AKEL party proposes legislative changes to property foreclosure laws

On Tuesday in Nicosia, Stefanos Stefanou, General Secretary of the AKEL party, held a press conference to introduce new legislative initiatives regarding property foreclosures. Stefanou stated that since 2014, the party has submitted over 35 bills and amendments aimed at protecting borrowers and guarantors. He characterized the current foreclosure framework as a serious social problem that has led to the loss of thousands of primary residences and professional premises. The proposed measures include protecting borrowers from foreclosures caused by insolvent developers, establishing a right of first refusal for borrowers to purchase their properties, and advocating for a full ban on the sale of loans secured by primary homes. Stefanou criticized the current government, along with political parties DISY and DIKO, for supporting the existing legislative framework. He emphasized that AKEL remains in opposition to these policies and continues to seek a balance between the rights of citizens and the powers of banking institutions. The proposals further suggest the right to report financial institutions to the Governor of the Central Bank and mechanisms to suspend collection or foreclosure orders.