Parliament Committee to Discuss Foreclosures

The Parliamentary Committee on Financial Affairs will begin discussions on March 9 regarding proposed laws concerning foreclosures and the protection of borrowers and guarantors. The Minister of Finance, Makis Keraunos, has been invited to attend the session.

AKEL MP Aristos Damianou emphasized the need for fairer regulations for borrowers, stating that thousands of citizens are at risk of losing their properties. He proposed restoring the ability to appeal to the courts to protect primary residences.

President of the Movement of Ecologists – Citizens' Cooperation, Stavros Papadouris, stated that a large percentage of foreclosures concern primary residences of low value and expressed concern about the increase in non-performing loans despite restructurings.

Mr. Papadouris warned of a potential escalation of foreclosures in 2026 and stressed the need to review the legislative framework.