The Interior Ministry of Cyprus has announced the formation of a special committee tasked with amending property legislation to address the sharp rise in real estate purchases by non-EU nationals, particularly buyers from Israel.
The decision was disclosed during a parliamentary oversight committee session, where a ministry representative said the move followed a meeting between the Interior Minister and the Attorney General.
Committee Chairman Zacharias Koulias criticized the current legal framework, stating that Cyprus has become “an open field” for unchecked foreign investment and urged swift legislative action.
A representative from the Audit Office highlighted a legal gap, noting that there is no formal oversight of property acquisitions by foreign nationals. The official warned that such transactions pose a risk to national asset control and have contributed to a dramatic surge in property prices.
According to recent data, 27 percent of property purchases last year were made by foreign individuals. The figures for corporate acquisitions are considered misleading, as many buyers are listed as Cypriot companies with exclusively foreign shareholders.
