Efforts to address the long-standing issue of trapped buyers are gaining momentum, according to Interior Minister Constantinos Ioannou. Speaking at the House legal affairs committee on Wednesday, Ioannou discussed potential resolutions, noting that about 50% of the cases could be resolved in a constitutionally sound manner, with the legal service’s approval.
During the session, no definitive proposals were finalized, but there was a lively discussion on how to move forward. The legal service suggested handling the cases through court proceedings, a suggestion that was met with opposition from Disy MP and committee chair Nicos Tornaritis. He pointed out that with around 10,000 pending cases, relying on the courts could drag the process out for as long as 20 years.
In response, the legal service assured the committee that special orders would be issued to expedite the handling of these cases.
According to Ioannou, there are currently 9,497 applications from trapped buyers. Of these, 5,417 are cases where no title deed has been issued, and these will remain pending while authorities determine whether or not a title deed can be granted. The remaining 4,080 cases will be reviewed, with about 2,500 involving no additional burdens like mortgages, meaning they are more likely to receive title deeds. For the rest, they will proceed only with written consent.
Meanwhile, banks have agreed to hold off on foreclosures until the start of 2025.
Financial Ombudswoman Valentina Georgiadou also emphasized that any out-of-court settlements must be conducted within a well-defined framework to ensure fairness.
Source: Cyprus-Mail