Cyprus plans overhaul of forced property sales and auctions

Cyprus is preparing to overhaul the rules governing forced property sales, moving valuations into private hands, introducing a fixed 15 per cent reduction after an unsuccessful auction and drawing a line under cases that remain unresolved for years.

The department of lands and surveys opened a public consultation on August 7, saying the changes were designed to modernise the way reserve prices are calculated and shorten procedures that can remain open after repeated failed auctions....