Nicosia, Cyprus. Akel will bring a bill to the House plenum on April 2 to restrict the acquisition of Cypriot land by foreigners, which party officials say is needed to curb uncontrolled property sales.
Bill aims and proposed changes
The proposed legislation, prepared by Akel secretary-general Stephanos Stephanou, seeks to abolish provisions allowing indirect acquisitions without cabinet approval and to introduce transparent criteria for purchases.
Committee position and expected support
House Interior committee chairman Aristos Damianou said that “for decades in the republic, there has been a rampant buying and selling of Cypriot land, uncontrolled by foreigners.” He said the committee had achieved consensus on a unified text, which he believes will command a large majority in the plenum and has broad government support on core issues.
Restrictions on land types and sensitive areas
The bill would impose restrictions on the purchase, transfer, and acquisition of forest and agricultural land by foreigners and would limit acquisitions near critical infrastructure, including ports, airports, military installations, beaches, and areas adjacent to the Green Line.
Criteria for permitted purchases and non-retroactivity
Damianou said the legislation includes objective and transparent criteria for smaller land parcels where acquisition by foreigners is permitted, intended to prevent large-scale purchases while allowing limited transactions under defined conditions. He cited figures indicating that recent data show one in two land sales involves third-country nationals. He also said the legislation would not be retroactive, leaving completed transactions or those already filed with the land registry unaffected.
Assignment contracts and limits for third-country nationals
The bill would also extend to assignment contracts, which Damianou described as “a large category of transactions that are carried out with less transparency.” Under the proposed law, third-country nationals would face maximum limits on property areas they may acquire, while purchases in agricultural and rural zones would be prohibited.
What impact do you think the proposed limits could have on property sales in Cyprus?
