Buyers in limbo have received a renewed reprieve, as banks in Cyprus have consented to prolong the suspension of property sales and repossessions until the close of July 2025. This agreement, confirmed by Panayiotis Rougalas of Kathimerini, provides much-needed relief.

In a communiqué to the Legal Affairs Committee of Parliament, the Cyprus Banks Association verified the initiative. Michael Kammas, the association’s director general, noted that this additional extension is intended to offer buyers some relief, as long as they had acted in good faith during their property purchase.

The suspension specifically benefits those who have lodged an official Trapped Buyer Application. This initiative is crafted to safeguard individuals ensnared in complex property transactions where their ownership status lingers unresolved through no fault of their own.

This development follows a request by DISY MP and chairman of the Legal Affairs Committee, Nikos Tornaritis, who earlier this month urged banks and credit-acquiring entities to extend the suspension period for sales.

While the news is encouraging for those affected, a long-term resolution is also anticipated. The Ministry of Interior is in the final stages of developing legislation aimed at permanently addressing the issue. This legislative proposal has already been submitted to the House of Representatives for evaluation.

It’s important to recall that back in September 2024, banks and credit companies had voluntarily agreed to suspend transactions involving trapped buyers. Initially slated to expire by the end of 2024, this suspension was later extended to the end of April 2025. Following the latest resolution, buyers now have until July 31, 2025, providing lawmakers additional time to implement enduring protective measures.

This renewed extension represents a significant step forward for those awaiting clarification of their property ownership and aims to alleviate immediate pressures while more permanent solutions are crafted.