Cyprus is making new laws for foreigners who want to buy houses and land. The old laws are not good and have problems. Lawmakers want to pass the new laws by May. This is before the elections start. The government wants to watch foreign investment in property better.
The current laws for buying property are not working well. People say that there are ways to get around the rules. Three different bills have been suggested to limit foreign ownership. The Interior Minister wants to combine these ideas. This will make the process faster.
A big change will be in how property deals are approved. The land registry director will not approve sales for restricted properties. This will help control who buys property. It is a better way than the old, weaker rules.
Some Members of Parliament are worried about national security. They are concerned about property bought by foreigners near airports or military areas. They also worry about areas near the UN buffer zone. The auditor-general also noted more property buyers from countries like Lebanon and Russia.
In 2024, foreigners bought more than a quarter of all property sold in Cyprus. Some people think the real number is even higher. Therefore, the new laws are needed to make things clearer. The new laws will help balance foreign money with national safety. This is an important time for foreign property buying in Cyprus.