High price of housing in Cyprus a problem for locals #expensive #housing #Cyprus

On both sides of the divided island of Cyprus, property prices have been rising in recent years due to demand from foreign buyers, and the trend is reportedly only getting stronger.

According to business reports, Greek Cypriot real estate development group Leptos Estates has sold more than €7 million worth of properties to foreign buyers from the Middle East. Pantelis Leptos, co-chairman of the Leptos group, said in an interview with Schengen Visa News this week that Cyprus and Greece offer "a fantastic vacation destination for foreign investors. "

But locals in Limassol, a southern city where many professionals live on foreign incomes, say housing prices are high, and the city's mayor notes that many Russians, Ukrainians and Israelis flock to the area. This trend is also noted in the northern part of the island, which is not recognized by countries other than Turkey. Limassol locals say house prices are high here as many Russians, Ukrainians and Israelis flock to the area, but such a trend is also seen in the northern part of the island.

A television report by AlphaNews Live this week revealed that residents in the Turkish Cypriot part of the island are wary of foreigners being able to afford homes that used to be cheaper. The report showed how people from countries such as Ukraine, the UK and Iran are buying houses in the north, where some live and work and others have homes only for vacation. "Two years ago I bought my house for £40,000 but it's worth more now.

In southern Greek Cypriot Cyprus, where the permanent residency program has replaced the infamous golden visa program, there are many foreign nationals looking for ocean view apartments in Limassol. But Eleni Constantinoidou, a pregnant woman whose landlord terminated her lease, told AFP last month that she could not find affordable housing in her hometown and her family had to move back in with her parents.

According to the Cyprus News Agency, diplomatic sources said Cypriot President Nicos Christodoulides raised the issue with Israeli Prime Minister Benjamin Netanyahu during a visit to Jerusalem, where the two leaders met. Iakovos Hadjivarnava, a Greek Cypriot who represents IDPs from the northern town of Trikomo, renamed Yeni Iskele by Turkish Cypriots, says his constituents are feeling frustrated. Hadjivarnava told AlphaNews Live that he was aware of a recent case where one of his constituents was asked to sell his properties, adding that others had already sold their properties. "Of course, we always have hope of getting back and I always say that ownership of land is not lost even if something has been built on it illegally," Hadjivarnava said, adding that sales that are not direct or have not gone through the Real Estate Commission in the north remain illegal.