The authorities unanimously admit that the current law governing such transactions is outdated and contains many loopholes, making it practically ineffective. According to the deputies, the situation has acquired the features of a threat to national security, especially against the background of a surge in purchases of real estate by foreigners near strategic facilities such as airports and military camps.
Three draft laws have been submitted for consideration, which are planned to be combined. One of the measures is to limit the number of facilities (for example, no more than two land plots per person) and completely ban purchases in certain security-sensitive areas. In addition, a time interval will be provided between the purchases of two objects in order to exclude scenarios when housing, initially purchased for personal needs, is subsequently used for commercial purposes.
Source: Cyprus Mail
