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Real estate sales to 2,672 foreigners within one year in the occupied territories

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Πωλorσεισ ακι&nu ;orτων σε 2,672 αλλοδαποyς μéσα σε éνα χρoν ο στα κατεχoμενα

The “council of ministers” issued 31 different decisions that allowed to 2,672 foreigners to acquire properties in the occupied territories within 2022, according to the “law on long-term lease and acquisition of real estate (foreigners)”.  

According to the GTP, the t/k press reports that under the pretext of the “excessive demand that has arisen”, the “government” by adding “transitional provisions” to the “law” recognized foreigners the “right” to acquire more than one real estate and allowed 3 and 4 sales give possessions to each of them. The newspaper reports that they worked quite quickly and that this increase from 1 piece to 4 was done within 6 months, during the period 27 May-27 November 2022.

Indeed the number of permits issued skyrocketed in the above period , as, while the average number of permits to foreigners for the January-May period was 140, it rose to 290 for the June-November period.

However, and despite the removal of the “right” to acquire 4 residences , there is still intense pressure as many applications were submitted before the November 27 deadline. In fact, it has become known that staff of the “land registry” are forced to work overtime to process them, while for the first half of December the “council of ministers” has already issued 227 new permits.

Source: www.reporter.com.cy

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