Newsroom
A long-overdue lifeline may finally be on the way for thousands of Cypriots trapped in property nightmares, as a new bill aimed at resolving the issue moves closer to a vote in Parliament.
The proposed legislation, backed by the Interior Ministry and Parliament’s Legal Affairs Committee, is expected to offer long-awaited relief to around 8,000 trapped property buyers, individuals who, despite paying for their homes, were left without legal titles due to problems with bankrupt or irresponsible developers.
Interior Minister Constantinos Ioannou said on Tuesday that a final draft of the bill is being prepared and will soon be sent to the Association of Banks for review. “A consensus has been reached,” Ioannou told reporters after a committee meeting on amending laws on real estate transfers and mortgages. “We are on the right track. The goal is to solve the problems of our trapped compatriots.”
What the bill includes
According to the minister, the new law will allow trapped buyers, under certain conditions, to
- Sell their homes even at a loss
- Secure or refinance their property
- Finally obtain legal title deeds, if specific criteria are met
The legislation also includes deadlines for issuing title deeds and legal safeguards for buyers who were caught in legal limbo through no fault of their own, whether their mortgages were registered before or after the property developer's debts.
“We’ve included clear provisions for issuing titles through the district offices and for resolving delays,” Ioannou said, adding that consultations were held with banks and credit-buying companies to avoid future legal disputes over the bill.
Separate bill in the works for planning-related cases
The Interior Minister also addressed a second category of trapped buyers, those stuck due to urban planning violations. While that bill is still in the early stages, Ioannou said consultations are under way with the Urban Planning Department and political parties, with a goal of submitting a draft by September.
In the meantime, he reminded the public that the current urban planning amnesty expires on June 15, giving buyers a final chance to legalize unauthorized additions or changes to residential, commercial, and industrial buildings. “Anyone who hasn’t applied yet has only a few days left,” he said.
‘They did nothing wrong’
Lawmakers from across the aisle echoed support for the bill. DIPA MP Michalis Giakoumis stressed that buyers shouldn’t be punished for the failures of banks and developers.
“These people are not at fault. They are truly trapped and have suffered for years. This bill is a step in the right direction and must pass,” Giakoumis said, adding that the legislation now covers a wider group of affected homeowners and reflects the government's commitment to resolving the crisis.
Legal checks on the bill’s constitutionality are still ongoing, but officials remain optimistic that Parliament will vote on it in the coming weeks.
For many families who’ve been left in limbo despite fulfilling their financial obligations, the legislation represents more than just paperwork — it’s a long-awaited path to peace of mind and property justice.
