The Amendment of the Transfer and Mortgage of Immovable Property
Law which took effect on the 13th of July 2018 marked a significant
turning point for the process of foreclosures in Cyprus as it
provided the legal framework for fast track private sale of
mortgaged property whilst restricting the borrower's ability to
suspend or discontinue the sale of their mortgaged property.
Remarkably, the amendment of the law stipulates that its
provisions apply in every case/proceeding of a contract mortgage,
registered at the Land and Surveys department, before or after the
date of entry into force of the present Law. Hence, it becomes
clear that the amended law is to be applied retrospectively
(including both new and existing proceedings) regardless if their
proceedings commenced prior to the 13th of July 2018.
