Newsroom
Banks and the state-owned asset management company KEDIPES have raised concerns about a new law aimed at helping people who paid for properties but have not received the official ownership titles. The proposed law, introduced by the Parliamentary Legal Committee, seeks to address the problem of these "trapped buyers" who are still waiting for their property deeds.
Interior Minister Konstantinos Ioannou, who attended a committee meeting Wednesday, defended the proposal, calling it the best possible solution at this time. The bill would give buyers without property titles eight months to submit required documents, followed by two years for the Land Registry to issue the titles.
However, representatives from the banks and KEDIPES disagreed with parts of the proposal, particularly the idea of allowing buyers to access the courts for disputes. Some also questioned whether the plan would resolve the issue for most trapped buyers.
Legal experts and other officials supported the initiative but raised concerns about technical and practical details. They suggested that while the law moves in the right direction, it needs adjustments to fully address the issue.
The bill is expected to be discussed further and potentially brought to the full Parliament before the summer break.
Key lawmakers have emphasized the importance of finding a fair solution, with discussions expected to continue next week.
