Cyprus Parliament to vote April 2 on restricting land purchases by foreigners

On April 2, the Cypriot Parliament will vote on a bill to restrict the acquisition of land by foreigners. The document was prepared by AKEL party leader Stefanos Stefanou. The initiative aims to curb the uncontrolled sale of real estate on the island.

The bill proposes a ban on the purchase, transfer, and acquisition by foreigners of forest and agricultural land, as well as plots near ports, airports, military facilities, beaches, and areas adjacent to the Green Line. The restrictions will primarily target large plots, while smaller holdings, including residential houses and shops, will remain outside the law's scope.

According to Aristos Damianou, Chairman of the Parliamentary Interior Committee, the law will also affect assignment contracts, which are often conducted with insufficient transparency. Completed deals and already registered transactions will not be affected. Additional conditions suggest selling land only to foreigners who have resided in Cyprus for at least five years, a measure linked to the fight against abuses of the "golden passports" program.

Damianou noted that the activity of foreign buyers has significantly increased real estate prices, especially in urban centers, creating a market "bubble." Approximately 24.8% of the population in Cyprus are foreign nationals, placing the island third in the EU after Luxembourg and Malta. The law may also limit the number of plots per foreign buyer and introduce time intervals between purchases.