Cyprus – Foreclosure Freeze for Primary Residences Extended until the end of the Year 2023

The Association of Cyprus Banks and the Association of Credit Acquisition Companies and Credit Facilities Managers (SEDP) have announced that they will extend the foreclosure freeze for primary residences with a value of up to EUR 350,000 until 31 December 2023.

The decision came after the Associations met with President Nikos Christodoulides and Finance Minister Makis Keravnos.

Initially, the voluntary suspension of foreclosures (freeze) was set to expire on 31 October 2023.

The extension aims to give the government, house of representatives, and banks themselves to formulate a viable solution to agree on a mutually acceptable legal framework for these foreclosures.

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