AKEL’s proposals on the mass purchase of real estate by foreign nationals respond to the concerns of Cypriot society

Statement by AKEL C.C. Spokesperson Giorgos Koukoumas

 

13 November 2025, AKEL C.C. Press Office, Nicosia

Society is well aware of and seriously concerned about the uncontrolled and sweeping purchases of real estate by foreign investors. It senses the side effects and dangers of this situation and how it dramatically exacerbates the housing crisis in our country.

AKEL took the initiative and opened this debate and is now moving forward with a package of drastic legislative proposals that will put a stop to the mass purchase of real estate by third-country nationals and which, taken together, can keep real estate prices in check.

These proposals close the loopholes that allow the established limits on real estate purchases by foreigners to be bypassed, either through foreign-owned companies or through assignments.

They set limits on the size of residential and commercial properties that foreign nationals can acquire and completely prohibit the acquisition of homes by foreign-owned companies.

They end the possibility of third-country nationals and foreign companies acquiring large tracts of land.

They disconnect the purchase of real estate from the golden visa program.

They completely prohibit the sale of forest or agricultural land to foreign nationals.

And finally, they ensure that the areas around infrastructures that are crucial to Cyprus’ security, such as ports, airports, coastal zones, and the ceasefire line, will remain in Cypriot hands.

We are now at a crossroads. Now is the time for the government and other parties to put the interests of Cyprus and its people above major foreign and domestic interests.