The approval of AKEL’s bill proposal on foreclosures is a victory for society – Let’s continue the struggle!

 

6 April 2026, AKEL C.C. Press Office, Nicosia

Today’s approval in Parliament of AKEL’s bill proposal on foreclosures is a victory for society, as it puts a stop to the plundering of properties by the banks and hedge funds. AKEL’s bill proposal was passed by all parties except DISY, which remained unwaveringly on the side of the banks and hedge funds right to the very end. We demand that the President of the Republic heed the majority of the House of Representatives and, above all, the people, and sign the legislation approved.

AKEL’s bill proposal restores borrowers’ right to appeal to the courts and suspend the foreclosure in cases of illegal charges and abusive clauses. This bill proposal is part of AKEL’s comprehensive proposal to address non-performing loans, which includes strengthening social policy to protect the right to housing (by expanding the rent-to-instalment scheme), more effective supervision of banks and hedge funds in the management of non-performing loans, and improving the insolvency framework so that more borrowers can save their homes.

Today’s victory is proof that our struggles yield results.

AKEL continues the struggle with greater determination and vigour for society.