We are on holiday in Cyprus and were outside our villa on a hot night at approx 10pm. I saw a flashing Disc in sky which looked like a LED disco ball flashing red green blue patterns brightly high up in sky. I called my sister and niece to look.The object hovered for several minutes with lights flashing in a sequence like a bullseye pattern. Small red circle at centre, bigger green circle of lights then larger blue circle of lights. Then repeating sequence and doing different light sequences. Then object rotated on its side to show strip of red lights which flashed in sequence then back to circular pattern. When we videoed the object the video shows in moving rapidly but it appeared static to the naked eye. The object hovered for approx 7 minutes then fell like a leaf until outof view behind trees. We are on a hillside looking down towards the sea so think it descended to sea level.We all videoed the event on our phones and after the first video the phone froze which was unusual. None of the other phones froze