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Efforts are underway to resolve the issue of trapped buyers, Interior Minister Constantinos Ioannou said on Wednesday at the House legal affairs committee.

Presenting a solution, he explained around 50 per cent of cases could be resolved in a manner which is constitutionally sound and has the green light from the legal service.

Though the session primarily brainstormed without settling on any concrete proposal, the legal service suggested going through court – sparking a reaction from Disy MP and committee chair Nicos Tornaritis. He argued that considering there are around 10,000 pending cases, it would take some 20 years for court to issue a decision.

The legal service expressed its disagreement, underlining there would be an order issued to speed up these cases.

Ioannou said there are 9,497 applications by trapped buyers, of which 5,417 have no title deed and will remain pending until authorities can figure out whether one can be issued or not.

With the remaining 4,080 there are around 2,500 that have no other burdens such as a mortgage. As such, they will be examined and be issued a title deed. With the remaining cases, they will be examined following written consent.

Banks have agreed to suspend foreclosures until the beginning of 2025.

Financial ombudswoman Valentina Georgiadou specified that any out-of-court settlement should be carried out with a proper framework

Source Cyprus Property News