The Transfers and Mortgaging of Immovable Property Law

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On the 17th of August the procedure for divestitures of immovable property for non-performing loans was set into motion by the Central Bank of Cyprus, after the approval of the relevant legislation (Amendment ‘142(I)/2014’ of ‘The Transfers and Mortgaging of Immovable Property Law of 1965’).

Firstly, the central bank will start the procedure for the divestiture of 25 commercial properties, worth a total amount of 84,9 million euro.

Within a few days from the decision to start the divestitures, the owners and guarantors will be informed.

It is noted that from the divestitures the properties that are considered to be the first main housing property, will be excluded.

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