Public consultation on amendments to property ownership law of 2002

The Employers and Industrialists Federation (OEB) informs that the Department of Lands and Surveys has initiated a public consultation on the proposed amendments to the Property Ownership (Restriction of Sales) Law of 2002 (Law 82(I)/2002).

The proposed amendments aim to modernize the procedure for determining the reserved sale price for auction purposes and to accelerate procedures for the forced sale of real estate. Key changes 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.