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Cyprus

Delay in carrying out foreclosures

Foreclosures
File photo

Foreclosures on first properties valued up to €350,000 will be postponed until the end of February 2023, the association of credit acquisition companies said on Thursday.

It said the decision was taken after discussions surrounding the impact of foreclosures on the broader economy.

This will apply for borrowers who belong to vulnerable groups, as outlined in the Cabinet’s decision on August 22.

 

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