The Chairman of the Parliamentary Committee on Legal Affairs, Justice, and Public Order, Mr. Nicos Tornaritis, has reached out to the leaders of the Cyprus Banks Association and the Association of Credit Acquiring Companies, known as Vulture Funds, urging them to halt property repossessions, auctions, and recoveries that affect individuals referred to as “Trapped Buyers.”

This request comes in the wake of a Court of Appeal decision from July last year, which declared that the existing law safeguarding these buyers is unconstitutional. Thousands are impacted — individuals who have paid the full amount for their properties but have not received the Title Deeds, often due to the sellers having mortgages on the same properties.

Mr. Tornaritis highlighted that the Committee is currently reviewing this issue and is swiftly working on creating a new law that will provide a fair and lawful resolution. In the interim, he is appealing to banks and credit firms to refrain from any aggressive actions to prevent further harm to these vulnerable buyers.

“This issue is of utmost seriousness and must be addressed promptly and responsibly,” Mr. Tornaritis remarked, emphasizing his expectation for a quick written response from the involved organizations.

These buyers find themselves in a predicament through no fault of their own. They have fully paid for their homes yet do not hold legal ownership, facing the potential loss of their properties due to legal and financial complications beyond their control.

The call to pause property repossessions is a temporary but crucial measure aimed at protecting these individuals while a suitable legal solution is in the works. It also highlights the necessity for broader reforms in Cyprus’s property laws to prevent similar issues in the future.

It is heartening to note that the government of Cyprus has heeded the call to prevent banks and Vulture Funds from targeting trapped buyers.