AKEL is seeking to restrict uncontrolled land and property sales to foreign investors through amendments to the foreign direct investment bill. Parliament postponed yesterday’s plenary debate on the bill to allow further cross-party consultations.
The amendments introduce safeguards requiring authorities to assess the degree to which an investment concerns or affects the property management or acquisition sector when evaluating foreign investments. Authorities will also consider how investments impact labour and environmental standards and compliance with international agreements governing them.
Three amendments target property market imbalances
The first amendment requires the competent authority to consider potential imbalances in the property market and housing stock when deciding whether a foreign direct investment should undergo screening.
The second amendment includes factors the authority must assess when evaluating whether a foreign direct investment is likely to affect the Republic’s security or public order, including whether a company receiving the investment operates in the property management sector.
The third amendment provides for consideration of how an investment affects labour and environmental standards and the international agreements governing them.
Non-EU nationals purchase 790 properties in 12 months
A total of 790 homes, plots and fields passed into the hands of third-country nationals between 15 September 2024 and the corresponding period this year, according to Interior Ministry data.
During the same period, 879 European citizens purchased homes, plots and fields. The figures demonstrate the concerning dimensions the issue of property sales to non-Europeans is assuming, reinforcing Audit Office findings that 27% of buyers come from third countries. The data were sent to parliament following a question submitted by AKEL MP Christos Christofides.
Paphos tops non-EU buyer preferences
European buyers purchased 385 homes whilst third-country buyers acquired 577. The analysis shows most property sales to non-Europeans occurred in Paphos, where they purchased 313 homes, followed by Limassol with 102, Larnaca with 77, Famagusta with 71 and Nicosia with 14.
European buyers chose to purchase 189 homes in Paphos, followed by Limassol with 70, Famagusta with 43, Nicosia with 42 and Larnaca with 41.
Meanwhile, European buyers purchased 218 plots and non-Europeans acquired 132. The picture differs for plots, as third-country buyers purchased 84 vacant plots in Larnaca. Limassol follows with 25 sales, Nicosia with 17 and Paphos with six. Europeans purchased 98 plots in Limassol, 65 in Nicosia, 31 in Larnaca, 19 in Paphos and five in Famagusta. Non-European buyers acquired 81 fields whilst EU buyers purchased 276.
Greeks dominate Nicosia purchases
Greek buyers purchased 403 properties in Nicosia, according to Interior Ministry data, followed by 112 from Romania, 80 from Russia, 79 from Lebanon, 54 from Bulgaria, 44 from the United Kingdom, 32 from France, 31 from China, 27 from Syria and 19 from Ukraine.
Israelis and Lebanese dominate Larnaca
Sales of homes to third-country buyers in Larnaca are “out of control”. Israeli buyers acquired 850 properties in total, Lebanese buyers purchased 723 and British buyers acquired 302. Another 165 Greek buyers purchased homes and land plots, 135 were Russian buyers, 95 from Germany, 69 from Romania, 68 from Poland, 62 from Ukraine and 58 from France.
Russians remain dominant in Limassol
Russian nationals purchased 846 properties in Limassol, 571 buyers held Israeli nationality and 261 were Greeks. Another 192 buyers came from Ukraine, 187 from Britain, 153 from China, 115 from Romania, 71 from Germany, 66 from Belarus and 59 from Portugal.
British dominate Paphos and Famagusta
British buyers chose to purchase 890 properties in Paphos, 683 came from Israel, 327 from Russia, 257 from Greece, 221 from Germany, 189 from China, 169 from Poland, 114 from Romania, 103 from Ukraine and 91 from Ireland.
In Famagusta district, properties were sold to 220 British buyers, 57 from Bulgaria, 54 from Romania, 43 from Poland, 39 from Israel, 30 from Greece, 29 from Lebanon, 21 from Germany and 17 from Russia.
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