Nicosia, Cyprus. Cyprus lawmakers signaled they will push for additional protections for homeowners facing repossession, including one proposal calling for a total halt on foreclosures throughout 2026. Parliament aims to act by mid-April, before it dissolves ahead of May legislative elections.
Committee debate and timeline
Discussion of around 30 legislative proposals is set to begin on March 9 at the House finance committee. The finance minister and the governor of the Central Bank have been summoned to attend.
Lawmakers set mid-April as their goal for progress, as parliament will dissolve ahead of the elections in May.
Akel’s position and proposed changes
Akel MP Aristos Damianou described an ongoing “pogrom” of foreclosures, saying “thousands” of people are losing their homes. He said his party’s proposals seek to “re-establish a balance” between financial institutions and the rights of borrowers.
Damianou said the government has for years delayed changes to the foreclosures framework by promising to bring proposals of its own.
He said current foreclosure procedures do not provide homeowners or loan guarantors with adequate protections, while many repossessions are at an advanced stage and cannot be reversed. He said the aim is to stem foreclosures and to at least “protect future generations”.
Data cited on primary residences
Greens MP Stavros Papadouris cited data indicating that the majority of foreclosures concern primary residences.
He said 55 per cent of repossessions involve homes valued under €250,000, and 70 per cent involve homes valued under €350,000.
How do you think Cyprus should balance borrower protections with the rights of financial institutions?
