Philenews

No Foreclosures in Refugee Settlements – Issue of Self-Housing Remains Open

Published February 24, 2026, 14:10
No Foreclosures in Refugee Settlements – Issue of Self-Housing Remains Open

Following interventions by the Parliamentary Refugee Committee, foreclosures of primary residences in refugee settlements have not proceeded. However, the issue remains open for homes in self-housing settlements, as there is insufficient information available on them. The Committee agreed that borrowers should contact credit acquisition companies to declare that their residence is located in a self-housing settlement. According to the Association of Credit Acquisition Companies, there are 14 cases in refugee settlements and 320 in KEDIPES. The Central Bank of Cyprus has already approved over 500 applications for the rent-for-installment scheme, with another 1,000 under consideration. MPs from various parties expressed their views. The DISY MP emphasized the need to care for all refugees and review the foreclosure framework. The DIKO MP mentioned the need for a broader examination of the issue, while the AKEL MP characterized foreclosures as a major social problem with the risk of second displacement for refugees. The Financial Commissioner stated that in three cases, a suspension of procedures was requested and accepted, while the Borrowers Association called for greater flexibility in write-offs. Finally, the Committee requested the Central Bank to submit written information to ensure the protection of refugees' primary residences.