Nicosia, Cyprus. MEP Fidias Panayiotou drew criticism after comments about Israeli nationals buying property in Cyprus were condemned by Israeli Ambassador Oren Anolik.
Video comments and media coverage
In a recent video filmed against the backdrop of the parliament building in Nicosia, Panayiotou, who is standing for MP in upcoming elections, said foreign investment in Cyprus has increased sharply in recent years, with a significant portion coming from Israelis, especially in real estate.
The story was picked up by Israeli media outlets including Ynet, the Jerusalem Post and Maariv.
Concerns raised about investment and housing
“The problem is that we are close to being dependent on Israeli investments for our economy to function,” Panayiotou said, adding that purchases of entire villages and gated residential complexes create “bubbles” that are inaccessible to the average Cypriot.
Panayiotou said the problem lies not only in the identity of the investors, but in corruption and a lack of government oversight.
He said the government grants approvals without adequate checks to large investment companies, which are sometimes presented as Cypriot but are in fact run by Israelis. He warned that the situation is leading to rising rents for local youth and threatens the “character of the island.”
Israeli ambassador’s response
Despite the caveats, Anolik later described Panayiotou’s comments as “deeply concerning”.
“The relationship between Israel and Cyprus is built on a foundation of shared values, mutual respect and a strong friendship,” Anolik wrote on X.
“When political discourse utilises age-old stereotypes regarding ‘foreign economic power’ to incite fear, it enters dangerous territory.”
Anolik accused Panayiotou of fueling antisemitism, saying his comments were “baseless” and carried “an undertone of prejudice that should have no place in a modern, democratic European nation”.
How do you view the impact of foreign real estate investment on housing access in Cyprus?