The extension of the period of suspension of mortgage real estate sales concerning a main residence worth up to € 350.000 until the end of March 2021, was decided by the Cyprus Banking Association.
"The member banks of the Cyprus Banking Association, taking into account the prevailing economic conditions, suspend the procedures for the sale of mortgaged real estate properties with a current value of up to 350 thousand euros, until the end of March 2021," said in a statement issued by the Association.
He clarifies that the above suspension does not apply to mortgaged properties related to credit facilities, for which a sale agreement has been reached.
Finally, it is noted that this decision enters into force on Monday, December 21, 2020.
It is recalled that the Minister of Finance Konstantinos Petridis had stated from the floor of Parliament that he had appealed to the Association to make a targeted suspension of sales until the end of March 2021.
The announcement:
The member banks of the Cyprus Banking Association, taking into account the prevailing economic conditions, are suspending the procedures for the sale of mortgaged properties concerning main residences with a current value of up to 350 thousand euros, until the end of March 2021.
The above suspension does not apply to mortgages related to credit facilities, for which a sale agreement has been reached. This decision enters into force on Monday, December 21, 2020.