Akel focuses on Israelis amidst Cyprus for sale fears

Akel on Monday reiterated its concerns over what it calls the en masse buying up of real estate in Cyprus by non-EU nationals, particularly Israelis with ‘targeted purchases’ of land creating gated communities in Larnaca and Limassol, with the party introducing legislation aiming to curb the granting of so-called ‘golden visas’.

It is the first time a political party has raised the issue in a serious way, with a heavy focus on land transactions involving Israeli nationals.

“Because Cyprus has a small size, and is located in a turbulent region…we will keep pointing to the need to take steps, but also the government needs to move,” Akel leader Stefanou Stefanou told CyBC radio.

“In the last few years, with the surge in the construction business, there has been observed a massive purchase of real estate by third-country (non-EU) nationals…and we note that far bigger states than Cyprus – Spain, Italy, even Germany – place restrictions on the sale of real estate to third-country nationals because they want to protect, on the one hand, their land, and on the other hand, because massive sales lead to a rise in real estate prices.”

The Akel boss said his party has tabled two bills in parliament aimed at restricting and checking the processes for the issuance of the so-called ‘golden visa’ – issued to non-EU nationals for an investment of at least €300,000 in real estate or company shareholding.

The tabled legislation also aims to scrutinise “other existing processes being used as an alternative, enabling third-country nationals to acquire real estate en masse…often this real estate is located in very sensitive geographic areas near high-importance infrastructures of the Republic of Cyprus”.

Contacted later by the Cyprus Mail, Stefanou cited installations of the National Guard as an example of such sensitive infrastructures. He did not give examples by name.

Speaking to CyBC, the Akel leader explained why his party is focusing on Israeli nationals:

“Especially in the last time period,” he said, “there has been observed an increased purchase of real estate, targeted purchases, and specifically in Limassol and in Larnaca…specific areas are being bought en masse, where there are created closed areas (gated communities) almost inaccessible to anyone other than Israeli nationals.

“Zionist schools are being built – that’s what they call them – synagogues are being built, and you understand that this, in connection with various media reports appearing in serious newspapers in Israeli itself, suggesting that Israel is preparing a ‘backyard’ in Cyprus…so this cannot but sound the alarm for us.”

According to Stefanou, locals are well aware of the issue.

“If you go to Larnaca and Limassol, people there will tell you about specific areas where this is happening, but authorities are ignoring it.”

Stefanou had made similar remarks at the Akel party congress taking place last Friday.

There, he urged the government “to protect our land, and ensure that Cyprus continues to belong to the Cypriots in perpetuity”.

He went on to warn: “Unless we take effective measures now, at some point we will discover that our own land doesn’t belong to us.”

According to the Akel boss, other European countries – like Spain, Italy and Germany – have already taken steps to restrict the purchase of properties by non-EU nationals.

“By contrast, we in Cyprus look the other way, but worse, we facilitate such land purchases via ‘golden visa’ programmes as well as other processes.”

He went on to stress: “We do not say this because of xenophobia or anti-semitism. But it is the government’s responsibility to ensure that Cyprus remains under the control of Cypriots in perpetuity.”

Recently, and in response to an MP’s question, the government disclosed data on immovable property purchases by foreign nationals. The table provided covers the period from 2021 through to January 2025.

In Larnaca, Israeli nationals are the fourth most common buyers, with 1,406 property purchases listed, 481 of which with title deeds.

A real estate expert told the Cyprus Mail that Israelis tend to buy large land parcels, featuring spas and resorts – gated communities, so to speak.

The same expert said Israelis like to concentrate in the Pyla area, but they also snap up property in Ormideia and to a lesser extent in Pervolia.

Also in Larnaca, Lebanese nationals purchased 1,744 properties; and UK nationals 2,743.

In the Limassol district, the government data shows, Israelis again held the fourth spot, with 1,154 property purchases, of which 511 held title deeds. Meanwhile UK nationals purchased 1,840, and Russians 2,561.

And in Paphos, Israeli nationals are the fourth most common buyers – 1,291 purchases, of which 867 with title deeds. Above them were Russians with 1,563 purchases, and UK nationals with 4,483.

Cypriot nationals topped the list of buyers in all districts.