The member of the European Parliament for the Greek Cypriot administration, Vidias Panayioto, has warned of the repercussions of growing Israeli investments and intensive real estate acquisitions in Cyprus, stressing that they threaten to fundamentally change the social and economic fabric of the island.
Israeli money is the backbone of the Cypriot economy
Panayioto used the phrase "Israel is buying Cyprus" in a post on the "X" platform on Sunday, to highlight the notable escalation in the ownership of real estate and major development projects by Israeli companies and investors.
The parliamentarian painted a bleak picture of the Cypriot economy, stressing that the problem lies not only in the volume of purchases, but also in the transformation of Israeli capital into a "driving force" without which the Greek Cypriot economy cannot stand, creating a situation of dangerous dependence on a single external influence.
Panayioto called on the Cypriot authorities to take urgent action to fill the existing legislative gaps, calling for the enactment of new laws that enhance transparency in land purchases and ensure that local and international laws are not violated, warning of the serious repercussions of the growth of Israeli investments and intensive real estate acquisitions in Cyprus.
The parliamentarian pointed out that the concentration of investments in specific areas has led to the creation of "closed housing circles" frequented by new investors, which isolates these communities from the local Cypriot fabric and upsets the demographic balance of the island, drawing attention to the formation of parallel infrastructures, such as the establishment of private schools attended mainly by Israeli children, which he considered an indication of the emergence of "self-contained communities" within the country.
A legal loophole that is cleverly exploited
The Cypriot parliamentarian attributed this uncontrolled expansion to weak oversight mechanisms and widespread corruption within the relevant agencies in Nicosia.
Panayioto revealed a cleverly exploited "legal loophole", as many of these investments are made through companies registered as local Cypriot entities, which hides the true identity of the ultimate owners and makes the task of regulators tracking the sources of funds and the identities of real investors extremely difficult.
The parliamentarian called on the decision-maker in Nicosia to take strategic measures aimed at strengthening the local economy and diversifying its sources, with the aim of reducing the over-reliance on foreign investments and external influence in the internal affairs of the island, stressing that allowing the government to unilaterally allow large investors to build whatever they want without controlling the results or exposing the backlogs of the investing companies, gives them a greater incentive to control the economic and real estate scene in Cyprus.
Cypriot newspaper: A new promised land
A report by the Cypriot newspaper Politis last year revealed an extensive report on the escalation of Israelis buying land and homes in Cyprus.
The newspaper noted in its report under the headline "As if it were another promised land... Why do Jews buy land in Cyprus?" she pointed out that the number of Israelis reached 15,000 people, pointing to the activity of the Jewish "Chabad" movement in the area, pointing out that Israelis arriving on the island are close to establishing a city.
The "Habad" movement is one of the extremist organizations that does not believe in the existence of the Palestinians and calls for their expulsion from occupied Palestine, and opposes any agreement that could give them part of the territory.