AKEL Proposes Restrictions on Property Purchases by Foreigners

AKEL has submitted two draft laws to Parliament aimed at restricting property acquisition by citizens of third countries.

According to Stefanos Stefanou, AKEL's general secretary, the proposals aim to establish objective criteria for property purchases.

Mr. Stefanou emphasized the Government's responsibility to ensure that Cyprus remains under the control of Cypriots, citing data from the Audit Office indicating that almost half of land sale contracts involve citizens of third countries.

He highlighted the risk posed by mass land sales in a semi-occupied country, as well as its contribution to rising property prices.

The Minister of Interior had pledged to present proposals on the issue but failed to do so, according to AKEL.

Source: RIK Radio/CNA