Cyprus: Push for Law on Foreign Property Purchases

Members of the Parliamentary Committee on Interior Affairs have called for the enactment of legislation to regulate property purchases by foreigners before the dissolution of Parliament. Committee Chairman Aristos Damianou stated that AKEL has taken the initiative for a comprehensive bill.

Mr. Damianou expressed concerns about the sale of a large part of Cyprus to foreign hands, which he considers dangerous for the semi-occupied Cyprus, as well as the increase in property prices. He pointed out that there is consensus on the legislative initiative and that efforts are being made to consolidate proposals.

Giorgos Pentedex from DIPA stressed the need to revise and modernize the provisions to prevent the creation of Cypriot companies that mediate the purchase of real estate by foreigners, as well as to protect agriculture and the public interest.

Updated data is expected from the Land Registry regarding the amount of land purchased by foreigners.