InsiderEconomyHouse plenum to take final decisions on foreclosures bill on Thursday

House plenum to take final decisions on foreclosures bill on Thursday

The House plenum on Thursday is to vote final amendments to the island’s foreclosures bill with insiders predicting only primary residences up to €350,000 will be frozen till January 2023’s end.

Behind the scenes moves are expected to take place up until the bill is sent to the plenum, Philenews also reports.

On the one hand, a proposal by opposition parties except centre Diko provides for foreclosures to be frozen up until the end of January 2023 when it comes to a primary residence worth up to €350,000.

Along with foreclosures on a property of a business with an annual turnover not exceeding €750,000 and for plots of land with an estimated value up to €100,000.

On the other hand, a variation of the proposed bill provides that not all the above-mentioned categories of real estate get to be protected. And that freezing should only cover a primary residence worth up to €350,000.

Also, in the event that foreclosed business properties are not finally removed from the bill under consideration is a reduced, more targeted turnover criterion.

 

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