The Department of Lands and Surveys is consulting on proposed amendments to the Property Ownership (Restriction of Sales) Law of 2002, including updates to sale price determination and forced sale procedures. Comments are due by September 8, 2026.
The Employers and Industrialists Federation (OEB) informs that the Department of Lands and Surveys has opened a public consultation on the proposed amendments to the Property Ownership (Restriction of Sales) Law of 2002 (Law 82(I)/2002).
The proposed changes aim to modernize the process for determining the reserved sale price for auction purposes and to accelerate procedures for the forced sale of real estate. Key provisions include delegating the determination of market value and reserved sale price to private appraisers, implementing a 15% reduction of the reserve price after an unsuccessful sale, and introducing new regulations for applications for the forced sale of undistributed real estate.
Interested parties can submit comments or suggestions via the e-Consultation online platform at https://e-consultation.gov.cy/diavouleuseis/. The deadline for submissions is Tuesday, September 8, 2026.
