Constantinos Ioannou: We are trying to find an alternative solution for trapped buyers

12:45 - 18 July 2024

Real Estate Reporter

The Government in cooperation with the legislature and the Law Office has undertaken efforts to find an alternative solution to the issue of stranded property buyers, following the Court of Appeal's decision to declare the Real Estate Transfer and Mortgage Act of 2015 unconstitutional.

Minister of the Interior Constantinos Ioannou made the statement while speaking to CNA, emphasing that this was a complicated legal issue.

Saying that the decision is binding, Ioannou added that "unfortunately it has been decided that the Law is unconstitutional."

"We will try, in cooperation with the Parliament, which legislates, but also with the Law Office to find an alternative solution. It will certainly be difficult but we will try, it is a legal issue,"he concluded.

On his part, the Director of the Land Registry Neoclis Neocleous told CNA that the Land Registry is examining the issue in collaboration with the Law Office and the Ministry of the Interior.

(Source: InBusinessNews)

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