Nicosia, Cyprus. Parliament indicated it intends to pass legislation by May restricting the acquisition of real estate by foreign nationals. The proposed changes are expected before the House dissolves ahead of parliamentary elections.
Legislation timeline and scope
Parliament’s intention is to amend the relevant law by May. MPs have tabled three bills introducing restrictions on the sale of properties to foreign nationals, including individuals and companies.
Proposed process and consolidation
Interior Minister Constantinos Ioannou proposed that the three legislative proposals be merged and then discussed together with the government’s own bill on the matter.
Role of the land registry
The MPs’ bills would prohibit the director of the land registry from approving bills of sale or transfers of immovable property if a transaction is subject to the proposed restrictions.
Concerns over current legal framework
MPs and government officials said the current legislation governing the acquisition of property by foreign nationals is outdated and needs substantial changes. They said the law contains loopholes and has virtually no restrictions.
Security concerns and audit findings
Some MPs described the issue as related to national security, with Akel citing an uptick in foreign nationals buying real estate near airports, army camps, the ceasefire line and the coastline. In a recent report, the auditor-general said an increasing and large share of Cyprus property sales have been to non-EU nationals, including Lebanese, Israelis, Russians and Chinese.
Share of foreign purchases in 2024
The report said foreign nationals accounted for over a quarter of all property sales in 2024, while noting the ratio was likely an undercount because it did not include Cyprus or EU companies with foreign interests.
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