Fresh business and economy news from Europe
Provided by AGP
EU Lawmaker Raises Concerns Over Israeli Land Purchases in Cyprus
(MENAFN) A Southern Cypriot member of the European Parliament has raised concerns over increasing foreign land acquisitions in Cyprus, warning that expanding Israeli investment could reshape the island’s social and economic landscape.
Fidias Panayiotou said on Saturday via the social media platform X that “Israel is buying Cyprus,” pointing to growing property purchases and development activity linked to Israeli investors and companies.
He argued that foreign investment in real estate has surged in recent years, with Israeli buyers becoming among the most active participants in the market.
“The problem is that we are dependent on Israeli investment for our economy to go well,” he said, adding that concentrated ownership in certain areas is leading to “closed residential circles in specific areas.”
Panayiotou also noted that investors from Russia, Ukraine, China, the United States, and the United Kingdom are active in Cyprus as well. He said foreign ownership is not inherently harmful but warned it could become problematic without strong transparency and regulation.
He further criticized what he described as weak oversight, corruption, and the Greek Cypriot administration’s reliance on external investment, which he said has allowed the unchecked expansion of wealthy foreign buyers.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
