile, political dialogue around Cyprus’s future continues amid ongoing occupation issues, with critics highlighting a disconnect between diplomatic optimism and on-the-ground realities.