Giorgos Avtias calls for EU oversight of third-country real estate acquisitions

European Parliament member Giorgos Avtias of the New Democracy party has submitted an inquiry to the European Commission regarding the aggressive acquisition of land and real estate by third-country capital.

Avtias, a member of the Committee on Economic and Monetary Affairs, highlighted that these investment trends are intensifying in cross-border regions of high economic and national importance. He called for the European Commission to strengthen transparency mechanisms concerning the origin of funds, the purpose of investments, and ownership structures.

Specifically, the inquiry urges the Commission to investigate corporate structures, particularly the use of shell companies that may facilitate tax avoidance. Avtias also proposed that sales in strategic areas should be subject to stricter oversight and require approval from national authorities when national interests are at stake. He has asked the Commission whether it will provide member states with the tools for rigorous inspections of investment types, fund origins, and the legitimacy of company formations.