Akel will bring a bill to the House plenum on April 2 aiming to restrict the acquisition of Cypriot land by foreigners, a measure described by party officials as necessary to curb uncontrolled property sales.

The proposed legislation, prepared by the party’s secretary-general, Stephanos Stephanou, seeks to abolish provisions allowing indirect acquisitions without the approval of cabinet and introduce transparent criteria for purchases.

House Interior committee chairman, Aristos Damianou, said that “for decades in the republic, there has been a rampant buying and selling of Cypriot land, uncontrolled by foreigners.”

He added that the committee had achieved consensus on a unified text, which he believes will command a large majority in the plenum and enjoys broad support from the government on core issues.

The bill imposes restrictions on the purchase, transfer, and acquisition of forest and agricultural land by foreigners and limits acquisitions near critical infrastructure, including ports, airports, military installations, beaches, and areas adjacent to the Green Line.

Damianou said that the legislation includes objective and transparent criteria for smaller land parcels where acquisition by foreigners is permitted, aiming to prevent vast swathes of land being purchased while allowing limited transactions under defined conditions.

Damianou provided figures indicating that recent data show one in two land sales involves third-country nationals.

He emphasised that the legislation would not be retroactive, leaving completed transactions or those already filed with the land registry unaffected.

The bill also extends to assignment contracts, which Damianou described as “a large category of transactions that are carried out with less transparency.”

Under the proposed law, third-country nationals would face maximum limits on property areas they may acquire, while purchases in agricultural and rural zones would be prohibited.

Purchases of homes, shops and similar urban properties would however be permitted.

Damianou said further conditions proposed by the interior ministry include retaining the property for at least five years and residing in Cyprus for a similar period, measures aimed at addressing abuses linked to the previous ‘golden passport’ scheme, where foreign intermediaries purchased extensive land parcels.

The legislation consolidates initiatives previously tabled by MPs from other parties.

Damianou said he had merged separate proposals into a single text to streamline parliamentary approval and secure government backing.

“It is a set of criteria that will not completely prohibit but will limit in terms of rationality the ability of foreigners to buy in Cyprus,” he said.

Former energy minister, George Papanastasiou expressed support for modernising the framework, emphasising the need to prevent foreign-owned companies from acting as intermediaries and to protect agricultural land and public interest.

“Such mechanisms and criteria must be introduced for effective control, who the foreigner is, where they come from, and for what purpose they will acquire property in Cyprus,” he said.

Fiscal council president, Michalis Persianis, warned against prioritising foreign capital inflows without strategy, stating that unrestricted acquisitions can exacerbate inequalities and harm certain sectors.

Damianou added that property prices had risen sharply due to purchases by foreigners, particularly in urban centres, creating what he described as a real estate “bubble.”

Cyprus has one of the highest shares of foreign nationals in the European Union.

Eurostat data released in February show that 24.8 per cent of residents hold foreign citizenship, placing Cyprus third in the EU behind Luxembourg at 47 per cent and Malta at 29.4 per cent.

Experts and stakeholders have proposed complementary measures to prevent abuse, including caps on the number of land plots per foreign buyer and time limits between successive purchase applications.

Damianou said that the law would introduce clear and enforceable mechanisms while maintaining transparency and fairness.