The government plans to build 150,000 new homes in the Greater Cambridge area by 2050.
Elliot Tong, a Green representative on Cambridge City Council, said: “Homes should be for people, not investment portfolios.
“The problem isn’t where a buyer comes from, it’s property speculators pricing out working families.”
Asked if selling to foreign buyers would price out locals, Yu said: “We do understand there is a shortage in terms of supply but I mean properties are on the market for some time.
“There are opportunities for any buyer, whether local or overseas, to buy so I personally I don’t think prices are because the property is being snapped up by overseas buyers.”
The estate agent said increase in building costs since Covid-19 had had a bigger impact on prices than foreign purchases, adding that if rules said a property was only for residential purposes he would “not market it as an investment opportunity”.
“Although we’ve sold properties to overseas investors in Cambridge, predominantly it will be for self-residential,” he said.