The Chairman of the Parliamentary Committee on Legal Affairs, Justice and Public Order, Mr. Nicos Tornaritis, has officially urged the Association of Cyprus Banks and the Association of Credit Acquiring Companies to immediately pause property repossessions, auctions, and other recovery actions targeting so-called “Trapped Buyers.”
This request follows a Court of Appeal judgment that deemed the existing protective legislation unconstitutional, leaving thousands in limbo. Despite having fully paid for their homes, these buyers never obtained their Title Deeds due to previous mortgages taken out by sellers.
Mr. Tornaritis emphasized that the Committee is rapidly shaping new legislation to address these issues fairly and lawfully. In the meantime, banks and credit companies are urged to refrain from forced actions that could compound the hardships of those who have already fulfilled their financial obligations.
“This situation calls for swift and responsible handling,” stated Mr. Tornaritis, underscoring the need for a quick resolution. He awaits an official written response from the financial sector shortly.
These homeowners are at risk of losing properties they have fully paid for. Suspending repossessions is intended as a stopgap measure, offering some protection while comprehensive reforms are finalized. It also spotlights the urgent need to overhaul property regulations to prevent similar scenarios in the future.
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The government’s attention to the rights of Trapped Buyers is a strong sign of progress. This interim freeze offers struggling buyers hope as they await a robust legal framework that safeguards their investments long-term.
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