During the property boom in Cyprus between 2002 and 2009, many buyers took out loans, primarily in Swiss Francs rather than Euros. Due to fluctuations in the exchange rate between the Euro and the Swiss Franc, these loans increased significantly in value, leaving borrowers with unexpectedly high debt obligations.
Many of these borrowers have since struggled to meet their loan repayments, resulting in substantial outstanding balances. In numerous cases, the properties purchased with these loans were never completed, forcing buyers to repay loans for properties they never took possession of.
Our firm offers strategic and comprehensive legal solutions for negotiating and settling these complex loan agreements with banking institutions. We work meticulously to achieve favorable outcomes, whether by arranging the transfer of the property to the bank or facilitating its sale to ensure the repayment of outstanding debts.
With a deep understanding of financial and property law, we handle every legal and administrative aspect necessary for the successful resolution of these financial obligations.
Our expertise allows us to navigate intricate negotiations, protect our clients' rights, and deliver tailored solutions that mitigate financial burdens.
To date, we have successfully managed numerous cases of this nature, ensuring the best possible outcome for our clients.