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ARTICLE · 17 JANUARY 2023

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Foreclosure Moratorium Set To Stay

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It is reported in the Cyprus media that the President Nicos Anastassiades signed the foreclosures law on Thursday December 8th 2022, almost two weeks after he referred it back to Parliament.

CyprusReal Estate and Construction
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It is reported in the Cyprus media that the President Nicos Anastassiades signed the foreclosures law on Thursday December 8th 2022, almost two weeks after he referred it back to Parliament.

The foreclosures freeze law has been a thorny issue for the government, with the President mentioning that it aims to reward loan defaulters, rather than protecting vulnerable groups.

It was voted into law in November, where deputies voted to extend the foreclosures freeze until the end of January 2023.

The moratorium on foreclosures applies to a debtor's primary residence valued at ?350,000 or less, business premises where the business' annual turnover does not exceed ?750,000, and parcels of land with a value of ?100,000 or less.

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