The Employers and Industrialists Federation (OEB) informs you that the Department of Lands and Surveys has put to public consultation the proposed amendments to the Property Ownership (Restriction of Sales) Law of 2002 (Law 82(I)/2002).
The proposed amendments aim to modernise the procedure for determining the reserved sale price for auction purposes and to speed up the procedures for forced sale of real estate. Among other things, it is provided that the determination of the market value and the reserved sale price will be entrusted to private appraisers, a percentage reduction of the reserve price by 15% is determined after an unsuccessful sale, while new regulations are introduced for applications for the forced sale of undistributed real estate.
Anyone wishing to submit comments or suggestions can do so through the e-Consultation online platform, at the following link:
https://e-consultation.gov.cy/diavouleuseis/
The deadline for submitting comments is Tuesday, September 8, 2026.
- H-Consultation-Explanatory-note
- BILL-Law-amending-the-Property-Property-Restriction-Sales-Law-of-2002
