Philenews

Illegal Real Estate Booming: Sales to Foreigners 'Under the Table' – Large Areas in Larnaca and Limassol at the Center of Attention

Published January 17, 2026, 05:06
Illegal Real Estate Booming: Sales to Foreigners 'Under the Table' – Large Areas in Larnaca and Limassol at the Center of Attention

Illegal real estate activity in Cyprus has reached epidemic proportions, with property sales to foreigners being conducted 'under the table'. A large portion of the coastal front in Larnaca and Limassol has passed into the hands of third-country nationals, who also control land development companies. Discussions in the House Interior Committee highlighted the activities of foreign professionals facilitating sales, as well as the involvement of locals. Specifically, the sale of large areas east of Larnaca and west of Limassol was reported, including areas around the former refineries and Lady’s mile. Buyers are not limited to residential properties but are also investing in businesses, such as hospitals and hotels, even in city centers. This practice raises concerns about the security of the state and the protection of critical infrastructure. Bill proposals submitted by MPs from AKEL and other parties aim to prevent the acquisition of large tracts of land by foreigners and companies of their interest. The proposals include a complete ban on the acquisition of a home by companies of foreign interests and strengthening the control of professionals operating in the real estate sector (lawyers, accountants, real estate agents). The need to create a register of professionals and tighten controls to combat money laundering were highlighted as important measures to address illegal real estate activity and protect the public interest. The House Interior Committee is expected to examine the bill proposals and proceed with legislative arrangements to address the problem.