Cypriot court convicts Israeli developer over illegal real estate scheme

A court in Cyprus has sentenced an Israeli real estate agent to prison for illegally developing and selling apartment complexes on land owned by Greek Cypriots in the Turkish-occupied north.

Israeli businessman Shimon Mistriel Aykout, 74, received a five-year prison sentence on Friday, following a plea bargain that covered “40 charges of illegal property appropriation.”

The judges emphasized the seriousness of the offenses and accounted for time already served, as Aykout has been in custody since June 2024.

Between 2014 and 2024, Aykout led the Afik Group of Companies, which authorities reported constructed approximately 400,000 square meters across four northern villages, with developments valued at over €38 million ($44.4 million).

Requests for his release on medical grounds were denied, with the court noting that local facilities could provide the necessary care.

“The court’s decision sends a clear message … that if you buy, build or otherwise use land in the areas that belong to Greek Cypriots, you are committing serious criminal acts,” said prosecuting attorney Andreas Aristides.

Nicosia lawyer Simos Angelides stated that the ruling, along with similar prosecutions, has “triggered panic” in the northern real estate sector and “shattered the illusion of legal impunity,” adding: “Do not exploit stolen property, as you may soon have an arrest warrant in your name.”

Silent occupation: Israeli settlers flocking to Cyprus as wars on Gaza, Lebanon rage

A notable increase has been reported in Israelis’ migration to Cyprus following Gaza war, raising concerns.

The judgment comes amid increasing interest from Israeli buyers in Cypriot property. The Progressive Party of Working People (AKEL), an opposition party, has noted that purchases are concentrated in Larnaca and Limassol and facilitated by residency-by-investment schemes.

Since 2021, nearly 4,000 properties in southern Cyprus have been acquired by Israelis, including over 1,400 in Larnaca, more than 1,100 in Limassol, and over 1,200 in Paphos. Consultants have described Pyla as an informal hub.

Hebrew media outlets such as Haaretz and Ynet have reported on this trend, while AKEL has raised concerns about locals facing increased competition in the housing market.

The Cyprus Audit Authority has revealed that Israelis now account for roughly 10 percent of all non-European property buyers, a figure that has increased sharply since October 7, 2023, when Israel launched its genocidal assault on Gaza, resulting in the deaths of at least 68,280 Palestinians and injuries to 170,375, most of them women and children.

Commentators attribute the rising interest of Israeli buyers in Cyprus to the regime’s growing international isolation, ongoing genocide cases at the International Criminal Court (ICC) and the International Court of Justice (ICJ), and the uncertainties stemming from political instability in the occupied territories.

They say that the pattern of property acquisition mirrors the settler-colonial pattern seen in Palestine, while local politicians describe it as “a strategic project to turn Cyprus into Israel’s backyard.”

The island’s Jewish population, currently estimated at around 15,000, has grown from a few hundred two decades ago, with new communities featuring synagogues, private schools, and kosher stores.

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