Filenews 17 January 2026
A large part of the coastal front of Larnaca and Limassol has passed into the hands of third-country nationals, who camouflaged control and land development companies, while at the same time illegal real estate brokerage is rampant with real estate sales being agreed under the table abroad.
Of course, as can be seen from reports made before the parliamentary Committee on Interior, foreigners who are active in the sale of real estate in Cyprus also have a helping hand from local professionals. However, some foreigners, dressed in the mantle of managers of various projects, and so on, go in and out of the provincial administrations and do the preparatory work for the sale of real estate.
Especially for the sale of real estate in coastal areas, the general secretary of AKEL, Stefanos Stefanou, made a relevant reference before the Interior Committee, stating that large plots have been sold east of Larnaca and west of Limassol, something that should concern us. The chairman of the Interior Committee, Mr. Aristos Damianou, asked about this by "F", said that in Larnaca large areas were sold from the coastal front of the area of the former refineries to Dhekelia. Regarding Limassol, Mr. Damianou referred the area to the Lady's mile. In these areas, foreign citizens of third countries do not only buy land and buildings for housing purposes but also buy business premises, from hospitals to hotels. The business market is also expanding to city centers.
The issue of the sale of real estate came to the fore on the occasion of the discussion of two law proposals by the general secretary of AKEL but also by MPs Zacharias Koulias, Panikos Leonidou, Pavlos Mylonas, Chrysanthos Savvidis, Christos Orphanidis, Kyriakos Hatzigiannis, Nikos Sykas, Michalis Giakoumis and Nikos Georgiou.
Mr. Stefanou stated before the Parliament that the approval of the law proposals will prevent the continuation of the acquisition of huge areas of land around areas of critical importance for the security of the state but also around critical infrastructure.
He also explained that the purpose of the proposals is to prevent the acquisition of large areas of land by third-country nationals as well as by companies of interests of third-country nationals. Based on the provisions of the proposals, the acquisition of a house by companies of foreign interests is completely prohibited, said Mr. Stefanou.
During the discussion, DISY MP Nikos Georgiou remarked that "today illegal real estate brokerage by third-country nationals is rampant and explained: Third-country nationals enter and exit the provincial administrations declaring that they are managers of some projects, or business consultants undertaking the processing of some purchases and sales, which is why there is a register of professional entities provided for in the laundering law so that the control is immediate and ensures the public interest, which concerns lawyers, accountants and real estate agents.
"Many land development companies have gone bankrupt"
The president of the Ecologists, Stavros Papadouris, said that many land development companies are owned by third-country nationals, which have "become stronger", as he characteristically mentioned, to demonstrate their great development.
A serious issue is raised, he continued, in the sense that they activate the mechanism of selling real estate not in Cyprus but abroad where a parent company operates which manages large real estate sales. "If I am correctly informed, these purchases and sales have not been submitted to the Land Registry and will probably not be filed until they are sold 2-3 times," he said.
Intervening, the president of the Committee indicated that "investment funds may also be involved in some of these actions, which simply buy shares of real estate companies".
"Exactly," said Mr. Papadouris, to add: We are referring to a serious issue that we cannot control to an absolute degree. This issue should concern the Ministry of the Interior and the Registrar of Companies as to what kind of companies are registered and what their real activities are.
Mr. Papadouris also stated the following: "For us, things are simple. On a piece of land you see the sign of a company that seems to be operating in Cyprus but, in the end, if one looks at it further, one notices that it refers to purchases and sales made abroad." Addressing the representatives of the lawyers and accountants who were present, he said: Some lawyers and accountants are involved in this process and I would ask you, even if the vast majority of these professionals act within the framework of the legislation, try to isolate these few who tarnish your image.
A representative of the Lawyers observed that it is not only accountants and lawyers who may be involved in such cases but also some who appear with audacity, as accountants and lawyers. Unfortunately, this mentality exists, he said.
On the part of the guests, the position was expressed that the purchase and sale documents should be handled by professionals because there are cases where some people prepare the contracts outside Cyprus without submitting them to the Land Registry.
Uncontrolled land purchase skyrockets house prices
Mr. Damianou, with whom we contacted, stated that, both from the parliamentary control and from the three-year campaign conducted by AKEL for affordable housing, it was confirmed that large areas of Cypriot land are being sold uncontrollably either by companies of foreign interests or by natural persons nationals of third countries. He also pointed out that "the legal framework that existed overflowed under Nicos Anastasiades to the point where vital security interests of the Republic of Cyprus are at stake and not to forget the semi-occupied Republic of Cyprus. At the same time, along with the scandal of golden passports and towers, due to the uncontrolled purchase of large areas of land, prices have skyrocketed, with the result that the acquisition of affordable housing or even land for owner-occupancy has become an elusive dream for the majority of fellow citizens. According to Mr. Damianou, this was the reason why AKEL promoted a legislative regulation of the acquisition of real estate by third-country nationals.
