Nicosia, Cyprus. Lawmakers on the House Interior Committee on Thursday urged that a legislative proposal regulating the purchase of real estate by foreigners be brought to the plenary for a vote before parliament dissolves ahead of the elections.
Call for vote before dissolution
Committee chairman Aristos Damianou (Akel) said his party had prepared a comprehensive bill to address property acquisitions by third-country nationals and companies with foreign interests, warning that the current framework had allowed excessive concentration of land in foreign hands.
“It is a given that a large part of our homeland has been sold to foreign hands and this is dangerous for the semi-occupied Cyprus,” he said.
Concerns over prices and concentration
Damianou said property prices “have taken off through a real estate ‘bubble’ as a result of the purchase of large areas or high-value real estate, especially in urban centers”.
He said there was broad acceptance of the core proposals by the majority of involved bodies, including the Interior Ministry, creating scope for consensus.
Unifying proposals and seeking government backing
Damianou noted that similar initiatives had been tabled by MPs from other parties and said he had undertaken to consolidate the various texts into a single proposal.
He said meetings had already been held with the ministry so the final draft could also secure government backing and avoid the risk of referrals.
“We are at a good point,” he said, estimating that within 15 days a unified text would be ready, allowing for the adoption of “a modernized framework for the purchase of real estate by foreigners” before parliament’s self-dissolution.
Proposed changes to existing rules
Damianou said the original law on the acquisition of real estate set specific criteria, including limits on area, but that these had gradually been diluted through cabinet decisions.
“As a result, today they are buying everything from beaches to hotels, this must stop,” he said, adding that separate legislation already governs large developments.
What changes do you think should be included in a modernized framework for foreign purchases of real estate?