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A Greek Cypriot member of the European Parliament has warned that growing Israeli investment and property acquisitions in Cyprus risk altering the island’s social and economic character.
“Israel is buying Cyprus” through increasing land purchases and development projects carried out by Israeli investors and companies, Fidias Panayiotou said Saturday on X, the social media platform owned by U.S. billionaire Elon Musk.
Panayiotou said foreign investments had risen significantly in recent years, particularly in the real estate and land development sectors, with Israelis becoming among the most prominent buyers.
“The problem is that we are dependent on Israeli investment for our economy to go well,” he said, arguing that concentrated property purchases were creating “closed residential circles in specific areas.”
He also referred to investments from other non-EU countries, including Russia, Ukraine, China, the United States, and the United Kingdom, saying foreign ownership itself was not necessarily negative but could become problematic without transparency and oversight.
Panayiotou blamed what he described as weak controls, corruption, and the Greek Cypriot administration’s reliance on foreign investment for allowing unchecked expansion by wealthy foreign investors.
“For example, if the government unilaterally allows large Israeli investors to build whatever they want, or if they don’t control the results and are a unit behind those companies that make investments, which many times are considered Cypriots, then it makes sense for them even more to come invest in Cyprus,” he said.
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He also claimed that Israeli communities in Southern Cyprus were increasingly developing separate infrastructure, including schools attended mainly by Israelis.
Calling for tighter regulation, Panayiotou said authorities should introduce legislation to improve transparency in land purchases and ensure laws are not violated.
He also urged measures aimed at strengthening the local economy to reduce dependence on foreign capital and outside influence over domestic affairs.
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