Dialogos

AKEL Revives Proposal for Foreclosure Halt – Christodoulides Government Leaves People Unprotected

Published January 21, 2026, 06:00
AKEL Revives Proposal for Foreclosure Halt – Christodoulides Government Leaves People Unprotected

AKEL is reintroducing its proposal to the Parliament for a suspension of foreclosures on primary residences when the debtor appeals to the court, aiming to protect borrowers. The party accuses the Christodoulides government of a “lack of understanding,” arguing that the foreclosure problem has only been solved for the banks, which have been relieved of non-performing loans, but not for citizens facing large debts to credit acquisition companies. AKEL spokesperson, Charis Polycarpou, emphasizes that the legal framework passed in 2018, with the votes of DISY and DIKO, weakened the rights of borrowers and strengthened banks and credit acquisition companies. He points out that changes in legislation have given more power to financial institutions, leading to agreements that are not in the best interests of citizens. AKEL warns that if there are no changes to the legal framework, citizens will continue to lose their homes. It calls for debtors who surrender their homes not to continue owing money and criticizes the government for failing to implement the “ESTIA 2” plan. At the same time, Financial Commissioner Valentina Georgiadou warns of a new wave of foreclosures, estimating that 2026 will be a critical year, with the possibility of foreclosures even on primary residences. Georgiadou emphasizes that the problem is growing, debt is increasing, and the social cost is being passed on to the next generation, while criticizing foreclosure suspensions as inadequate.