Foreclosures suspension ending in Cyprus

Tuesday marked the end of the most recent three-month suspension of property auctions in Cyprus, imposed by a resolution of the House of Representatives in Nicosia. Starting on Wednesday, numerous foreclosure letters are expected to be sent out.

Many foreclosure proceedings will begin in mid-March, 45 days after the letters are sent, a process that has not occurred since early November. As a result, starting Wednesday, a large number of publications for property sales in Cyprus is expected, as required by law for press publication.

After two years of the suspension of foreclosures due to the pandemic on the part of the banks, and three months of consecutive suspensions at the initiative of parliamentarians, it is estimated that a sufficient level of foreclosure sales will be accomplished by March 2023.

If there is no extraordinary three-month suspension of...